Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.006%
Price spread now: Backpack against Hyperliquid−0.135%7-day average −0.008% · you buy dearer than you sell
Net, funding: paid 7d − costs−$23as in the Funding arb table
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$250.249% of the position
Funding, last 7 days+0.014%+$1 on $10k
+Price spread, last 4 days (all we have)+0.018%+$2 · spread now −0.135%, 7d avg −0.008%
=Together, before fees+0.033%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.127% cheaper against Hyperliquid than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.008%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid ADA | 0.2448 | 0.0100 | pay 0.0013% / 1h | 16m 42s | $42.4M | $14.3M | 10x |
| Short | Backpack ADA_USDC_PERP | 0.2444 | 0.0100 | get 0.0013% / 1h | 16m 42s | $106K | $419K | 15x |
Hyperliquid ADA
Backpack ADA_USDC_PERPFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: −0.135% → −0.008%
- −$12.7
- Slippage, 4 orders
- −$5.86
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$37.55
- Costs to cover
- 0.249%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 7 min ago; Backpack: live order book, 62 min ago.
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, 7 min ago | 0.41 bp | 5.9 bp −$6 | 10.1 bp −$101 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 62 min ago | 0.20 bp | 5.6 bp −$6 | 6.8 bp −$68 | doesn't fit | doesn't fit |
ADA on 37 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX ADA-USD | 0.0000% | 1h | 0.2446 | −0.084% | $201K | $4K | 10x | as long as short |
| Kalshi KXADAPERP | 0.0000% | 8h | 0.2443 | −0.192% | $186K | $6.1M | 3.2x | as long as short |
| gTrade (Gains Network) ADA/USD | L +0.0005% / S −0.0003% | 1h | 0.2441 | −0.292% | $84K | — | 150x | as long as short |
| Coinbase International ADA-PERP-INTX | +0.0056% | 1h | 0.2443 | −0.192% | $404K | $7.3M | 50x | as long as short |
| Lighter ADA | +0.0096% | 1h | 0.2447 | −0.029% | $2.4M | $1.3M | 10x | as long as short |
| Hyperliquid ADAlong | +0.0100% | 1h | 0.2448 | long leg | $42.4M | $14.3M | 10x | |
| Aster ADAUSDT | +0.0100% | 8h | 0.2446 | −0.073% | $1.2M | $930K | 75x | as long as short |
| Pacifica ADA | +0.0100% | 1h | 0.2447 | −0.049% | $157K | $146K | 10x | as long as short |
| Binance ADAUSDT | +0.0100% | 8h | 0.2446 | −0.069% | $101.2M | $365.8M | 75x | as long as short |
| Bybit ADAUSDT | +0.0100% | 8h | 0.2445 | −0.110% | $71.0M | $104.0M | 75x | as long as short |
dYdX ADA-USD
Kalshi KXADAPERP
gTrade (Gains Network) ADA/USD
Coinbase International ADA-PERP-INTX
Lighter ADA
Aster ADAUSDT
Pacifica ADA
Binance ADAUSDT
Bybit ADAUSDTShow all 37 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ADA-USDT-SWAP | +0.0100% | 8h | 0.2447 | −0.029% | $32.3M | $107.2M | 50x | as long as short |
| Gate ADA_USDT | +0.0100% | 8h | 0.2445 | −0.110% | $97.6M | $60.3M | 75x | as long as short |
| MEXC ADA_USDT | +0.0100% | 8h | 0.2445 | −0.110% | $52.3M | $51.0M | 300x | as long as short |
| KuCoin ADAUSDTM | +0.0100% | 8h | 0.2446 | −0.078% | $29.9M | $18.0M | 75x | as long as short |
| Bitget ADAUSDT | +0.0100% | 8h | 0.2446 | −0.069% | $65.7M | $43.6M | 75x | as long as short |
| BingX ADA-USDT | +0.0100% | 8h | 0.2446 | −0.069% | — | $21.3M | — | as long as short |
| Backpack ADA_USDC_PERPshort | +0.0100% | 1h | 0.2444 | −0.135% | $106K | $419K | 15x | |
| Variational Omni ADA | +0.0100% | 8h | 0.2438 | −0.389% | $4.2M | $1.0M | — | as long as short |
| edgeX ADAUSDC | +0.0100% | 4h | 0.2441 | −0.259% | $65K | $282K | 20x | as long as short |
| GRVT ADA_USDT_Perp | +0.0100% | 8h | 0.2442 | −0.247% | $291K | $3.8M | 10x | as long as short |
| ApeX Omni ADAUSDT | +0.0100% | 1h | 0.2442 | −0.233% | $55K | $582K | 50x | as long as short |
| Polymarket Perps ADA-USD | +0.0100% | 1h | 0.2440 | −0.298% | $92K | $639K | 10x | as long as short |
| Orderly PERP_ADA_USDC | +0.0100% | 8h | 0.2441 | −0.274% | $6K | $29K | 20x | as long as short |
| Derive ADA-PERP | +0.0100% | 1h | 0.2441 | −0.269% | $40K | $3K | 5x | as long as short |
| SunX ADA-USDT | +0.0100% | 8h | 0.2443 | −0.193% | $9K | $767K | 30x | as long as short |
| SoDEX ADA-USD | +0.0100% | 1h | 0.2444 | −0.151% | $336 | $13K | 10x | as long as short |
| HTX ADA-USDT | +0.0100% | 8h | 0.2443 | −0.209% | $1.3M | $5.4M | 75x | as long as short |
| Phemex ADAUSDT | +0.0100% | 8h | 0.2444 | −0.151% | $47.7M | $5.9M | 50x | as long as short |
| Paradex ADA-USD-PERP | +0.0100% | 8h | 0.2447 | −0.031% | $21K | $250 | 20x | as long as short |
| Extended ADA-USD | +0.0104% | 1h | 0.2445 | −0.129% | $551K | $1.8M | 50x | as long as short |
| Kraken Futures PF_ADAUSD | +0.0114% | 1h | 0.2444 | −0.148% | $6.1M | $11.7M | 50x | as long as short |
| Phoenix ADA | +0.0130% | 1h | 0.2440 | −0.298% | $4K | $78K | 10x | as long as short |
| BloFin ADA-USDT | +0.0220% | 8h | 0.2442 | −0.233% | $4.3M | $5.5M | 75x | as long as short |
| Injective ADA/USDC PERP | +0.0254% | 1h | 0.2471 | +0.952% | $849 | $202K | 12x | as long as short |
| Reya ADARUSDPERP | +0.0284% | 1h | 0.2441 | −0.272% | $1K | — | 15x | as long as short |
| GMX ADA/USD [WBTC.b-USDC] | L +0.0563% / S −0.0313% | 1h | 0.2440 | −0.300% | $121K | — | 100x | as long as short |
| Deribit ADA_USDC-PERPETUAL | +2.4734% | 1h | 0.2503 | +2.243% | $502K | $431K | 50x | as long as short |
OKX ADA-USDT-SWAP
Gate ADA_USDT
MEXC ADA_USDT
KuCoin ADAUSDTM
Bitget ADAUSDT
BingX ADA-USDT
Variational Omni ADA
edgeX ADAUSDC
GRVT ADA_USDT_Perp
ApeX Omni ADAUSDT
Polymarket Perps ADA-USD
Orderly PERP_ADA_USDC
Derive ADA-PERP
SunX ADA-USDT
SoDEX ADA-USD
HTX ADA-USDT
Phemex ADAUSDT
Paradex ADA-USD-PERP
Extended ADA-USD
Kraken Futures PF_ADAUSD
Phoenix ADA
BloFin ADA-USDT
Injective ADA/USDC PERP
Reya ADARUSDPERP
GMX ADA/USD [WBTC.b-USDC]
Deribit ADA_USDC-PERPETUAL