Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Backpack against Hyperliquid−0.142%7-day average −0.034% · you buy dearer than you sell
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$57as in the Price arb table
costs, in and out, $10k−$460.463% of the position
Funding, last 7 days+0.269%+$27 on $10k
+Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.142%, 7d avg −0.034%
=Together, before fees+0.321%+ Points / potential airdropHyperliquid: Season 2 · farm board+$32 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.108% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.034%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid OP | 0.1269 | 0.0100 | pay 0.0013% / 1h | 6m 59s | $3.7M | $2.8M | 5x |
| Short | Backpack OP_USDC_PERP | 0.1267 | 0.0100 | get 0.0013% / 1h | 6m 59s | $121K | $200K | 10x |
Hyperliquid OP
Backpack OP_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
- $0
- Price spread: −0.142% → −0.034%
- −$10.76
- Slippage, 4 orders
- −$27.33
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$57.09
- Costs to cover
- 0.463%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 5 min ago; Backpack: live order book, 51 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, 5 min ago | 1.57 bp | 13.7 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 51 min ago | 1.99 bp | 13.7 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
OP on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1607% | 1h | 0.1262 | −0.544% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1268 | −0.072% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1268 | −0.036% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1268 | −0.071% | $42K | $139K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1268 | −0.071% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0054% | 8h | 0.1270 | +0.104% | $225K | $48K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0055% | 8h | 0.1267 | −0.150% | $6K | $45K | 10x | as long as short |
| OKX OP-USDT-SWAP | +0.0064% | 8h | 0.1266 | −0.260% | $6.2M | $28.5M | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1268 | −0.047% | $279K | $941K | 15x | as long as short |
| Hyperliquid OPlong | +0.0100% | 1h | 0.1269 | long leg | $3.7M | $2.8M | 5x |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
Orderly PERP_OP_USDC
OKX OP-USDT-SWAP
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1268 | −0.091% | $212K | $219K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1267 | −0.117% | $20.5M | $60.2M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1266 | −0.260% | $18.6M | $24.8M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1268 | −0.087% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1268 | −0.110% | $21.4M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1266 | −0.229% | $2.9M | $6.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1266 | −0.229% | $5.8M | $6.4M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1267 | −0.142% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1267 | −0.142% | $121K | $200K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1271 | +0.132% | $4K | $386K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1270 | +0.087% | $318K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1271 | +0.165% | $44K | $711K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1267 | −0.118% | $208 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1267 | −0.158% | $174K | $226K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1265 | −0.290% | $104K | $394K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1268 | −0.110% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0168% | 1h | 0.1262 | −0.544% | $24K | $63K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1268 | −0.095% | $1.0M | $280K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0347% | 1h | 0.1268 | −0.049% | $786K | $547K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0441% | 1h | 0.1267 | −0.186% | $704 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Kraken Futures PF_OPUSD
Reya OPRUSDPERP