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: Backpack against Hyperliquid+0.028%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

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

Long on Hyperliquid Short on Backpack

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)−0.275%−$27 · spread now +0.028%, 7d avg +0.053%

Together, before fees−0.591%+ 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: Backpack is 0.025% cheaper against Hyperliquid than usual: you would sell low and buy high, −$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	Hyperliquid S	0.03919	0.0100	pay 0.0013% / 1h	16m 33s	$982K	$678K	5x
Short	Backpack S_USDC_PERP	0.03920	0.0100	get 0.0013% / 1h	16m 33s	$114K	$312K	5x

Funding 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 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0
Price spread: +0.028% → +0.053%: −$2.54
Slippage, 4 orders: −$61.32
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$82.87
Costs to cover: 0.803%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 14 min ago; Backpack: live order book, 62 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, 14 min ago	1.53 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 62 min ago	12.77 bp	29.2 bp −$29	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	−1.758%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2127%	1h	0.03922	+0.069%	$33K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.371%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0976%	4h	0.03904	−0.381%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0203% / S +0.0196%	1h	0.03923	+0.094%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03918	−0.025%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	−0.0005%	1h	0.03922	+0.079%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03924	+0.138%	$605	—	150x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03918	−0.023%	$100K	$339K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.621%	$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	+0.156%	$164K	$217K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.03919	long leg	$982K	$678K	5x
Aster SUSDT	+0.0100%	4h	0.03927	+0.214%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03920	+0.028%	$5.4M	$17.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03915	−0.100%	$5.6M	$5.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03918	−0.023%	$979K	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03915	−0.100%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03919	+0.003%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03919	+0.003%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03920	+0.028%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03919	+0.003%	—	$6.7M	—	as long as short
Backpack S_USDC_PERPshort	+0.0100%	1h	0.03920	+0.028%	$114K	$312K	5x
ApeX Omni SUSDT	+0.0100%	1h	0.03920	+0.028%	$25K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03917	−0.042%	$220K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03919	+0.003%	$266K	$125K	75x	as long as short