Funding you earn now, next payment 02:00 UTC+0.0211%/8h= +23.1% APRnext payment +$0.26 per $10,000 · paid last 24h +0.047%
Price spread now: Backpack against Hyperliquid−0.317%7-day average +0.816% · 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−$149as in the Price arb table
costs, in and out, $10k−$360.355% of the position
Funding, last 7 days+0.004%$0 on $10k
+Price spread, last 7 days+0.086%+$9 · spread now −0.317%, 7d avg +0.816%
=Together, before fees+0.090%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 1.133% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.317% now, against its 7-day average of +0.816%). If the spread goes back, that is −$113 on $10k: about 18 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.004% in total) that is about years.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.004% in total (about 0.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.26 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 | Hyperliquid ARB | 0.2211 | 0.0100 | pay 0.0013% / 1h | 53m 12s | $38.2M | $50.3M | 10x |
| Short | Backpack ARB_USDC_PERP | 0.2204 | 0.0311 | get 0.0039% / 1h | 53m 12s | $996K | $2.9M | 20x |
Hyperliquid ARB
Backpack ARB_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
- $44.24
- Price spread: −0.317% → +0.816%
- −$113.31
- Slippage, 4 orders
- −$16.51
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$104.57
- Costs to cover
- 0.355%
- Break-even
- 23.5 days
Slippage from Hyperliquid: live order book, 10 min ago; Backpack: live order book, 1 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, 10 min ago | 1.55 bp | 6.5 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 1 min ago | 2.04 bp | 9.8 bp −$10 | 218.2 bp −$2,182 | 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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni ARBUSDT | −0.1916% | 1h | 0.2228 | +0.769% | $120K | $296K | 50x | as long as short |
| Injective ARB/USDC PERP | −0.1692% | 1h | 0.2196 | −0.678% | $40K | $372K | 12x | as long as short |
| 01 Exchange ARBUSD | −0.0216% | 1h | 0.2210 | −0.041% | $7K | $2K | 10x | as long as short |
| Variational Omni ARB | −0.0190% | 8h | 0.2195 | −0.723% | $1.8M | $2.8M | — | as long as short |
| OKX ARB-USDT-SWAP | −0.0106% | 8h | 0.2213 | +0.081% | $22.4M | $156.9M | 50x | as long as short |
| MEXC ARB_USDT | −0.0106% | 8h | 0.2213 | +0.068% | $37.4M | $58.9M | 200x | as long as short |
| Bybit ARBUSDT | −0.0082% | 8h | 0.2212 | +0.036% | $57.3M | $128.8M | 50x | as long as short |
| SoDEX ARB-USD | −0.0060% | 1h | 0.2212 | +0.032% | $10K | $2.5M | 5x | as long as short |
| Orderly PERP_ARB_USDC | −0.0053% | 8h | 0.2212 | +0.045% | $13K | $387K | 10x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0021% | 1h | 0.2212 | +0.054% | $24K | $34K | 25x | as long as short |
ApeX Omni ARBUSDT
Injective ARB/USDC PERP
01 Exchange ARBUSD
Variational Omni ARB
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Bybit ARBUSDT
SoDEX ARB-USD
Orderly PERP_ARB_USDC
Deribit ARB_USDC-PERPETUALShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| dYdX ARB-USD | 0.0000% | 1h | 0.2208 | −0.151% | $65K | $5K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0005% | 1h | 0.2212 | +0.045% | $31K | — | 150x | as long as short |
| Binance ARBUSDT | +0.0005% | 8h | 0.2213 | +0.077% | $65.0M | $317.6M | 75x | as long as short |
| Extended ARB-USD | +0.0008% | 1h | 0.2210 | −0.030% | $350K | $2.5M | 25x | as long as short |
| BloFin ARB-USDT | +0.0020% | 8h | 0.2210 | −0.032% | $3.2M | $2.9M | 75x | as long as short |
| Gate ARB_USDT | +0.0068% | 8h | 0.2211 | −0.014% | $5.4M | $19.6M | 60x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2213 | +0.074% | $140K | $7K | 3x | as long as short |
| Polymarket Perps ARB-USD | +0.0090% | 1h | 0.2211 | −0.018% | $70K | $2.0M | 10x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2213 | +0.072% | $1.3M | $7.4M | 15x | as long as short |
| Hyperliquid ARBlong | +0.0100% | 1h | 0.2211 | long leg | $38.2M | $50.3M | 10x | |
| Aster ARBUSDT | +0.0100% | 8h | 0.2208 | −0.154% | $688K | $1.7M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2208 | −0.140% | $43K | $186K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2213 | +0.095% | $19.6M | $15.9M | 75x | as long as short |
| Bitget ARBUSDT | +0.0100% | 8h | 0.2211 | 0.000% | $21.1M | $36.5M | 50x | as long as short |
| BingX ARB-USDT | +0.0100% | 8h | 0.2211 | +0.005% | — | $54.6M | — | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2227 | +0.737% | $40K | $461K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2198 | −0.607% | $476K | $3.5M | 10x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2212 | +0.045% | $1K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2213 | +0.077% | $290K | $1.0M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2212 | +0.045% | $5.1M | $13.0M | 50x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0240% | 1h | 0.2212 | +0.045% | $504K | $2.2M | 50x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0273% / S −0.0155% | 1h | 0.2212 | +0.056% | $826K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0290% | 1h | 0.2210 | −0.065% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPshort | +0.0311% | 1h | 0.2204 | −0.317% | $996K | $2.9M | 20x | |
| Kraken Futures PF_ARBUSD | +0.0312% | 1h | 0.2213 | +0.105% | $1.1M | $4.8M | 50x | as long as short |
| RISEx ARB/USDC | +0.0466% | 1h | 0.2212 | +0.036% | $499K | $2.6M | 10x | as long as short |
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Binance ARBUSDT
Extended ARB-USD
BloFin ARB-USDT
Gate ARB_USDT
Aevo ARB-PERP
Polymarket Perps ARB-USD
Lighter ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
Bitget ARBUSDT
BingX ARB-USDT
edgeX ARBUSDC
GRVT ARB_USDT_Perp
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
Coinbase International ARB-PERP-INTX
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP
Kraken Futures PF_ARBUSD
RISEx ARB/USDC