Funding you earn now, next payment 00:00 UTC+0.0026%/8h= +2.8% APRnext payment +$0.03 per $10,000 · paid last 24h +0.008%
Price spread now: Backpack against Deribit−0.194%50s7-day average −0.049% · you buy dearer than you sell
Net, funding: paid 7d − costs−$57as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$360.356% of the position
Funding, last 7 days−0.210%−$21 on $10k
+Price spread, last 3 days (all we have)+0.169%+$17 · spread now −0.194%, 7d avg −0.049%
=Funding pays, the price is against you. Backpack is 0.145% cheaper against Deribit than usual: you would sell low and buy high (spread −0.194% now, against its 7-day average of −0.049%). If the spread goes back, that is −$14 on $10k: about 19 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.210%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit HBAR_USDC-PERPETUAL | 0.09275 | 0.0074 | pay 0.0009% / 1h | 33m 17s | $511K | $166K | 50x |
| Short | Backpack HBAR_USDC_PERP | 0.09257 | 0.0100 | get 0.0013% / 1h | 33m 17s | $34K | $102K | 15x |
Deribit HBAR_USDC-PERPETUAL
Backpack HBAR_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- $5.46
- Price spread: −0.194% → −0.049%
- −$14.49
- Slippage, 4 orders
- −$18.6
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$44.63
- Costs to cover
- 0.356%
- Break-even
- 64.2 days
Slippage from Deribit: live order book, 45 min ago; Backpack: live order book, 45 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 Deribit live order book, 45 min ago | 3.24 bp | 6.7 bp −$7 | 12.9 bp −$129 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 45 min ago | 1.08 bp | 9.2 bp −$9 | 654.4 bp −$6,544 | doesn't fit | doesn't fit |
HBAR on 28 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 | |
|---|---|---|---|---|---|---|---|---|
| KuCoin HBARUSDTM | −0.0038% | 8h | 0.09266 | −0.097% | $7.4M | $7.8M | 75x | as long as short |
| Gate HBAR_USDT | −0.0018% | 8h | 0.09264 | −0.119% | $2.4M | $3.6M | 75x | as long as short |
| dYdX HBAR-USD | 0.0000% | 1h | 0.09258 | −0.182% | $30K | $4K | 5x | as long as short |
| gTrade (Gains Network) HBAR/USD | L +0.0007% / S −0.0014% | 1h | 0.09272 | −0.038% | $8K | — | 150x | as long as short |
| Coinbase International HBAR-PERP-INTX | +0.0064% | 1h | 0.09257 | −0.194% | $222K | $2.2M | 50x | as long as short |
| Deribit HBAR_USDC-PERPETUALlong | +0.0074% | 1h | 0.09275 | long leg | $511K | $166K | 50x | |
| Orderly PERP_HBAR_USDC | +0.0082% | 8h | 0.09266 | −0.097% | $2K | $17K | 10x | as long as short |
| Variational Omni HBAR | +0.0083% | 8h | 0.09255 | −0.211% | $1.0M | $198K | — | as long as short |
| Lighter HBAR | +0.0096% | 1h | 0.09261 | −0.151% | $568K | $591K | 5x | as long as short |
| Hyperliquid HBAR | +0.0100% | 1h | 0.09282 | +0.072% | $8.8M | $2.8M | 5x | as long as short |
KuCoin HBARUSDTM
Gate HBAR_USDT
dYdX HBAR-USD
gTrade (Gains Network) HBAR/USD
Coinbase International HBAR-PERP-INTX
Orderly PERP_HBAR_USDC
Variational Omni HBAR
Lighter HBAR
Hyperliquid HBARShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster HBARUSDT | +0.0100% | 8h | 0.09270 | −0.054% | $211K | $429K | 50x | as long as short |
| Binance HBARUSDT | +0.0100% | 8h | 0.09268 | −0.072% | $34.8M | $109.9M | 75x | as long as short |
| Bybit HBARUSDT | +0.0100% | 8h | 0.09266 | −0.097% | $33.0M | $36.7M | 75x | as long as short |
| OKX HBAR-USDT-SWAP | +0.0100% | 8h | 0.09266 | −0.097% | $6.8M | $25.1M | 50x | as long as short |
| MEXC HBAR_USDT | +0.0100% | 8h | 0.09268 | −0.075% | $26.0M | $22.5M | 200x | as long as short |
| Bitget HBARUSDT | +0.0100% | 8h | 0.09264 | −0.119% | $17.1M | $14.9M | 75x | as long as short |
| BingX HBAR-USDC | +0.0100% | 8h | 0.09267 | −0.086% | — | $6.7M | — | as long as short |
| Backpack HBAR_USDC_PERPshort | +0.0100% | 1h | 0.09257 | −0.194% | $34K | $102K | 15x | |
| GRVT HBAR_USDT_Perp | +0.0100% | 8h | 0.09257 | −0.194% | $377K | $2.2M | 10x | as long as short |
| ApeX Omni HBARUSDT | +0.0100% | 1h | 0.09249 | −0.280% | $148K | $706K | 50x | as long as short |
| SoDEX HBAR-USD | +0.0100% | 1h | 0.09263 | −0.129% | $430 | $6K | 5x | as long as short |
| HTX HBAR-USDT | +0.0100% | 8h | 0.09287 | +0.129% | $73K | $53K | 20x | as long as short |
| Phemex HBARUSDT | +0.0100% | 8h | 0.09259 | −0.173% | $2.2M | $2.2M | 50x | as long as short |
| Extended HBAR-USD | +0.0104% | 1h | 0.09266 | −0.100% | $51K | $218K | 10x | as long as short |
| BloFin HBAR-USDT | +0.0220% | 8h | 0.09264 | −0.119% | $1.5M | $5.8M | 90x | as long as short |
| Injective HBAR/USDC PERP | +0.0242% | 1h | 0.09267 | −0.086% | $1K | $112K | 12x | as long as short |
| Kraken Futures PF_HBARUSD | +0.0413% | 1h | 0.09269 | −0.060% | $1.4M | $2.3M | 50x | as long as short |
| GMX HBAR/USD [WBTC.b-USDC] | L +0.0447% / S −0.0478% | 1h | 0.09271 | −0.039% | $104K | — | 100x | as long as short |
Aster HBARUSDT
Binance HBARUSDT
Bybit HBARUSDT
OKX HBAR-USDT-SWAP
MEXC HBAR_USDT
Bitget HBARUSDT
BingX HBAR-USDC
GRVT HBAR_USDT_Perp
ApeX Omni HBARUSDT
SoDEX HBAR-USD
HTX HBAR-USDT
Phemex HBARUSDT
Extended HBAR-USD
BloFin HBAR-USDT
Injective HBAR/USDC PERP
Kraken Futures PF_HBARUSD
GMX HBAR/USD [WBTC.b-USDC]