Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Backpack against Hyperliquid−0.009%7-day average +0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$18as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$220.225% of the position
Funding, last 7 days+0.046%+$5 on $10k
+Price spread, last 7 days+0.181%+$18 · spread now −0.009%, 7d avg +0.030%
=Together, before fees+0.226%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 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 0.039% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.030%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid PAXG | 4,311.7 | 0.0100 | pay 0.0013% / 1h | 24m 20s | $20.7M | $2.3M | 10x |
| Short | Backpack PAXG_USDC_PERP | 4,311.3 | 0.0100 | get 0.0013% / 1h | 24m 20s | $1.3M | $840K | 50x |
Hyperliquid PAXG
Backpack PAXG_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: −0.009% → +0.030%
- −$3.93
- Slippage, 4 orders
- −$3.46
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$26.39
- Costs to cover
- 0.225%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Backpack: live order book, 5 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, 9 min ago | 0.12 bp | 5.1 bp −$5 | 6.1 bp −$61 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 5 min ago | 0.01 bp | 6.5 bp −$6 | 8.3 bp −$83 | doesn't fit | doesn't fit |
PAXG on 29 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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter PAXG | −0.0192% | 1h | 4,309 | −0.062% | $1.4M | $493K | 25x | as long as short |
| Hibachi PAXG/USDT-P | −0.0144% | 1h | 4,311.8 | +0.001% | $42K | $170K | 20x | as long as short |
| GRVT PAXG_USDT_Perp | −0.0104% | 4h | 4,311.9 | +0.004% | $1.5M | $2.0M | 10x | as long as short |
| Kraken Futures PF_PAXGUSD | −0.0055% | 1h | 4,312.5 | +0.019% | $1.2M | $1.8M | 20x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,313.4 | +0.038% | $101K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,313.2 | +0.035% | $15.6M | $3.7M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,309.1 | −0.061% | $2K | $3.2M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,317.1 | +0.125% | $7.9M | $659K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,318.6 | +0.160% | $904K | $789K | 75x | as long as short |
| MEXC PAXG_USDT | +0.0014% | 4h | 4,318 | +0.145% | $16.6M | $1.1M | 100x | as long as short |
Lighter PAXG
Hibachi PAXG/USDT-P
GRVT PAXG_USDT_Perp
Kraken Futures PF_PAXGUSD
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
MEXC PAXG_USDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance PAXGUSDT | +0.0015% | 4h | 4,312 | +0.006% | $79.4M | $75.5M | 75x | as long as short |
| Extended PAXG-USD | +0.0016% | 1h | 4,310.8 | −0.021% | $376K | $1.5M | 25x | as long as short |
| Aster PAXGUSDT | +0.0021% | 4h | 4,311.6 | −0.003% | $899K | $30K | 50x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | +0.826% | $1K | $151K | 30x | as long as short |
| ApeX Omni PAXGUSDT | +0.0048% | 1h | 4,311.5 | −0.004% | $261K | $772K | 50x | as long as short |
| Bitget PAXGUSDT | +0.0064% | 4h | 4,311.7 | −0.001% | $9.5M | $15.9M | 50x | as long as short |
| Paradex PAXG-USD-PERP | +0.0097% | 8h | 4,310.8 | −0.020% | $87K | $3.6M | 50x | as long as short |
| Hyperliquid PAXGlong | +0.0100% | 1h | 4,311.7 | long leg | $20.7M | $2.3M | 10x | |
| Pacifica PAXG | +0.0100% | 1h | 4,312.2 | +0.012% | $1.0M | $302K | 10x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,312.2 | +0.012% | $14.9M | $4.0M | 75x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,313.1 | +0.032% | $28.6M | $5.3M | 30x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,312.9 | +0.027% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,311.3 | −0.009% | $1.3M | $840K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,309.6 | −0.050% | $12.2M | $218K | — | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,310.6 | −0.026% | $553 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,312 | +0.007% | $1.5M | $53K | 50x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,311.7 | +0.001% | $20K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0224% | 1h | 4,313.8 | +0.049% | $953K | $1.0M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0960% | 1h | 4,322.4 | +0.248% | $29K | $23K | 10x | as long as short |
Binance PAXGUSDT
Extended PAXG-USD
Aster PAXGUSDT
Injective PAXG/USDC PERP
ApeX Omni PAXGUSDT
Bitget PAXGUSDT
Paradex PAXG-USD-PERP
Pacifica PAXG
Bybit PAXGUSDT
KuCoin PAXGUSDTM
BingX PAXG-USDT
Variational Omni PAXG
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Reya PAXGRUSDPERP
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD