Funding you earn now, next payment 08:00 UTC−0.1205%/8h= −131.9% APRnext payment −$1.51 per $10,000 · paid last 24h −0.181%
Price spread now: Backpack against Kraken Futures−0.033%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 6 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Backpack is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_WUSD | 0.01179 | 0.1322 | pay 0.0165% / 1h | 37m 50s | $147K | $83K | 20x |
| Short | Backpack W_USDC_PERP | 0.01179 | 0.0117 | get 0.0015% / 1h | 37m 50s | $46K | $53K | 15x |
Kraken Futures PF_WUSD
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$253.05
- Price spread: −0.033% → 0.000%
- −$3.35
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$276.4
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 65 min ago; Backpack: no order-book sample. Net counts fees only.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Kraken Futures live order book, 65 min ago | 35.21 bp | 2583.0 bp −$2,583 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
W on 17 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | 0.0000% | 1h | 0.01178 | −0.084% | $14K | $4K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.519% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01177 | −0.195% | $2.0M | $271K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01175 | −0.322% | $3.0M | $5.2M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01174 | −0.449% | $4.1M | $1.6M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01175 | −0.381% | $1.3M | $1.5M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01175 | −0.347% | $427K | $233K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01177 | −0.220% | $12.3M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01176 | −0.279% | $387K | $192K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01176 | −0.279% | $1.3M | $568K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01175 | −0.356% | — | $6.7M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01178 | −0.142% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01180 | +0.061% | $126K | $378K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01177 | −0.223% | $61K | $356K | 5x | as long as short |
| Backpack W_USDC_PERPshort | +0.0117% | 1h | 0.01179 | −0.033% | $46K | $53K | 15x | |
| Coinbase International W-PERP-INTX | +0.0384% | 1h | 0.01186 | +0.560% | $13K | $13K | 50x | as long as short |
| Kraken Futures PF_WUSDlong | +0.1322% | 1h | 0.01179 | long leg | $147K | $83K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX