Funding you earn now, next payment 22:00 UTC+0.0199%/8h= +21.8% APRnext payment +$0.25 per $10,000 · paid last 24h +0.072%
Price spread now: Backpack against Hyperliquid−0.092%7-day average −0.061% · you buy dearer than you sell
Net, funding: paid 7d − costs−$53as in the Funding arb table
Net, price: spread back to 7d avg − costs−$62as in the Price arb table
costs, in and out, $10k−$590.591% of the position
Funding, last 7 days+0.056%+$6 on $10k
+Price spread, last 4 days (all we have)−0.347%−$35 · spread now −0.092%, 7d avg −0.061%
=Together, before fees−0.291%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 0.032% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of −0.061%). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.056% in total) that is about 4.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.056% in total (about 2.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 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 JTO | 0.5196 | 0.0118 | pay 0.0015% / 1h | 18m 06s | $7.3M | $3.2M | 5x |
| Short | Backpack JTO_USDC_PERP | 0.5192 | 0.0317 | get 0.0040% / 1h | 18m 06s | $264K | $501K | 10x |
Hyperliquid JTO
Backpack JTO_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
- $41.72
- Price spread: −0.092% → −0.061%
- −$3.18
- Slippage, 4 orders
- −$40.09
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$20.55
- Costs to cover
- 0.591%
- Break-even
- 10.4 days
Slippage from Hyperliquid: live order book, 4 min ago; Backpack: live order book, 6 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 | 2.79 bp | 16.8 bp −$17 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 6 min ago | 0.10 bp | 12.1 bp −$12 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit JTO_USDC-PERPETUAL | −0.1098% | 1h | 0.5186 | −0.200% | $13K | $11K | 10x | as long as short |
| Gate JTO_USDT | −0.0162% | 8h | 0.5183 | −0.258% | $939K | $1.5M | 75x | as long as short |
| OKX JTO-USDT-SWAP | −0.0076% | 4h | 0.5185 | −0.219% | $3.9M | $9.9M | 50x | as long as short |
| dYdX JTO-USD | 0.0000% | 1h | 0.5185 | −0.210% | $4K | $4K | 5x | as long as short |
| Reya JTORUSDPERP | 0.0000% | 1h | 0.5539 | +6.601% | — | — | — | as long as short |
| Paradex JTO-USD-PERP | +0.0001% | 8h | 0.5183 | −0.253% | $517 | — | 5x | as long as short |
| Injective JTO/USDC PERP | +0.0033% | 1h | 0.4973 | −4.299% | $31 | $43K | 5.5x | as long as short |
| Lighter JTO | +0.0096% | 1h | 0.5190 | −0.127% | $100K | $184K | 10x | as long as short |
| Aster JTOUSDT | +0.0100% | 4h | 0.5188 | −0.170% | $174K | $176K | 10x | as long as short |
| Binance JTOUSDT | +0.0100% | 4h | 0.5184 | −0.244% | $11.6M | $27.9M | 75x | as long as short |
Deribit JTO_USDC-PERPETUAL
Gate JTO_USDT
OKX JTO-USDT-SWAP
dYdX JTO-USD
Reya JTORUSDPERP
Paradex JTO-USD-PERP
Injective JTO/USDC PERP
Lighter JTO
Aster JTOUSDT
Binance JTOUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit JTOUSDT | +0.0100% | 4h | 0.5191 | −0.104% | $7.6M | $13.5M | 50x | as long as short |
| Bulk JTO-USD | +0.0100% | 1h | 0.5185 | −0.229% | $56K | $2K | 10x | as long as short |
| MEXC JTO_USDT | +0.0100% | 4h | 0.5184 | −0.239% | $7.1M | $3.7M | 50x | as long as short |
| KuCoin JTOUSDTM | +0.0100% | 4h | 0.5191 | −0.110% | $1.5M | $610K | 20x | as long as short |
| Bitget JTOUSDT | +0.0100% | 4h | 0.5186 | −0.200% | $2.6M | $2.4M | 50x | as long as short |
| BingX JTO-USDT | +0.0100% | 4h | 0.5184 | −0.239% | — | $63.5M | — | as long as short |
| Variational Omni JTO | +0.0100% | 4h | 0.5189 | −0.148% | $184K | $259K | — | as long as short |
| Orderly PERP_JTO_USDC_mythos | +0.0100% | 4h | 0.5185 | −0.219% | $4K | $2K | 10x | as long as short |
| Extended JTO-USD | +0.0104% | 1h | 0.5183 | −0.252% | $526K | $854K | 10x | as long as short |
| Hyperliquid JTOlong | +0.0118% | 1h | 0.5196 | long leg | $7.3M | $3.2M | 5x | |
| GMX JTO/USD [WBTC.b-USDC] | L +0.0224% / S −0.2181% | 1h | 0.5191 | −0.104% | $2K | — | 50x | as long as short |
| Backpack JTO_USDC_PERPshort | +0.0317% | 1h | 0.5192 | −0.092% | $264K | $501K | 10x | |
| Coinbase International JTO-PERP-INTX | +0.0320% | 1h | 0.5193 | −0.065% | $57K | $125K | 25x | as long as short |
| BloFin JTO-USDT | +0.0340% | 4h | 0.5179 | −0.335% | $641K | $577K | 75x | as long as short |
| Phoenix JTO | +0.0463% | 1h | 0.5185 | −0.219% | $373K | $267K | 5x | as long as short |
| Kraken Futures PF_JTOUSD | +0.0606% | 1h | 0.5192 | −0.087% | $354K | $312K | 25x | as long as short |
Bybit JTOUSDT
Bulk JTO-USD
MEXC JTO_USDT
KuCoin JTOUSDTM
Bitget JTOUSDT
BingX JTO-USDT
Variational Omni JTO
Orderly PERP_JTO_USDC_mythos
Extended JTO-USD
GMX JTO/USD [WBTC.b-USDC]
Coinbase International JTO-PERP-INTX
BloFin JTO-USDT
Phoenix JTO
Kraken Futures PF_JTOUSD