Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.032%

Price spread now: Hyperliquid against Backpack−0.192%7-day average −0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.550%−$55 on $10k

Price spread, last 4 days (all we have)+0.274%+$27 · spread now −0.192%, 7d avg −0.013%

Together, before fees−0.276%+ Points / potential airdropHyperliquid: Season 2 · farm board−$28 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 0.179% cheaper against Backpack than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack SKR_USDC_PERP	0.02134	0.0100	pay 0.0013% / 1h	23m 11s	$54K	$210K	5x
Short	Hyperliquid SKR	0.02130	0.0100	get 0.0013% / 1h	23m 11s	$1.3M	$1.5M	3x

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

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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 −0.192%Rate

Funding earned: $0
Price spread: −0.192% → −0.013%: −$17.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$36.91
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 6 min ago; Hyperliquid: live order book, 7 min ago. Net counts fees only.

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, 6 min ago	1.17 bp	18.7 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.88 bp	9.8 bp −$10	doesn't fit	doesn't fit	doesn't fit

SKR on 15 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
BloFin SKR-USDT	−0.0140%	4h	0.02132	−0.089%	$241K	$168K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02129	−0.239%	$8K	$26K	3x	as long as short
Hyperliquid SKRshort	+0.0100%	1h	0.02130	−0.192%	$1.3M	$1.5M	3x
Aster SKRUSDT	+0.0100%	4h	0.02130	−0.188%	$26K	$122K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02129	−0.205%	$3.7M	$28.1M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02130	−0.155%	$4.7M	$10.8M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02131	−0.112%	$1.0M	$1.7M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02130	−0.197%	$5.1M	$815K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02129	−0.216%	$748K	$1.6M	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02134	+0.014%	$1.6M	$3.6M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02133	−0.019%	—	$2.8M	—	as long as short
Backpack SKR_USDC_PERPlong	+0.0100%	1h	0.02134	long leg	$54K	$210K	5x
SunX SKR-USDT	+0.0100%	4h	0.02127	−0.309%	$1K	$3.2M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02119	−0.694%	$14K	$40K	20x	as long as short
Phoenix SKR	+0.0380%	1h	0.02120	−0.628%	$4K	$10K	3x	as long as short