Funding you earn now, next payment 04:00 UTC−0.0234%/8h= −25.6% APRnext payment −$0.29 per $10,000 · paid last 24h −0.072%
Price spread now: Hyperliquid against Backpack+0.004%7-day average +0.057% · you sell dearer than you buy
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs−$60as in the Price arb table
costs, in and out, $10k−$550.548% of the position
Funding, last 7 days−0.071%−$7 on $10k
+Price spread, last 4 days (all we have)+0.436%+$44 · spread now +0.004%, 7d avg +0.057%
=Together, before fees+0.364%+ Points / potential airdropHyperliquid: Season 2 · farm board+$36 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.053% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.057%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.071% in total (about -3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.29 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 JTO_USDC_PERP | 0.5150 | 0.0334 | pay 0.0042% / 1h | 5m 19s | $268K | $315K | 10x |
| Short | Hyperliquid JTO | 0.5150 | 0.0100 | get 0.0013% / 1h | 5m 19s | $7.0M | $3.0M | 5x |
Backpack JTO_USDC_PERP
Hyperliquid JTOFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$49.07
- Price spread: +0.004% → +0.057%
- −$5.32
- Slippage, 4 orders
- −$35.75
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$109.14
- Costs to cover
- 0.548%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 53 min ago; Hyperliquid: live order book, 7 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, 53 min ago | 0.10 bp | 11.3 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 0.10 bp | 14.6 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
JTO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| Gate JTO_USDT | −0.0360% | 8h | 0.5141 | −0.179% | $893K | $1.0M | 75x | as long as short |
| Deribit JTO_USDC-PERPETUAL | −0.0333% | 1h | 0.5143 | −0.140% | $13K | $10K | 10x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5146 | −0.082% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5540 | +7.562% | — | — | — | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −3.441% | $31 | $43K | 5.5x | as long as short |
| Paradex JTO-USD-PERP | +0.0083% | 8h | 0.5141 | −0.179% | $513 | — | 5x | as long as short |
| OKX JTO-USDT-SWAP | +0.0084% | 4h | 0.5141 | −0.179% | $3.9M | $9.4M | 50x | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0094% | 4h | 0.5143 | −0.140% | $4K | $652 | 10x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5147 | −0.054% | $118K | $226K | 10x | as long as short |
| Hyperliquid JTOshort | +0.0100% | 1h | 0.5150 | +0.004% | $7.0M | $3.0M | 5x |
Gate JTO_USDT
Deribit JTO_USDC-PERPETUAL
dYdX JTO-USD
Reya JTORUSDPERP
Injective JTO/USDC PERP
Paradex JTO-USD-PERP
OKX JTO-USDT-SWAP
Orderly PERP_JTO_USDC_mythos
Lighter JTOShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster JTOUSDT | +0.0100% | 4h | 0.5144 | −0.128% | $124K | $218K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5142 | −0.159% | $11.2M | $27.5M | 75x | as long as short |
| Bybit JTOUSDT | +0.0100% | 4h | 0.5142 | −0.159% | $7.1M | $14.0M | 50x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5151 | +0.016% | $56K | $17K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5141 | −0.179% | $6.2M | $3.5M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5149 | −0.033% | $1.5M | $603K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5142 | −0.159% | $2.4M | $2.3M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5141 | −0.179% | — | $68.0M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5143 | −0.148% | $223K | $266K | — | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5139 | −0.212% | $518K | $1.7M | 10x | as long as short |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5144 | −0.119% | $2K | — | 50x | as long as short |
| Backpack JTO_USDC_PERPlong | +0.0334% | 1h | 0.5150 | long leg | $268K | $315K | 10x | |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5151 | +0.016% | $618K | $506K | 75x | as long as short |
| Coinbase International JTO-PERP-INTX | +0.0416% | 1h | 0.5168 | +0.346% | $58K | $137K | 25x | as long as short |
| Phoenix JTO | +0.0469% | 1h | 0.5159 | +0.171% | $381K | $110K | 5x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0730% | 1h | 0.5148 | −0.041% | $335K | $312K | 25x | as long as short |
Aster JTOUSDT
Binance JTOUSDT
Bybit JTOUSDT
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
BloFin JTO-USDT
Coinbase International JTO-PERP-INTX
Phoenix JTO
Kraken Futures PF_JTOUSD