Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.028%
Price spread now: Backpack against Hyperliquid−0.092%7-day average −0.056% · you buy dearer than you sell
Net, funding: paid 7d − costs−$38as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$190.191% of the position
Funding, last 7 days−0.191%−$19 on $10k
+Price spread, last 7 days−0.403%−$40 · spread now −0.092%, 7d avg −0.056%
=Together, before fees−0.594%+ Points / potential airdropHyperliquid: Season 2 · farm board−$59 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: Backpack is 0.036% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.056%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid BTC | 86,627 | 0.0100 | pay 0.0013% / 1h | 52m 42s | $3.81B | $5.08B | 40x |
| Short | Backpack BTC_USDC_PERP | 86,547 | 0.0100 | get 0.0013% / 1h | 52m 42s | $38.2M | $153.1M | 75x |
Hyperliquid BTC
Backpack BTC_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
- $0
- Price spread: −0.092% → −0.056%
- −$3.59
- Slippage, 4 orders
- −$0.13
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$22.71
- Costs to cover
- 0.191%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 12 min ago; Backpack: live order book, 2 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, 12 min ago | 0.06 bp | 4.6 bp −$5 | 4.6 bp −$46 | 5.7 bp −$570 | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.8 bp −$581 | 27.7 bp −$13.8K |
BTC on 56 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 | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps BTCUSD | −0.0212% | 1h | 86,621.8 | −0.006% | $79K | $197K | 20x | as long as short |
| Phoenix BTC | −0.0159% | 1h | 86,601 | −0.030% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,616 | −0.013% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0028% | 1h | 86,590.3 | −0.042% | $17.6M | $20.6M | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 86,605.7 | −0.025% | $359K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0006% | 8h | 86,567.1 | −0.069% | $505.4M | $1.16B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,602.9 | −0.028% | $421K | $24.2M | 6.7x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,580.3 | −0.054% | $926.0M | $1.47B | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0003% | 8h | 86,522.3 | −0.121% | $850.6M | $709.6M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,587.5 | −0.046% | $36.8M | — | 200x | as long as short |
Aftermath Perps BTCUSD
Phoenix BTC
Hotstuff BTC-PERP
dYdX BTC-USD
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
Deribit BTC-PERPETUAL
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| RISEx BTC/USDC | +0.0006% | 1h | 86,593.2 | −0.039% | $8.5M | $43.2M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0008% | 1h | 86,638.1 | +0.013% | $725K | $8.1M | 30x | as long as short |
| Reya BTCRUSDPERP | +0.0022% | 1h | 86,557.5 | −0.080% | $6.7M | $144.7M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0024% | 1h | 86,587 | −0.046% | $315K | $26.8M | 52x | as long as short |
| Phemex BTCUSDT | +0.0029% | 8h | 86,545.6 | −0.094% | $149.6M | $473.5M | 150x | as long as short |
| BingX BTC-USDT | +0.0030% | 8h | 86,542.3 | −0.098% | — | $1.59B | — | as long as short |
| Bitget BTCUSDT | +0.0038% | 8h | 86,571.9 | −0.064% | $2.95B | $5.09B | 150x | as long as short |
| Aevo BTC-PERP | +0.0056% | 1h | 86,548.6 | −0.090% | $2.4M | $1.3M | 20x | as long as short |
| MEXC BTC_USDT | +0.0059% | 8h | 86,536.7 | −0.104% | $5.19B | $5.61B | 500x | as long as short |
| Binance BTCUSDT | +0.0060% | 8h | 86,571.7 | −0.064% | $9.42B | $24.39B | 150x | as long as short |
| SoDEX BTC-USD | +0.0062% | 1h | 86,547 | −0.092% | $60.5M | $336.7M | 40x | as long as short |
| Gate BTC_USDT | +0.0083% | 8h | 86,535.5 | −0.106% | $5.85B | $10.62B | 200x | as long as short |
| Bybit BTCUSDT | +0.0088% | 8h | 86,576 | −0.059% | $5.27B | $9.74B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,585.2 | −0.048% | $172.0M | $997.2M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,598 | −0.033% | $24.0M | $151.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,583 | −0.051% | $8.5M | $52.3M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,573 | −0.062% | $205K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,628.8 | +0.002% | $4.8M | $8.3M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,586.3 | −0.047% | $21.6M | $234.2M | 50x | as long as short |
| Hyperliquid BTClong | +0.0100% | 1h | 86,627 | long leg | $3.81B | $5.08B | 40x | |
| Pacifica BTC | +0.0100% | 1h | 86,610.2 | −0.019% | $41.0M | $499.4M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,578.5 | −0.056% | $2.55B | $12.72B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,581 | −0.053% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,659.6 | +0.038% | $7.4M | $94.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,590.2 | −0.042% | $572.1M | $20.3M | 40x | as long as short |
| Backpack BTC_USDC_PERPshort | +0.0100% | 1h | 86,547 | −0.092% | $38.2M | $153.1M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 86,582.6 | −0.051% | $156.4M | $568.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,613.4 | −0.016% | $279.8M | $941.9M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,665.5 | +0.044% | $217.4M | $182.6M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,648.6 | +0.025% | $141.6M | $323.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,637.1 | +0.012% | $30.7M | $203.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,634.1 | +0.008% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,577 | −0.058% | $11.1M | $13.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,568 | −0.068% | $193K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,563.9 | −0.073% | $2.4M | $8.6M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,574.1 | −0.061% | $140K | $618K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,548 | −0.091% | $30.0M | $61.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,580.8 | −0.053% | $3.4M | $5.5M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,560.1 | −0.077% | $2.30B | $960.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,517.3 | −0.127% | $46.4M | $226.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,611.4 | −0.018% | — | $98.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,594.7 | −0.037% | $131.6M | $5.80B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,579.9 | −0.054% | $191.3M | $937.3M | 100x | as long as short |
| BloFin BTC-USDT | +0.0180% | 8h | 86,545.9 | −0.094% | $416.7M | $655.0M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0180% / S −0.0210% | 1h | 86,580.8 | −0.053% | $15.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0187% | 8h | 86,614 | −0.015% | $9.5M | $726.8M | 6.4x | as long as short |
RISEx BTC/USDC
Hibachi BTC/USDT-P
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Phemex BTCUSDT
BingX BTC-USDT
Bitget BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
SoDEX BTC-USD
Gate BTC_USDT
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP