Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.031%

Price spread now: Hyperliquid against Backpack−0.023%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$800.803% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.317%+$32 on $10k

Price spread, last 4 days (all we have)+0.270%+$27 · spread now −0.023%, 7d avg −0.053%

Together, before fees+0.586%+ Points / potential airdropHyperliquid: Season 2 · farm board+$59 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: Hyperliquid is 0.031% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03920	0.0100	pay 0.0013% / 1h	16m 35s	$114K	$312K	5x
Short	Hyperliquid S	0.03919	0.0100	get 0.0013% / 1h	16m 35s	$982K	$678K	5x

Funding 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 it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee HyperliquidbpOrdersPrice spread, now −0.023%Rate

Funding earned: $0
Price spread: −0.023% → −0.053%: $3.05
Slippage, 4 orders: −$61.32
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$77.27
Costs to cover: 0.803%
Break-even: never at this rate

Slippage from Backpack: live order book, 62 min ago; Hyperliquid: live order book, 14 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, 62 min ago	12.77 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 14 min ago	1.53 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.5840%	1h	0.03850	−1.786%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2127%	1h	0.03922	+0.041%	$33K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.398%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0976%	4h	0.03904	−0.409%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0203% / S +0.0196%	1h	0.03923	+0.066%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03915	−0.136%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	−0.0005%	1h	0.03922	+0.051%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03923	+0.065%	$605	—	150x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03918	−0.051%	$100K	$339K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.592%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03925	+0.128%	$164K	$217K	5x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03919	−0.023%	$982K	$678K	5x
Aster SUSDT	+0.0100%	4h	0.03925	+0.134%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03920	+0.007%	$5.4M	$17.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03915	−0.128%	$5.6M	$5.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03918	−0.051%	$979K	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03915	−0.128%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03920	0.000%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03919	−0.026%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03921	+0.026%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03919	−0.026%	—	$6.7M	—	as long as short
Backpack S_USDC_PERPlong	+0.0100%	1h	0.03920	long leg	$114K	$312K	5x
ApeX Omni SUSDT	+0.0100%	1h	0.03920	0.000%	$25K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03917	−0.070%	$220K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03919	−0.026%	$266K	$125K	75x	as long as short