SKR

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0335%/8h= −36.7% APRnext payment −$0.42 per $10,000 · paid last 24h +0.011%

Price spread now: Backpack against Hyperliquid−0.062%7-day average +0.010% · 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−$78as in the Price arb table

costs, in and out, $10k−$710.705% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.558%+$56 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.062%, 7d avg +0.010%

Together, before fees+0.559%+ Points / potential airdropHyperliquid: Season 2 · farm board+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Backpack is 0.072% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.558%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SKR	0.02092	0.0100	pay 0.0013% / 1h	39m 05s	$1.3M	$735K	3x
Short	Backpack SKR_USDC_PERP	0.02091	−0.0235	pay 0.0029% / 1h	39m 05s	$50K	$213K	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 −0.062%Rate

Funding earned: −$70.42
Price spread: −0.062% → +0.010%: −$7.25
Slippage, 4 orders: −$51.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$148.2
Costs to cover: 0.705%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 1 min ago; Backpack: live order book, 44 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, 1 min ago	0.71 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	1.65 bp	12.4 bp −$12	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
Backpack SKR_USDC_PERPshort	−0.0235%	1h	0.02091	−0.062%	$50K	$213K	5x
BloFin SKR-USDT	−0.0140%	4h	0.02093	+0.053%	$236K	$152K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02086	−0.296%	$14K	$17K	3x	as long as short
Hyperliquid SKRlong	+0.0100%	1h	0.02092	long leg	$1.3M	$735K	3x
Aster SKRUSDT	+0.0100%	4h	0.02091	−0.044%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02091	−0.055%	$3.5M	$11.9M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02090	−0.096%	$4.5M	$4.9M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02091	−0.053%	$1.0M	$528K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02090	−0.091%	$4.3M	$480K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02091	−0.062%	$675K	$684K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKRUSDT	+0.0100%	4h	0.02091	−0.057%	$1.5M	$1.1M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02092	−0.029%	—	$2.4M	—	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02087	−0.277%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02097	+0.234%	$14K	$37K	20x	as long as short
Phoenix SKR	+0.0379%	1h	0.02104	+0.574%	$4K	$10K	3x	as long as short