Funding you earn now, next payment 02:00 UTC−0.0582%/8h= −63.7% APRnext payment −$0.73 per $10,000 · paid last 24h −0.103%
Price spread now: Backpack against Hyperliquid+0.004%7-day average −0.081% · you sell dearer than you buy
Net, funding: paid 7d − costs−$49as in the Funding arb table
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$390.386% of the position
Funding, last 7 days−0.099%−$10 on $10k
+Price spread, last 4 days (all we have)−0.189%−$19 · spread now +0.004%, 7d avg −0.081%
=Together, before fees−0.288%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.085% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.081%): +$8 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.099% in total) that is about 6.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.099% in total (about -5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.73 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 DOGE | 0.09961 | 0.0682 | pay 0.0085% / 1h | 51m 25s | $120.9M | $96.8M | 10x |
| Short | Backpack DOGE_USDC_PERP | 0.09961 | 0.0100 | get 0.0013% / 1h | 51m 25s | $354K | $1.1M | 15x |
Hyperliquid DOGE
Backpack DOGE_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
- −$122.12
- Price spread: +0.004% → −0.081%
- $8.49
- Slippage, 4 orders
- −$19.63
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$152.26
- Costs to cover
- 0.386%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 12 min ago; Backpack: live order book, 3 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, 12 min ago | 2.00 bp | 7.3 bp −$7 | 9.3 bp −$93 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.50 bp | 8.2 bp −$8 | 510.8 bp −$5,108 | doesn't fit | doesn't fit |
DOGE on 44 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget DOGEUSDT | −0.0145% | 8h | 0.09938 | −0.227% | $150.6M | $272.7M | 75x | as long as short |
| dYdX DOGE-USD | 0.0000% | 1h | 0.09947 | −0.136% | $223K | $59K | 10x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.09961 | +0.002% | $410K | $4.9M | 2.8x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | 0.0000% | 1h | 0.09949 | −0.112% | $594K | $119K | 25x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S 0.0000% | 1h | 0.09953 | −0.078% | $23K | — | 150x | as long as short |
| Kraken Futures PF_DOGEUSD | +0.0067% | 1h | 0.09950 | −0.106% | $5.8M | $34.0M | 50x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09950 | −0.110% | $761K | $5.9M | 15x | as long as short |
| Katana Perps DOGE-USD | +0.0098% | 8h | 0.09946 | −0.147% | $831 | $427K | 10x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09949 | −0.116% | $489K | $978K | 10x | as long as short |
| Aster DOGEUSDT | +0.0100% | 8h | 0.09954 | −0.068% | $4.7M | $47.7M | 75x | as long as short |
Bitget DOGEUSDT
dYdX DOGE-USD
Kalshi KXDOGEPERP
Deribit DOGE_USDC-PERPETUAL
gTrade (Gains Network) DOGE/USD
Kraken Futures PF_DOGEUSD
Lighter DOGE
Katana Perps DOGE-USD
Nado DOGE-PERP
Aster DOGEUSDTShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica DOGE | +0.0100% | 1h | 0.09949 | −0.114% | $329K | $517K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09956 | −0.042% | $316.5M | $1.42B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09959 | −0.016% | $157.9M | $441.7M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09961 | +0.004% | $109.0M | $970.5M | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.09971 | +0.104% | $128K | $181K | 10x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09960 | −0.006% | $382K | $5K | 10x | as long as short |
| Gate DOGE_USDT | +0.0100% | 8h | 0.09952 | −0.086% | $240.6M | $129.4M | 75x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09950 | −0.106% | $111.4M | $225.4M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09953 | −0.076% | $65.5M | $42.6M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.09951 | −0.096% | — | $3.4M | — | as long as short |
| Backpack DOGE_USDC_PERPshort | +0.0100% | 1h | 0.09961 | +0.004% | $354K | $1.1M | 15x | |
| Variational Omni DOGE | +0.0100% | 8h | 0.09888 | −0.729% | $947K | $8.2M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09925 | −0.358% | $267K | $126.4M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09945 | −0.156% | $634K | $4.5M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09940 | −0.207% | $145K | $272K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09945 | −0.159% | $257K | $639K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09961 | +0.004% | $70K | $438K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09946 | −0.149% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09955 | −0.055% | $35K | $2.2M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09953 | −0.076% | $2K | $3.7M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09954 | −0.061% | $6.0M | $54.1M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09952 | −0.086% | $91.8M | $17.9M | 50x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09952 | −0.086% | $526K | $3.9M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09946 | −0.144% | $19K | — | 3x | as long as short |
| Paradex DOGE-USD-PERP | +0.0119% | 8h | 0.09938 | −0.230% | $18K | $7K | 30x | as long as short |
| Reya DOGERUSDPERP | +0.0183% | 1h | 0.09945 | −0.158% | $2K | — | 20x | as long as short |
| 01 Exchange DOGEUSD | +0.0192% | 1h | 0.09963 | +0.027% | $531 | $4K | 10x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09948 | −0.126% | $15.5M | $25.5M | 75x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0240% | 1h | 0.09950 | −0.106% | $2.0M | $24.9M | 50x | as long as short |
| Phoenix DOGE | +0.0241% | 1h | 0.09929 | −0.317% | $64K | $284K | 10x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0246% / S −0.0268% | 1h | 0.09947 | −0.135% | $311K | — | 200x | as long as short |
| RISEx DOGE/USDC | +0.0563% | 1h | 0.09965 | +0.049% | $320K | $406K | 10x | as long as short |
| Hyperliquid DOGElong | +0.0682% | 1h | 0.09961 | long leg | $120.9M | $96.8M | 10x | |
| Injective DOGE/USDC PERP | +0.1004% | 1h | 0.09920 | −0.408% | $5K | $239K | 12x | as long as short |
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus DOGE-USD
Bulk DOGE-USD
Gate DOGE_USDT
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDC
Variational Omni DOGE
edgeX DOGEUSDC
GRVT DOGE_USDT_Perp
ApeX Omni DOGEUSDT
Polymarket Perps DOGE-USD
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Extended DOGE-USD
Aevo DOGE-PERP
Paradex DOGE-USD-PERP
Reya DOGERUSDPERP
01 Exchange DOGEUSD
BloFin DOGE-USDT
Coinbase International DOGE-PERP-INTX
Phoenix DOGE
GMX DOGE/USD [ETH-USDC]
RISEx DOGE/USDC
Injective DOGE/USDC PERP