CHIP

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0514%/8h= +56.2% APRnext payment +$0.64 per $10,000 · paid last 24h +0.161%

Price spread now: Hyperliquid against Backpack+0.164%7-day average +0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$680.680% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$12 on $10k

Price spread, last 4 days (all we have)−0.228%−$23 · spread now +0.164%, 7d avg +0.171%

Together, before fees−0.343%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.171%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.115%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.115% in total (about -6.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.64 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 CHIP_USDC_PERP	0.04764	−0.0414	get 0.0052% / 1h	8m 48s	$34K	$251K	5x
Short	Hyperliquid CHIP	0.04772	0.0100	get 0.0013% / 1h	8m 48s	$14.8M	$6.2M	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 +0.164%Rate

Funding earned: $107.84
Price spread: +0.164% → +0.171%: −$0.71
Slippage, 4 orders: −$48.99
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $39.14
Costs to cover: 0.680%
Break-even: 4.5 days

Slippage from Backpack: live order book, 49 min ago; Hyperliquid: live order book, 4 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, 49 min ago	2.13 bp	13.3 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.26 bp	24.5 bp −$24	doesn't fit	doesn't fit	doesn't fit

CHIP on 23 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
Phoenix CHIP	−0.0510%	1h	0.04765	+0.021%	$3K	$129K	5x	as long as short
Backpack CHIP_USDC_PERPlong	−0.0414%	1h	0.04764	long leg	$34K	$251K	5x
ApeX Omni CHIPUSDT	−0.0328%	1h	0.04758	−0.126%	$16K	$244K	50x	as long as short
OKX CHIP-USDT-SWAP	−0.0326%	4h	0.04760	−0.084%	$2.1M	$9.8M	20x	as long as short
Deribit CHIP_USDC-PERPETUAL	−0.0275%	1h	0.04762	−0.040%	$10K	$24K	10x	as long as short
Bybit CHIPUSDT	−0.0273%	4h	0.04766	+0.042%	$11.0M	$9.1M	20x	as long as short
Nado CHIP-PERP	−0.0125%	1h	0.04756	−0.157%	$241K	$20K	5x	as long as short
Aster CHIPUSDT	−0.0019%	4h	0.04765	+0.030%	$56K	$279K	5x	as long as short
BloFin CHIP-USDT	+0.0018%	4h	0.04760	−0.084%	$567K	$65K	50x	as long as short
Extended CHIP-USD	+0.0072%	1h	0.04759	−0.101%	$217K	$1.9M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC CHIP_USDT	+0.0074%	4h	0.04761	−0.063%	$1.8M	$1.2M	50x	as long as short
Binance CHIPUSDT	+0.0076%	4h	0.04761	−0.063%	$14.4M	$26.9M	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04764	0.000%	$97K	$117K	3x	as long as short
Hyperliquid CHIPshort	+0.0100%	1h	0.04772	+0.164%	$14.8M	$6.2M	3x
Pacifica CHIP	+0.0100%	1h	0.04763	−0.025%	$16K	$3K	3x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04761	−0.063%	$691K	$985K	50x	as long as short
KuCoin CHIPUSDTM	+0.0100%	4h	0.04762	−0.042%	$991K	$1.1M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04762	−0.042%	$2.0M	$3.4M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04762	−0.042%	—	$2.0M	—	as long as short
Variational Omni CHIP	+0.0100%	4h	0.04765	+0.023%	$848K	$527K	—	as long as short
SunX CHIP-USDT	+0.0100%	4h	0.04756	−0.168%	$861	$1.0M	10x	as long as short
Aftermath Perps CHIPUSD	+0.0185%	1h	0.04760	−0.080%	$84	$38K	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0736%	1h	0.04855	+1.906%	$47K	$41K	50x	as long as short