Funding you earn now, next payment 23:00 UTC−0.1015%/8h= −111.2% APRnext payment −$1.27 per $10,000 · paid last 24h −0.114%
Price spread now: Backpack against Hyperliquid−0.110%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Backpack is 0.110% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid MEGA | 0.04470 | 0.1360 | pay 0.0170% / 1h | 24m 59s | $7.6M | $2.4M | 3x |
| Short | Backpack MEGA_USDC_PERP | 0.04465 | 0.0345 | get 0.0043% / 1h | 24m 59s | $18K | $41K | 5x |
Hyperliquid MEGA
Backpack MEGA_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
- −$213.21
- Price spread: −0.110% → 0.000%
- −$10.96
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$243.17
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 7 min ago; Backpack: no order-book sample. Net counts fees only.
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, 7 min ago | 1.68 bp | 18.5 bp −$18 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
MEGA 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International MEGA-PERP-INTX | −0.0144% | 1h | 0.04490 | +0.459% | $5K | $12K | 50x | as long as short |
| gTrade (Gains Network) MEGA/USD | L −0.0018% / S +0.0023% | 1h | 0.04461 | −0.194% | $12K | — | 150x | as long as short |
| Nado MEGA-PERP | +0.0050% | 1h | 0.04463 | −0.154% | $193K | $151K | 2x | as long as short |
| Orderly PERP_MEGA_USDC | +0.0099% | 4h | 0.04462 | −0.177% | $3K | $2K | 10x | as long as short |
| Aster MEGAUSDT | +0.0100% | 4h | 0.04461 | −0.197% | $18K | $82K | 5x | as long as short |
| Pacifica MEGA | +0.0100% | 1h | 0.04462 | −0.188% | $14K | $8K | 3x | as long as short |
| Binance MEGAUSDT | +0.0100% | 4h | 0.04467 | −0.054% | $3.9M | $12.8M | 50x | as long as short |
| Bybit MEGAUSDT | +0.0100% | 4h | 0.04464 | −0.132% | $3.5M | $4.9M | 20x | as long as short |
| OKX MEGA-USDT-SWAP | +0.0100% | 4h | 0.04459 | −0.244% | $910K | $2.9M | 20x | as long as short |
| Bulk MEGA-USD | +0.0100% | 1h | 0.04453 | −0.369% | $131K | $5K | 10x | as long as short |
Coinbase International MEGA-PERP-INTX
gTrade (Gains Network) MEGA/USD
Nado MEGA-PERP
Orderly PERP_MEGA_USDC
Aster MEGAUSDT
Pacifica MEGA
Binance MEGAUSDT
Bybit MEGAUSDT
OKX MEGA-USDT-SWAP
Bulk MEGA-USDShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate MEGA_USDT | +0.0100% | 4h | 0.04460 | −0.221% | $191K | $310K | 20x | as long as short |
| MEXC MEGA_USDT | +0.0100% | 4h | 0.04463 | −0.154% | $762K | $347K | 50x | as long as short |
| KuCoin MEGAUSDTM | +0.0100% | 4h | 0.04461 | −0.199% | $235K | $113K | 50x | as long as short |
| Bitget MEGAUSDT | +0.0100% | 4h | 0.04461 | −0.199% | $1.1M | $1.4M | 50x | as long as short |
| BingX MEGA-USDT | +0.0100% | 4h | 0.04467 | −0.065% | — | $1.7M | — | as long as short |
| Variational Omni MEGA | +0.0100% | 4h | 0.04451 | −0.413% | $224K | $133K | — | as long as short |
| GRVT MEGA_USDT_Perp | +0.0100% | 4h | 0.04458 | −0.263% | $27K | $1.7M | 10x | as long as short |
| ApeX Omni MEGAUSDT | +0.0100% | 1h | 0.04455 | −0.333% | $24K | $230K | 50x | as long as short |
| SunX MEGA-USDT | +0.0100% | 4h | 0.04463 | −0.154% | $1K | $1.9M | 10x | as long as short |
| Extended MEGA-USD | +0.0104% | 1h | 0.04461 | −0.195% | $126K | $613K | 5x | as long as short |
| BloFin MEGA-USDT | +0.0139% | 4h | 0.04462 | −0.177% | $195K | $76K | 50x | as long as short |
| Reya MEGARUSDPERP | +0.0159% | 1h | 0.04463 | −0.156% | $3 | — | 3x | as long as short |
| Phoenix MEGA | +0.0179% | 1h | 0.04460 | −0.221% | $20K | $7K | 5x | as long as short |
| GMX MEGA/USD [ETH-USDC] | L +0.0236% / S −0.5353% | 1h | 0.04461 | −0.206% | $3K | — | 45x | as long as short |
| Backpack MEGA_USDC_PERPshort | +0.0345% | 1h | 0.04465 | −0.110% | $18K | $41K | 5x | |
| Hyperliquid MEGAlong | +0.1360% | 1h | 0.04470 | long leg | $7.6M | $2.4M | 3x | |
| Deribit MEGA_USDC-PERPETUAL | +0.1924% | 1h | 0.04471 | +0.031% | $108 | $15 | 25x | as long as short |
| Lighter MEGA | +0.2952% | 1h | 0.04483 | +0.293% | $630K | $323K | 3x | as long as short |
Gate MEGA_USDT
MEXC MEGA_USDT
KuCoin MEGAUSDTM
Bitget MEGAUSDT
BingX MEGA-USDT
Variational Omni MEGA
GRVT MEGA_USDT_Perp
ApeX Omni MEGAUSDT
SunX MEGA-USDT
Extended MEGA-USD
BloFin MEGA-USDT
Reya MEGARUSDPERP
Phoenix MEGA
GMX MEGA/USD [ETH-USDC]
Deribit MEGA_USDC-PERPETUAL
Lighter MEGA