Funding you earn now, next payment 23:00 UTC+0.1127%/8h= +123.4% APRnext payment +$1.41 per $10,000 · paid last 24h +0.099%
Price spread now: Hyperliquid against Backpack−0.028%7-day average +0.170% · you buy dearer than you sell
Net, funding: paid 7d − costs−$71as in the Funding arb table
Net, price: spread back to 7d avg − costs−$69as in the Price arb table
costs, in and out, $10k−$490.489% of the position
Funding, last 7 days−0.218%−$22 on $10k
+Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.028%, 7d avg +0.170%
=Together, before fees−0.141%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.198% cheaper against Backpack than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of +0.170%). If the spread goes back, that is −$20 on $10k: about 14 hours of funding at the current rate (+$34 a day). Mind the row above: over the last 7 days funding on this pair cost −0.218%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.218% in total (about -11.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.41 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 CHIP_USDC_PERP | 0.04580 | −0.1027 | get 0.0128% / 1h | 51m 19s | $16K | $234K | 5x |
| Short | Hyperliquid CHIP | 0.04579 | 0.0100 | get 0.0013% / 1h | 51m 19s | $14.4M | $6.8M | 3x |
Backpack CHIP_USDC_PERP
Hyperliquid CHIPFunding 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
- $236.7
- Price spread: −0.028% → +0.170%
- −$19.8
- Slippage, 4 orders
- −$29.88
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $168.01
- Costs to cover
- 0.489%
- Break-even
- 2.0 days
Slippage from Backpack: live order book, 32 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, 32 min ago | 2.17 bp | 9.9 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 0.11 bp | 17.3 bp −$17 | doesn't fit | doesn't fit | doesn't fit |
CHIP on 23 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 | |
|---|---|---|---|---|---|---|---|---|
| Backpack CHIP_USDC_PERPlong | −0.1027% | 1h | 0.04580 | long leg | $16K | $234K | 5x | |
| Phoenix CHIP | −0.0352% | 1h | 0.04580 | 0.000% | $3K | $143K | 5x | as long as short |
| OKX CHIP-USDT-SWAP | −0.0246% | 4h | 0.04573 | −0.153% | $1.9M | $9.1M | 20x | as long as short |
| Nado CHIP-PERP | −0.0224% | 1h | 0.04575 | −0.109% | $229K | $18K | 5x | as long as short |
| Aftermath Perps CHIPUSD | −0.0186% | 1h | 0.04573 | −0.159% | $109 | $39K | 5x | as long as short |
| Bybit CHIPUSDT | −0.0155% | 4h | 0.04579 | −0.022% | $10.7M | $9.0M | 20x | as long as short |
| Binance CHIPUSDT | −0.0122% | 4h | 0.04570 | −0.227% | $13.8M | $26.0M | 50x | as long as short |
| Extended CHIP-USD | −0.0120% | 1h | 0.04573 | −0.146% | $207K | $1.3M | 5x | as long as short |
| MEXC CHIP_USDT | −0.0120% | 4h | 0.04570 | −0.218% | $1.8M | $1.2M | 50x | as long as short |
| BloFin CHIP-USDT | −0.0100% | 4h | 0.04572 | −0.175% | $539K | $67K | 50x | as long as short |
Phoenix CHIP
OKX CHIP-USDT-SWAP
Nado CHIP-PERP
Aftermath Perps CHIPUSD
Bybit CHIPUSDT
Binance CHIPUSDT
Extended CHIP-USD
MEXC CHIP_USDT
BloFin CHIP-USDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit CHIP_USDC-PERPETUAL | 0.0000% | 1h | 0.04579 | −0.031% | $10K | $25K | 10x | as long as short |
| Aster CHIPUSDT | +0.0021% | 4h | 0.04578 | −0.052% | $47K | $229K | 5x | as long as short |
| Lighter CHIP | +0.0096% | 1h | 0.04575 | −0.109% | $85K | $109K | 3x | as long as short |
| Hyperliquid CHIPshort | +0.0100% | 1h | 0.04579 | −0.028% | $14.4M | $6.8M | 3x | |
| Pacifica CHIP | +0.0100% | 1h | 0.04577 | −0.070% | $13K | $628 | 3x | as long as short |
| Gate CHIP_USDT | +0.0100% | 4h | 0.04583 | +0.066% | $679K | $901K | 50x | as long as short |
| KuCoin CHIPUSDTM | +0.0100% | 4h | 0.04579 | −0.022% | $979K | $1.1M | 50x | as long as short |
| Bitget CHIPUSDT | +0.0100% | 4h | 0.04576 | −0.087% | $2.0M | $3.1M | 50x | as long as short |
| BingX CHIP-USDT | +0.0100% | 4h | 0.04573 | −0.153% | — | $1.9M | — | as long as short |
| Variational Omni CHIP | +0.0100% | 4h | 0.04571 | −0.194% | $840K | $472K | — | as long as short |
| ApeX Omni CHIPUSDT | +0.0100% | 1h | 0.04573 | −0.153% | $14K | $249K | 50x | as long as short |
| SunX CHIP-USDT | +0.0100% | 4h | 0.04576 | −0.087% | $1K | $1.1M | 10x | as long as short |
| Coinbase International CHIP-PERP-INTX | +0.0824% | 1h | 0.04757 | +3.854% | $46K | $41K | 50x | as long as short |
Deribit CHIP_USDC-PERPETUAL
Aster CHIPUSDT
Lighter CHIP
Pacifica CHIP
Gate CHIP_USDT
KuCoin CHIPUSDTM
Bitget CHIPUSDT
BingX CHIP-USDT
Variational Omni CHIP
ApeX Omni CHIPUSDT
SunX CHIP-USDT
Coinbase International CHIP-PERP-INTX