Funding you earn now, next payment 23:00 UTC−0.0514%/8h= −56.3% APRnext payment −$0.64 per $10,000 · paid last 24h +0.001%
Price spread now: Hyperliquid against Backpack−0.146%7-day average +0.113% · you buy dearer than you sell
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$63as in the Price arb table
costs, in and out, $10k−$370.375% of the position
Funding, last 7 days+0.226%+$23 on $10k
+Price spread, last 4 days (all we have)+0.164%+$16 · spread now −0.146%, 7d avg +0.113%
=Together, before fees+0.389%+ Points / potential airdropHyperliquid: Season 2 · farm board+$39 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Hyperliquid is 0.259% cheaper against Backpack than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.113%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.226%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.226% in total (about 11.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.64 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 kPEPE_USDC_PERP | 0.000004805 | 0.0614 | pay 0.0077% / 1h | 3m 05s | $92K | $615K | 15x |
| Short | Hyperliquid kPEPE | 0.000004798 | 0.0100 | get 0.0013% / 1h | 3m 05s | $63.8M | $84.7M | 10x |
Backpack kPEPE_USDC_PERP
Hyperliquid kPEPEFunding 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
- −$107.92
- Price spread: −0.146% → +0.113%
- −$25.89
- Slippage, 4 orders
- −$18.47
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$171.28
- Costs to cover
- 0.375%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 16 min ago; Hyperliquid: live order book, 11 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, 16 min ago | 3.23 bp | 11.8 bp −$12 | 30.4 bp −$304 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 1.04 bp | 9.8 bp −$10 | 16.2 bp −$162 | 29.1 bp −$2,907 | doesn't fit |
PEPE on 35 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004798 | −0.139% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004797 | −0.175% | $14K | — | 150x | as long as short |
| Lighter 1000PEPE | +0.0096% | 1h | 0.000004804 | −0.021% | $670K | $6.0M | 10x | as long as short |
| Hyperliquid kPEPEshort | +0.0100% | 1h | 0.000004798 | −0.146% | $63.8M | $84.7M | 10x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004802 | −0.062% | $59K | $114K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004802 | −0.069% | $86.7M | $285.1M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004799 | −0.125% | $150.7M | $63.7M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004800 | −0.096% | $24.8M | $54.0M | 75x | as long as short |
| Bitget PEPEUSDT | +0.0100% | 8h | 0.000004804 | −0.021% | $42.3M | $149.1M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004787 | −0.378% | $542K | $4.0M | — | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Lighter 1000PEPE
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Bitget PEPEUSDT
Variational Omni 1000PEPEShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004789 | −0.327% | $28K | $345K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004810 | +0.098% | $2K | $2.4M | 20x | as long as short |
| SoDEX 1000PEPE-USD | +0.0100% | 1h | 0.000004803 | −0.042% | $2K | $12K | 10x | as long as short |
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004808 | +0.056% | $544K | $3.5M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004801 | −0.086% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0220% | 8h | 0.000004802 | −0.062% | $41.4M | $493.6M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0250% | 8h | 0.000004807 | +0.044% | $5K | $16 | 20x | as long as short |
| Phemex u1000PEPEUSDT | +0.0317% | 8h | 0.000004803 | −0.052% | $2.3M | $6.4M | 50x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0337% / S −0.0365% | 1h | 0.000004000 | −16.753% | $42K | — | 100x | as long as short |
| BloFin PEPE-USDT | +0.0339% | 8h | 0.000004803 | −0.042% | $3.9M | $22.3M | 75x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0373% | 1h | 0.000004779 | −0.541% | $101K | $764K | 25x | as long as short |
| 01 Exchange kPEPEUSD | +0.0392% | 1h | 0.000004800 | −0.104% | $550 | $2K | 10x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0448% | 1h | 0.000004801 | −0.083% | $612K | $25.6M | 50x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0449% | 8h | 0.000004804 | −0.023% | $29K | $11K | 20x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0614% | 1h | 0.000004805 | long leg | $92K | $615K | 15x | |
| BingX 1000PEPE-USDT | +0.0708% | 8h | 0.000004803 | −0.033% | — | $256.4M | — | as long as short |
| Extended 1000PEPE-USD | +0.0728% | 1h | 0.000004803 | −0.045% | $529K | $148K | 25x | as long as short |
| Binance 1000PEPEUSDT | +0.0730% | 8h | 0.000004803 | −0.039% | $130.8M | $1.05B | 75x | as long as short |
| Nado kPEPE-PERP | +0.0733% | 1h | 0.000004804 | −0.012% | $184K | $846K | 10x | as long as short |
| MEXC PEPE_USDT | +0.0733% | 8h | 0.000004803 | −0.042% | $92.9M | $286.6M | 300x | as long as short |
| Aevo 1000PEPE-PERP | +0.0736% | 1h | 0.000004804 | −0.021% | $136K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0743% | 8h | 0.000004804 | −0.012% | $1.5M | $7.2M | 50x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0792% | 1h | 0.000004805 | 0.000% | $81K | $94K | 25x | as long as short |
| Injective PEPE/USDC PERP | +0.0873% | 1h | 0.000004805 | 0.000% | $4K | $103K | 12x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.1328% | 1h | 0.000004802 | −0.055% | $3.9M | $13.4M | 50x | as long as short |
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDT
SoDEX 1000PEPE-USD
HTX PEPE-USDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
Paradex kPEPE-USD-PERP
Phemex u1000PEPEUSDT
GMX PEPE/USD [ETH-USDC]
BloFin PEPE-USDT
ApeX Omni 1000PEPEUSDT
01 Exchange kPEPEUSD
Coinbase International 1000PEPE-PERP-INTX
Orderly PERP_1000PEPE_USDC
BingX 1000PEPE-USDT
Extended 1000PEPE-USD
Binance 1000PEPEUSDT
Nado kPEPE-PERP
MEXC PEPE_USDT
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
Deribit 1000PEPE_USDC-PERPETUAL
Injective PEPE/USDC PERP
Kraken Futures PF_PEPEUSD