2Z

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0426%/8h= +46.7% APRnext payment +$0.53 per $10,000 · paid last 24h +0.141%

Price spread now: Hyperliquid against Backpack+0.029%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

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—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 0.029% dearer against Backpack than usual: you sell high and buy low: +$3 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	Backpack 2Z_USDC_PERP	0.05229	−0.0326	get 0.0041% / 1h	54m 24s	$45K	$21K	5x
Short	Hyperliquid 2Z	0.05230	0.0100	get 0.0013% / 1h	54m 24s	$660K	$350K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee HyperliquidbpOrdersPrice spread, now +0.029%Rate

Funding earned: $89.53
Price spread: +0.029% → 0.000%: $2.87
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $73.4
Costs to cover: 0.190%
Break-even: 1.3 days

Slippage unknown: Backpack: no order-book sample; Hyperliquid: live order book, 25 min ago. 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 Backpack no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 25 min ago	0.86 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit

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.

2Z 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
Backpack 2Z_USDC_PERPlong	−0.0326%	1h	0.05229	long leg	$45K	$21K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.762%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05238	+0.172%	$17K	$6K	3x	as long as short
Hyperliquid 2Zshort	+0.0100%	1h	0.05230	+0.029%	$660K	$350K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05235	+0.111%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05233	+0.067%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05228	−0.029%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05234	+0.096%	$728K	$917K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05233	+0.076%	$446K	$693K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05232	+0.057%	$91K	$59K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05233	+0.076%	$329K	$121K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05229	+0.002%	$179K	$50K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05229	0.000%	$161K	$621K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05232	+0.057%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05238	+0.174%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05235	+0.115%	$2K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0511%	1h	0.05218	−0.208%	$5K	$3K	10x	as long as short