Funding you earn now, next payment 03:00 UTC−0.0285%/8h= −31.2% APRnext payment −$0.36 per $10,000 · paid last 24h −0.054%
Price spread now: Backpack against Hyperliquid−0.065%7-day average −0.075% · you buy dearer than you sell
Net, funding: paid 7d − costs−$35as in the Funding arb table
Net, price: spread back to 7d avg − costs−$34as in the Price arb table
costs, in and out, $10k−$350.354% of the position
Funding, last 7 days+0.007%+$1 on $10k
+Price spread, last 4 days (all we have)−0.137%−$14 · spread now −0.065%, 7d avg −0.075%
=Together, before fees−0.130%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.075%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.007% in total (about 0.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid XLM | 0.2145 | 0.0385 | pay 0.0048% / 1h | 20m 03s | $12.4M | $6.2M | 5x |
| Short | Backpack XLM_USDC_PERP | 0.2143 | 0.0100 | get 0.0013% / 1h | 20m 03s | $98K | $273K | 20x |
Hyperliquid XLM
Backpack XLM_USDC_PERPFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$59.88
- Price spread: −0.065% → −0.075%
- $0.95
- Slippage, 4 orders
- −$16.38
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$94.31
- Costs to cover
- 0.354%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 3 min ago; Backpack: live order book, 43 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, 3 min ago | 0.70 bp | 9.1 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 43 min ago | 0.24 bp | 8.5 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
XLM on 31 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) XLM/USD | L 0.0000% / S +0.0002% | 1h | 0.2143 | −0.057% | $4K | — | 150x | as long as short |
| Lighter XLM | +0.0096% | 1h | 0.2146 | +0.047% | $368K | $914K | 5x | as long as short |
| Binance XLMUSDT | +0.0100% | 8h | 0.2143 | −0.068% | $55.0M | $154.2M | 75x | as long as short |
| Bybit XLMUSDT | +0.0100% | 8h | 0.2142 | −0.098% | $43.3M | $45.7M | 75x | as long as short |
| OKX XLM-USDT-SWAP | +0.0100% | 8h | 0.2142 | −0.098% | $12.6M | $42.2M | 50x | as long as short |
| Gate XLM_USDT | +0.0100% | 8h | 0.2143 | −0.084% | $4.1M | $6.8M | 75x | as long as short |
| MEXC XLM_USDT | +0.0100% | 8h | 0.2143 | −0.075% | $24.1M | $27.0M | 300x | as long as short |
| KuCoin XLMUSDTM | +0.0100% | 8h | 0.2144 | −0.042% | $14.1M | $9.9M | 75x | as long as short |
| Bitget XLMUSDT | +0.0100% | 8h | 0.2142 | −0.112% | $25.7M | $21.0M | 75x | as long as short |
| BingX XLM-USDT | +0.0100% | 8h | 0.2143 | −0.079% | — | $7.0M | — | as long as short |
gTrade (Gains Network) XLM/USD
Lighter XLM
Binance XLMUSDT
Bybit XLMUSDT
OKX XLM-USDT-SWAP
Gate XLM_USDT
MEXC XLM_USDT
KuCoin XLMUSDTM
Bitget XLMUSDT
BingX XLM-USDTShow all 31 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Backpack XLM_USDC_PERPshort | +0.0100% | 1h | 0.2143 | −0.065% | $98K | $273K | 20x | |
| Variational Omni XLM | +0.0100% | 8h | 0.2145 | +0.023% | $257K | $1.3M | — | as long as short |
| edgeX XLMUSDC | +0.0100% | 4h | 0.2140 | −0.203% | $12K | $303K | 10x | as long as short |
| GRVT XLM_USDT_Perp | +0.0100% | 8h | 0.2145 | +0.022% | $593K | $585K | 10x | as long as short |
| ApeX Omni XLMUSDT | +0.0100% | 1h | 0.2143 | −0.061% | $172K | $257K | 50x | as long as short |
| Orderly PERP_XLM_USDC_mythos | +0.0100% | 4h | 0.2144 | −0.028% | $3K | $2K | 10x | as long as short |
| SunX XLM-USDT | +0.0100% | 8h | 0.2144 | −0.042% | $2K | $1.6M | 20x | as long as short |
| SoDEX XLM-USD | +0.0100% | 1h | 0.2143 | −0.070% | $2K | $6K | 5x | as long as short |
| HTX XLM-USDT | +0.0100% | 8h | 0.2139 | −0.252% | $198K | $252K | 20x | as long as short |
| Phemex XLMUSDT | +0.0100% | 8h | 0.2143 | −0.061% | $9.0M | $8.9M | 50x | as long as short |
| Extended XLM-USD | +0.0104% | 1h | 0.2143 | −0.077% | $191K | $1.8M | 10x | as long as short |
| Aster XLMUSDT | +0.0106% | 8h | 0.2145 | +0.012% | $571K | $622K | 75x | as long as short |
| dYdX XLM-USD | +0.0219% | 1h | 0.2143 | −0.053% | $23K | $2K | 10x | as long as short |
| BloFin XLM-USDT | +0.0220% | 8h | 0.2145 | +0.014% | $2.3M | $5.0M | 75x | as long as short |
| Phoenix XLM | +0.0264% | 1h | 0.2146 | +0.075% | $5K | $46K | 5x | as long as short |
| Hyperliquid XLMlong | +0.0385% | 1h | 0.2145 | long leg | $12.4M | $6.2M | 5x | |
| Kraken Futures PF_XLMUSD | +0.0459% | 1h | 0.2143 | −0.077% | $2.6M | $2.7M | 50x | as long as short |
| Coinbase International XLM-PERP-INTX | +0.0464% | 1h | 0.2146 | +0.070% | $235K | $1.5M | 50x | as long as short |
| GMX XLM/USD [WBTC.b-USDC] | L +0.0519% / S −0.0193% | 1h | 0.2143 | −0.076% | $44K | — | 100x | as long as short |
| Deribit XLM_USDC-PERPETUAL | +0.0777% | 1h | 0.2145 | +0.037% | $532K | $153K | 25x | as long as short |
| Injective XLM/USDC PERP | +0.1081% | 1h | 0.2125 | −0.914% | $683 | $241K | 12x | as long as short |
Variational Omni XLM
edgeX XLMUSDC
GRVT XLM_USDT_Perp
ApeX Omni XLMUSDT
Orderly PERP_XLM_USDC_mythos
SunX XLM-USDT
SoDEX XLM-USD
HTX XLM-USDT
Phemex XLMUSDT
Extended XLM-USD
Aster XLMUSDT
dYdX XLM-USD
BloFin XLM-USDT
Phoenix XLM
Kraken Futures PF_XLMUSD
Coinbase International XLM-PERP-INTX
GMX XLM/USD [WBTC.b-USDC]
Deribit XLM_USDC-PERPETUAL
Injective XLM/USDC PERP