W

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0390%/8h= −42.7% APRnext payment −$0.49 per $10,000 · paid last 24h +0.061%

Price spread now: Hyperliquid against Backpack+0.034%7-day average — · you sell dearer than you buy

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 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

The price spread pays, funding is against you. Hyperliquid is 0.034% dearer against Backpack than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack W_USDC_PERP	0.01183	0.0490	pay 0.0061% / 1h	16m 31s	$44K	$46K	15x
Short	Hyperliquid W	0.01183	0.0100	get 0.0013% / 1h	16m 31s	$2.0M	$421K	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 +0.034%Rate

Funding earned: −$81.87
Price spread: +0.034% → 0.000%: $3.38
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$97.49
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Hyperliquid: live order book, 4 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 no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 4 min ago	8.47 bp	16.8 bp −$17	doesn't fit	doesn't fit	doesn't fit

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

W on 17 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
Deribit W_USDC-PERPETUAL	−0.0258%	1h	0.01181	−0.169%	$17K	$1K	10x	as long as short
OKX W-USDT-SWAP	−0.0004%	4h	0.01181	−0.118%	$1.3M	$2.0M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.232%	$1K	$1K	12x	as long as short
Hyperliquid Wshort	+0.0100%	1h	0.01183	+0.034%	$2.0M	$421K	5x
Binance WUSDT	+0.0100%	4h	0.01182	−0.016%	$3.0M	$6.8M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01180	−0.228%	$4.1M	$1.9M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01179	−0.304%	$445K	$291K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01182	−0.025%	$12.8M	$1.5M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01183	+0.034%	$465K	$215K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01183	+0.034%	$1.3M	$571K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01180	−0.178%	—	$6.9M	—	as long as short
Variational Omni W	+0.0100%	4h	0.01177	−0.449%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01180	−0.220%	$127K	$377K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01183	−0.004%	$59K	$228K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0248%	1h	0.01183	+0.025%	$14K	$16K	50x	as long as short
Backpack W_USDC_PERPlong	+0.0490%	1h	0.01183	long leg	$44K	$46K	15x
Kraken Futures PF_WUSD	+0.0718%	1h	0.01184	+0.138%	$147K	$181K	20x	as long as short