Funding you earn now, next payment 00:00 UTC+0.0497%/8h= +54.4% APRpaid last 24h −0.031%
Price spread now: Backpack against OKX+0.270%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 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 for this trade now. Funding pays +$15 a day on $10k at the current rate, and Backpack is 0.270% dearer against OKX than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | OKX W-USDT-SWAP | 0.01186 | 0.0046 | pay 0.0023% / 4h | 3h 59m | $1.3M | $2.0M | 20x |
| Short | Backpack W_USDC_PERP | 0.01189 | 0.0543 | get 0.0068% / 1h | 59m 44s | $44K | $47K | 15x |
OKX W-USDT-SWAP
Backpack W_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against OKX. 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
- $104.37
- Price spread: +0.270% → 0.000%
- $26.98
- Slippage, 4 orders
- no order book: not counted
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $111.36
- Costs to cover
- 0.200%
- Break-even
- from the start
Slippage unknown: OKX: live order book, 2 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 OKX live order book, 2 min ago | 2.53 bp | 31.2 bp −$31 | 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 | −0.0002% | 1h | 0.01189 | +0.236% | $16K | $2K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.948% | $1K | $1K | 12x | as long as short |
| OKX W-USDT-SWAPlong | +0.0046% | 4h | 0.01186 | long leg | $1.3M | $2.0M | 20x | |
| Hyperliquid W | +0.0100% | 1h | 0.01189 | +0.261% | $2.0M | $416K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01187 | +0.126% | $3.0M | $6.8M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01186 | −0.008% | $4.1M | $1.9M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01186 | +0.008% | $448K | $291K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01188 | +0.143% | $12.9M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01190 | +0.346% | $468K | $215K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01188 | +0.177% | $1.3M | $571K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
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 | 0.01188 | +0.169% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01182 | −0.288% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01184 | −0.162% | $127K | $377K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01188 | +0.136% | $59K | $228K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0248% | 1h | 0.01188 | +0.186% | $14K | $16K | 50x | as long as short |
| Backpack W_USDC_PERPshort | +0.0543% | 1h | 0.01189 | +0.270% | $44K | $47K | 15x | |
| Kraken Futures PF_WUSD | +0.0714% | 1h | 0.01191 | +0.461% | $148K | $181K | 20x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD