Funding you earn now, next payment 03:00 UTC−0.0400%/8h= −43.8% APRnext payment −$0.50 per $10,000 · paid last 24h −0.053%
Price spread now: Hyperliquid against Backpack−0.135%7-day average −0.827% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs+$35as in the Price arb table
costs, in and out, $10k−$340.344% of the position
Funding, last 7 days−0.009%−$1 on $10k
+Price spread, last 7 days−0.792%−$79 · spread now −0.135%, 7d avg −0.827%
=Together, before fees−0.800%+ Points / potential airdropHyperliquid: Season 2 · farm board−$80 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.691% dearer against Backpack than usual: you sell high and buy low (spread −0.135% now, against its 7-day average of −0.827%): +$69 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 5.8 days. At the pace of the last 7 days (−0.009% in total) that is about 18 months.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.50 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ARB_USDC_PERP | 0.2217 | 0.0500 | pay 0.0062% / 1h | 47m 18s | $1.0M | $2.8M | 20x |
| Short | Hyperliquid ARB | 0.2214 | 0.0100 | get 0.0013% / 1h | 47m 18s | $38.4M | $49.9M | 10x |
Backpack ARB_USDC_PERP
Hyperliquid ARBFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$83.92
- Price spread: −0.135% → −0.827%
- $69.15
- Slippage, 4 orders
- −$15.39
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$49.16
- Costs to cover
- 0.344%
- Break-even
- from the start
Slippage from Backpack: live order book, 2 min ago; Hyperliquid: live order book, 6 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 Backpack live order book, 2 min ago | 2.03 bp | 8.7 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 6 min ago | 0.22 bp | 8.3 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1577% | 1h | 0.2205 | −0.555% | $40K | $372K | 12x | as long as short |
| SoDEX ARB-USD | −0.0189% | 1h | 0.2211 | −0.271% | $10K | $2.4M | 5x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0157% | 1h | 0.2212 | −0.225% | $24K | $34K | 25x | as long as short |
| Variational Omni ARB | −0.0153% | 8h | 0.2215 | −0.116% | $1.9M | $2.9M | — | as long as short |
| Polymarket Perps ARB-USD | −0.0136% | 1h | 0.2213 | −0.189% | $95K | $2.1M | 10x | as long as short |
| OKX ARB-USDT-SWAP | −0.0136% | 8h | 0.2212 | −0.248% | $22.2M | $151.5M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0136% | 1h | 0.2212 | −0.244% | $7K | $2K | 10x | as long as short |
| MEXC ARB_USDT | −0.0136% | 8h | 0.2213 | −0.189% | $38.3M | $59.0M | 200x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0098% | 1h | 0.2212 | −0.224% | $1.1M | $4.6M | 50x | as long as short |
| Bybit ARBUSDT | −0.0081% | 8h | 0.2212 | −0.253% | $56.2M | $126.5M | 50x | as long as short |
Injective ARB/USDC PERP
SoDEX ARB-USD
Deribit ARB_USDC-PERPETUAL
Variational Omni ARB
Polymarket Perps ARB-USD
OKX ARB-USDT-SWAP
01 Exchange ARBUSD
MEXC ARB_USDT
Kraken Futures PF_ARBUSD
Bybit ARBUSDTShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ARB_USDT | −0.0081% | 8h | 0.2213 | −0.207% | $5.4M | $19.0M | 60x | as long as short |
| Orderly PERP_ARB_USDC | −0.0072% | 8h | 0.2212 | −0.239% | $13K | $382K | 10x | as long as short |
| ApeX Omni ARBUSDT | −0.0045% | 1h | 0.2213 | −0.194% | $119K | $284K | 50x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2215 | −0.123% | $66K | $5K | 10x | as long as short |
| Extended ARB-USD | 0.0000% | 1h | 0.2211 | −0.279% | $352K | $2.5M | 25x | as long as short |
| Binance ARBUSDT | 0.0000% | 8h | 0.2212 | −0.235% | $64.5M | $309.1M | 75x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0013% | 1h | 0.2213 | −0.184% | $11K | — | 150x | as long as short |
| BloFin ARB-USDT | +0.0022% | 8h | 0.2213 | −0.194% | — | $2.7M | 75x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2213 | −0.171% | $140K | $7K | 3x | as long as short |
| Phemex ARBUSDT | +0.0090% | 8h | 0.2211 | −0.284% | $4.9M | $13.0M | 50x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2212 | −0.262% | $1.2M | $6.4M | 15x | as long as short |
| Hyperliquid ARBshort | +0.0100% | 1h | 0.2214 | −0.135% | $38.4M | $49.9M | 10x | |
| Aster ARBUSDT | +0.0100% | 8h | 0.2214 | −0.158% | $657K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2213 | −0.176% | $42K | $179K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2214 | −0.144% | $19.5M | $15.5M | 75x | as long as short |
| Bitget ARBUSDT | +0.0100% | 8h | 0.2211 | −0.284% | $21.1M | $35.0M | 50x | as long as short |
| BingX ARB-USDC | +0.0100% | 8h | 0.2213 | −0.212% | — | $6.5M | — | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2211 | −0.289% | $40K | $463K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2216 | −0.077% | $476K | $3.6M | 10x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2217 | −0.014% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2212 | −0.262% | $297K | $952K | 50x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0224% | 1h | 0.2211 | −0.266% | $505K | $2.1M | 50x | as long as short |
| RISEx ARB/USDC | +0.0232% | 1h | 0.2213 | −0.198% | $486K | $2.7M | 10x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0273% / S −0.0155% | 1h | 0.2214 | −0.159% | $825K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0290% | 1h | 0.2212 | −0.257% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0500% | 1h | 0.2217 | long leg | $1.0M | $2.8M | 20x |
Gate ARB_USDT
Orderly PERP_ARB_USDC
ApeX Omni ARBUSDT
dYdX ARB-USD
Extended ARB-USD
Binance ARBUSDT
gTrade (Gains Network) ARB/USD
BloFin ARB-USDT
Aevo ARB-PERP
Phemex ARBUSDT
Lighter ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
Bitget ARBUSDT
BingX ARB-USDC
edgeX ARBUSDC
GRVT ARB_USDT_Perp
SunX ARB-USDT
HTX ARB-USDT
Coinbase International ARB-PERP-INTX
RISEx ARB/USDC
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP