Funding you earn now, next payment 00:00 UTC−0.1361%/8h= −149.0% APRnext payment −$1.70 per $10,000 · paid last 24h −0.116%
Price spread now: Backpack against Hyperliquid−0.245%7-day average −0.168% · you buy dearer than you sell
Net, funding: paid 7d − costs−$34as in the Funding arb table
Net, price: spread back to 7d avg − costs−$61as in the Price arb table
costs, in and out, $10k−$530.530% of the position
Funding, last 7 days+0.192%+$19 on $10k
+Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.245%, 7d avg −0.168%
=Together, before fees+0.259%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Backpack is 0.077% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.168%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.192%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.192% in total (about 10.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.70 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 CHIP | 0.04700 | 0.0100 | pay 0.0013% / 1h | 33m 43s | $14.8M | $6.8M | 3x |
| Short | Backpack CHIP_USDC_PERP | 0.04689 | −0.1261 | pay 0.0158% / 1h | 33m 43s | $14K | $234K | 5x |
Hyperliquid CHIP
Backpack CHIP_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
- −$285.81
- Price spread: −0.245% → −0.168%
- −$7.67
- Slippage, 4 orders
- −$34
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$346.49
- Costs to cover
- 0.530%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 9 min ago; Backpack: live order book, 44 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, 9 min ago | 0.64 bp | 12.7 bp −$13 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 44 min ago | 1.09 bp | 13.4 bp −$13 | 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_PERPshort | −0.1261% | 1h | 0.04689 | −0.245% | $14K | $234K | 5x | |
| Phoenix CHIP | −0.0173% | 1h | 0.04708 | +0.160% | $3K | $140K | 5x | as long as short |
| Aftermath Perps CHIPUSD | −0.0066% | 1h | 0.04703 | +0.044% | $87 | $39K | 5x | as long as short |
| OKX CHIP-USDT-SWAP | −0.0062% | 4h | 0.04686 | −0.308% | $2.0M | $9.3M | 20x | as long as short |
| Deribit CHIP_USDC-PERPETUAL | 0.0000% | 1h | 0.04692 | −0.174% | $10K | $24K | 10x | as long as short |
| ApeX Omni CHIPUSDT | +0.0026% | 1h | 0.04714 | +0.287% | $14K | $248K | 50x | as long as short |
| Bybit CHIPUSDT | +0.0031% | 4h | 0.04689 | −0.245% | $10.9M | $8.9M | 20x | as long as short |
| Extended CHIP-USD | +0.0032% | 1h | 0.04688 | −0.262% | $214K | $1.3M | 5x | as long as short |
| MEXC CHIP_USDT | +0.0032% | 4h | 0.04687 | −0.287% | $1.8M | $1.1M | 50x | as long as short |
| Binance CHIPUSDT | +0.0034% | 4h | 0.04686 | −0.308% | $14.1M | $26.2M | 50x | as long as short |
Phoenix CHIP
Aftermath Perps CHIPUSD
OKX CHIP-USDT-SWAP
Deribit CHIP_USDC-PERPETUAL
ApeX Omni CHIPUSDT
Bybit CHIPUSDT
Extended CHIP-USD
MEXC CHIP_USDT
Binance CHIPUSDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BloFin CHIP-USDT | +0.0057% | 4h | 0.04703 | +0.053% | $549K | $67K | 50x | as long as short |
| Lighter CHIP | +0.0096% | 1h | 0.04690 | −0.223% | $87K | $108K | 3x | as long as short |
| Hyperliquid CHIPlong | +0.0100% | 1h | 0.04700 | long leg | $14.8M | $6.8M | 3x | |
| Aster CHIPUSDT | +0.0100% | 4h | 0.04691 | −0.206% | $51K | $236K | 5x | as long as short |
| Pacifica CHIP | +0.0100% | 1h | 0.04690 | −0.223% | $13K | $628 | 3x | as long as short |
| Gate CHIP_USDT | +0.0100% | 4h | 0.04695 | −0.117% | $694K | $912K | 50x | as long as short |
| KuCoin CHIPUSDTM | +0.0100% | 4h | 0.04697 | −0.074% | $990K | $1.1M | 50x | as long as short |
| Bitget CHIPUSDT | +0.0100% | 4h | 0.04690 | −0.223% | $2.0M | $3.2M | 50x | as long as short |
| BingX CHIP-USDT | +0.0100% | 4h | 0.04689 | −0.245% | — | $1.9M | — | as long as short |
| Variational Omni CHIP | +0.0100% | 4h | 0.04704 | +0.084% | $885K | $468K | — | as long as short |
| SunX CHIP-USDT | +0.0100% | 4h | 0.04699 | −0.032% | $868 | $1.1M | 10x | as long as short |
| Nado CHIP-PERP | +0.0356% | 1h | 0.04687 | −0.287% | $234K | $18K | 5x | as long as short |
| Coinbase International CHIP-PERP-INTX | +0.0840% | 1h | 0.04739 | +0.813% | $46K | $41K | 50x | as long as short |
BloFin CHIP-USDT
Lighter CHIP
Aster CHIPUSDT
Pacifica CHIP
Gate CHIP_USDT
KuCoin CHIPUSDTM
Bitget CHIPUSDT
BingX CHIP-USDT
Variational Omni CHIP
SunX CHIP-USDT
Nado CHIP-PERP
Coinbase International CHIP-PERP-INTX