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: Backpack against Hyperliquid−0.163%7-day average −0.171% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$680.680% of the position
Funding, last 7 days+0.115%+$12 on $10k
+Price spread, last 4 days (all we have)+0.228%+$23 · spread now −0.163%, 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 paid +0.115%, so the current rate has only just turned against you.
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 | Hyperliquid CHIP | 0.04772 | 0.0100 | pay 0.0013% / 1h | 8m 48s | $14.8M | $6.2M | 3x |
| Short | Backpack CHIP_USDC_PERP | 0.04764 | −0.0414 | pay 0.0052% / 1h | 8m 48s | $34K | $251K | 5x |
Hyperliquid CHIP
Backpack CHIP_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
- −$107.84
- Price spread: −0.163% → −0.171%
- $0.74
- Slippage, 4 orders
- −$48.99
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$175.09
- Costs to cover
- 0.680%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 4 min ago; Backpack: live order book, 49 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, 4 min ago | 1.26 bp | 16.4 bp −$16 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 49 min ago | 2.13 bp | 13.8 bp −$14 | 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 | −0.143% | $3K | $129K | 5x | as long as short |
| Backpack CHIP_USDC_PERPshort | −0.0414% | 1h | 0.04764 | −0.163% | $34K | $251K | 5x | |
| ApeX Omni CHIPUSDT | −0.0328% | 1h | 0.04758 | −0.289% | $16K | $244K | 50x | as long as short |
| OKX CHIP-USDT-SWAP | −0.0326% | 4h | 0.04760 | −0.247% | $2.1M | $9.8M | 20x | as long as short |
| Deribit CHIP_USDC-PERPETUAL | −0.0275% | 1h | 0.04762 | −0.203% | $10K | $24K | 10x | as long as short |
| Bybit CHIPUSDT | −0.0273% | 4h | 0.04766 | −0.122% | $11.0M | $9.1M | 20x | as long as short |
| Nado CHIP-PERP | −0.0125% | 1h | 0.04756 | −0.321% | $241K | $20K | 5x | as long as short |
| Aster CHIPUSDT | −0.0019% | 4h | 0.04765 | −0.133% | $56K | $279K | 5x | as long as short |
| BloFin CHIP-USDT | +0.0018% | 4h | 0.04760 | −0.247% | $567K | $65K | 50x | as long as short |
| Extended CHIP-USD | +0.0072% | 1h | 0.04759 | −0.265% | $217K | $1.9M | 5x | as long as short |
Phoenix CHIP
ApeX Omni CHIPUSDT
OKX CHIP-USDT-SWAP
Deribit CHIP_USDC-PERPETUAL
Bybit CHIPUSDT
Nado CHIP-PERP
Aster CHIPUSDT
BloFin CHIP-USDT
Extended CHIP-USDShow 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 | −0.226% | $1.8M | $1.2M | 50x | as long as short |
| Binance CHIPUSDT | +0.0076% | 4h | 0.04761 | −0.226% | $14.4M | $26.9M | 50x | as long as short |
| Lighter CHIP | +0.0096% | 1h | 0.04764 | −0.163% | $97K | $117K | 3x | as long as short |
| Hyperliquid CHIPlong | +0.0100% | 1h | 0.04772 | long leg | $14.8M | $6.2M | 3x | |
| Pacifica CHIP | +0.0100% | 1h | 0.04763 | −0.189% | $16K | $3K | 3x | as long as short |
| Gate CHIP_USDT | +0.0100% | 4h | 0.04761 | −0.226% | $691K | $985K | 50x | as long as short |
| KuCoin CHIPUSDTM | +0.0100% | 4h | 0.04762 | −0.205% | $991K | $1.1M | 50x | as long as short |
| Bitget CHIPUSDT | +0.0100% | 4h | 0.04762 | −0.205% | $2.0M | $3.4M | 50x | as long as short |
| BingX CHIP-USDT | +0.0100% | 4h | 0.04762 | −0.205% | — | $2.0M | — | as long as short |
| Variational Omni CHIP | +0.0100% | 4h | 0.04765 | −0.140% | $848K | $527K | — | as long as short |
| SunX CHIP-USDT | +0.0100% | 4h | 0.04756 | −0.331% | $861 | $1.0M | 10x | as long as short |
| Aftermath Perps CHIPUSD | +0.0185% | 1h | 0.04760 | −0.243% | $84 | $38K | 5x | as long as short |
| Coinbase International CHIP-PERP-INTX | +0.0736% | 1h | 0.04855 | +1.739% | $47K | $41K | 50x | as long as short |
MEXC CHIP_USDT
Binance CHIPUSDT
Lighter CHIP
Pacifica CHIP
Gate CHIP_USDT
KuCoin CHIPUSDTM
Bitget CHIPUSDT
BingX CHIP-USDT
Variational Omni CHIP
SunX CHIP-USDT
Aftermath Perps CHIPUSD
Coinbase International CHIP-PERP-INTX