2Z

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0649%/8h= −71.1% APRnext payment −$0.81 per $10,000 · paid last 24h −0.112%

Price spread now: Backpack against Hyperliquid+0.039%7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

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

The price spread pays, funding is against you. Backpack is 0.039% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.039% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid 2Z	0.05193	0.0100	pay 0.0013% / 1h	12m 33s	$666K	$374K	3x
Short	Backpack 2Z_USDC_PERP	0.05195	−0.0549	pay 0.0069% / 1h	12m 33s	$45K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$136.3
Price spread: +0.039% → 0.000%: $3.85
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$151.45
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 37 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 Hyperliquid live order book, 37 min ago	1.25 bp	25.9 bp −$26	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.

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_PERPshort	−0.0549%	1h	0.05195	+0.039%	$45K	$32K	5x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.102%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05203	+0.193%	$16K	$8K	3x	as long as short
Hyperliquid 2Zlong	+0.0100%	1h	0.05193	long leg	$666K	$374K	3x
Aster 2ZUSDT	+0.0100%	4h	0.05199	+0.109%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05195	+0.033%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05192	−0.012%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05199	+0.116%	$685K	$961K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05197	+0.077%	$447K	$709K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05195	+0.039%	$92K	$69K	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	0.05196	+0.058%	$294K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05196	+0.064%	$191K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05199	+0.116%	$147K	$611K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05194	+0.019%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05202	+0.174%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05201	+0.154%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1048%	1h	0.05209	+0.316%	$6K	$3K	10x	as long as short