Funding arb · Price arb /

STRK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.015%

Price spread now: Hyperliquid against Backpack+0.070%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$640.636% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.360%−$36 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now +0.070%, 7d avg +0.106%

Together, before fees−0.200%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 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 0.036% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.106%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack STRK_USDC_PERP	0.04310	0.0100	pay 0.0013% / 1h	47m 10s	$24K	$138K	10x
Short	Hyperliquid STRK	0.04313	0.0100	get 0.0013% / 1h	47m 10s	$14.6M	$7.0M	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 +0.070%Rate

Funding earned: $0
Price spread: +0.070% → +0.106%: −$3.62
Slippage, 4 orders: −$44.56
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$67.17
Costs to cover: 0.636%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Hyperliquid: live order book, 6 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	2.31 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.15 bp	12.2 bp −$12	34.3 bp −$343	doesn't fit	doesn't fit

STRK on 24 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
Coinbase International STRK-PERP-INTX	−0.0952%	1h	0.04280	−0.696%	$60K	$86K	25x	as long as short
Kraken Futures PF_STRKUSD	−0.0370%	1h	0.04311	+0.019%	$453K	$529K	20x	as long as short
dYdX STRK-USD	0.0000%	1h	0.04320	+0.235%	$20K	$24K	5x	as long as short
Injective STRK/USDC PERP	+0.0033%	1h	0.05070	+17.633%	$3K	$38K	5.5x	as long as short
Lighter STRK	+0.0096%	1h	0.04319	+0.209%	$263K	$503K	5x	as long as short
Paradex STRK-USD-PERP	+0.0100%	8h	0.04312	+0.054%	$8K	$144	20x	as long as short
Hyperliquid STRKshort	+0.0100%	1h	0.04313	+0.070%	$14.6M	$7.0M	5x
Aster STRKUSDT	+0.0100%	4h	0.04312	+0.041%	$33K	$328K	10x	as long as short
Pacifica STRK	+0.0100%	1h	0.04319	+0.197%	$43K	$69K	5x	as long as short
Binance STRKUSDT	+0.0100%	4h	0.04312	+0.046%	$12.3M	$46.3M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit STRKUSDT	+0.0100%	4h	0.04307	−0.070%	$15.0M	$20.8M	50x	as long as short
OKX STRK-USDT-SWAP	+0.0100%	4h	0.04310	0.000%	$4.7M	$20.8M	50x	as long as short
Gate STRK_USDT	+0.0100%	4h	0.04308	−0.046%	$578K	$1.3M	50x	as long as short
MEXC STRK_USDT	+0.0100%	4h	0.04311	+0.023%	$12.2M	$2.0M	100x	as long as short
KuCoin STRKUSDTM	+0.0100%	4h	0.04311	+0.023%	$1.5M	$1.8M	50x	as long as short
Bitget STRKUSDT	+0.0100%	4h	0.04310	−0.007%	$3.0M	$3.8M	75x	as long as short
BingX STRK-USDT	+0.0100%	4h	0.04310	0.000%	—	$26.1M	—	as long as short
Backpack STRK_USDC_PERPlong	+0.0100%	1h	0.04310	long leg	$24K	$138K	10x
Variational Omni STRK	+0.0100%	4h	0.04319	+0.212%	$388K	$2.1M	—	as long as short
GRVT STRK_USDT_Perp	+0.0100%	4h	0.04318	+0.189%	$190K	$3.5M	10x	as long as short
SunX STRK-USDT	+0.0100%	4h	0.04413	+2.390%	$2K	$835K	20x	as long as short
Extended STRK-USD	+0.0104%	1h	0.04308	−0.037%	$119K	$665K	10x	as long as short
BloFin STRK-USDT	+0.0340%	4h	0.04312	+0.046%	—	$828K	75x	as long as short
Deribit STRK_USDC-PERPETUAL	+0.0446%	1h	0.04315	+0.116%	$8K	$44K	25x	as long as short