Funding you earn now, next payment 03:00 UTC−0.0479%/8h= −52.5% APRnext payment −$0.60 per $10,000 · paid last 24h −0.053%
Price spread now: Hyperliquid against Backpack−0.162%7-day average −0.827% · you buy dearer than you sell
Net, funding: paid 7d − costs−$36as in the Funding arb table
Net, price: spread back to 7d avg − costs+$31as in the Price arb table
costs, in and out, $10k−$360.356% of the position
Funding, last 7 days−0.009%−$1 on $10k
+Price spread, last 7 days−0.765%−$77 · spread now −0.162%, 7d avg −0.827%
=Together, before fees−0.774%+ Points / potential airdropHyperliquid: Season 2 · farm board−$77 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.665% dearer against Backpack than usual: you sell high and buy low (spread −0.162% now, against its 7-day average of −0.827%): +$67 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.009% in total) that is about 17 months.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.60 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 | Backpack ARB_USDC_PERP | 0.2226 | 0.0579 | pay 0.0072% / 1h | 42m 44s | $1.0M | $2.8M | 20x |
| Short | Hyperliquid ARB | 0.2222 | 0.0100 | get 0.0013% / 1h | 42m 44s | $38.6M | $49.9M | 10x |
Backpack ARB_USDC_PERP
Hyperliquid ARBFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$100.64
- Price spread: −0.162% → −0.827%
- $66.51
- Slippage, 4 orders
- −$16.58
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$69.71
- Costs to cover
- 0.356%
- Break-even
- from the start
Slippage from Backpack: live order book, 1 min ago; Hyperliquid: live order book, 11 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, 1 min ago | 2.47 bp | 8.4 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 0.22 bp | 8.3 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1577% | 1h | 0.2210 | −0.719% | $40K | $372K | 12x | as long as short |
| Variational Omni ARB | −0.0153% | 8h | 0.2213 | −0.563% | $1.9M | $2.9M | — | as long as short |
| MEXC ARB_USDT | −0.0134% | 8h | 0.2219 | −0.310% | $38.4M | $59.1M | 200x | as long as short |
| OKX ARB-USDT-SWAP | −0.0133% | 8h | 0.2219 | −0.332% | $22.3M | $151.9M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0128% | 1h | 0.2218 | −0.341% | $7K | $2K | 10x | as long as short |
| SoDEX ARB-USD | −0.0110% | 1h | 0.2223 | −0.126% | $10K | $2.4M | 5x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0098% | 1h | 0.2224 | −0.068% | $1.1M | $4.6M | 50x | as long as short |
| Gate ARB_USDT | −0.0084% | 8h | 0.2220 | −0.292% | $5.4M | $19.0M | 60x | as long as short |
| Bybit ARBUSDT | −0.0083% | 8h | 0.2219 | −0.296% | $56.4M | $126.5M | 50x | as long as short |
| Orderly PERP_ARB_USDC | −0.0072% | 8h | 0.2223 | −0.135% | $12K | $384K | 10x | as long as short |
Injective ARB/USDC PERP
Variational Omni ARB
MEXC ARB_USDT
OKX ARB-USDT-SWAP
01 Exchange ARBUSD
SoDEX ARB-USD
Kraken Futures PF_ARBUSD
Gate ARB_USDT
Bybit ARBUSDT
Orderly PERP_ARB_USDCShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps ARB-USD | −0.0069% | 1h | 0.2222 | −0.175% | $102K | $2.1M | 10x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2221 | −0.244% | $66K | $5K | 10x | as long as short |
| Extended ARB-USD | 0.0000% | 1h | 0.2217 | −0.394% | $353K | $2.5M | 25x | as long as short |
| Deribit ARB_USDC-PERPETUAL | 0.0000% | 1h | 0.2223 | −0.117% | $24K | $34K | 25x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0013% | 1h | 0.2223 | −0.115% | $11K | — | 150x | as long as short |
| Binance ARBUSDT | +0.0006% | 8h | 0.2220 | −0.254% | $64.7M | $308.9M | 75x | as long as short |
| BloFin ARB-USDT | +0.0012% | 8h | 0.2224 | −0.090% | $3.1M | $2.7M | 75x | as long as short |
| ApeX Omni ARBUSDT | +0.0047% | 1h | 0.2219 | −0.314% | $120K | $283K | 50x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2224 | −0.107% | $141K | $7K | 3x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2222 | −0.193% | $1.2M | $6.4M | 15x | as long as short |
| Hyperliquid ARBshort | +0.0100% | 1h | 0.2222 | −0.162% | $38.6M | $49.9M | 10x | |
| Aster ARBUSDT | +0.0100% | 8h | 0.2222 | −0.185% | $659K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2221 | −0.243% | $42K | $179K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2220 | −0.252% | $19.6M | $15.5M | 75x | as long as short |
| Bitget ARBUSDT | +0.0100% | 8h | 0.2218 | −0.359% | $21.2M | $35.0M | 50x | as long as short |
| BingX ARB-USDC | +0.0100% | 8h | 0.2220 | −0.261% | — | $6.5M | — | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2218 | −0.365% | $40K | $464K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2212 | −0.629% | $470K | $3.6M | 10x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2227 | +0.045% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2222 | −0.162% | $298K | $948K | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2222 | −0.180% | $5.0M | $12.9M | 50x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0224% | 1h | 0.2224 | −0.085% | $508K | $2.1M | 50x | as long as short |
| RISEx ARB/USDC | +0.0232% | 1h | 0.2220 | −0.270% | $489K | $2.7M | 10x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0273% / S −0.0155% | 1h | 0.2224 | −0.097% | $829K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0290% | 1h | 0.2221 | −0.211% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0579% | 1h | 0.2226 | long leg | $1.0M | $2.8M | 20x |
Polymarket Perps ARB-USD
dYdX ARB-USD
Extended ARB-USD
Deribit ARB_USDC-PERPETUAL
gTrade (Gains Network) ARB/USD
Binance ARBUSDT
BloFin ARB-USDT
ApeX Omni ARBUSDT
Aevo ARB-PERP
Lighter ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
Bitget ARBUSDT
BingX ARB-USDC
edgeX ARBUSDC
GRVT ARB_USDT_Perp
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
Coinbase International ARB-PERP-INTX
RISEx ARB/USDC
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP