Funding you earn now, next payment 22:00 UTC+0.0388%/8h= +42.5% APRnext payment +$0.48 per $10,000 · paid last 24h −0.010%
Price spread now: Backpack against Hyperliquid+0.048%7-day average −0.123% · you sell dearer than you buy
Net, funding: paid 7d − costs−$58as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$350.350% of the position
Funding, last 7 days−0.234%−$23 on $10k
+Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.048%, 7d avg −0.123%
=Together, before fees−0.227%+ Points / potential airdropHyperliquid: Season 2 · farm board−$23 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Backpack is 0.171% dearer against Hyperliquid than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.123%. Mind the row above: over the last 7 days funding on this pair cost −0.234%, 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 -0.234% in total (about -12.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.48 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 kPEPE | 0.000004803 | 0.0100 | pay 0.0013% / 1h | 32m 56s | $56.8M | $70.0M | 10x |
| Short | Backpack kPEPE_USDC_PERP | 0.000004805 | 0.0488 | get 0.0061% / 1h | 32m 56s | $95K | $622K | 15x |
Hyperliquid kPEPE
Backpack kPEPE_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
- $81.46
- Price spread: +0.048% → −0.123%
- $17.09
- Slippage, 4 orders
- −$16
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $63.55
- Costs to cover
- 0.350%
- Break-even
- 1.5 days
Slippage from Hyperliquid: live order book, 11 min ago; Backpack: live order book, 56 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, 11 min ago | 2.06 bp | 9.4 bp −$9 | 10.5 bp −$105 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 56 min ago | 0.10 bp | 5.3 bp −$5 | 17.2 bp −$172 | doesn't fit | doesn't fit |
PEPE on 35 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004812 | +0.193% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004801 | −0.048% | $14K | — | 150x | as long as short |
| Hyperliquid kPEPElong | +0.0100% | 1h | 0.000004803 | long leg | $56.8M | $70.0M | 10x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004819 | +0.333% | $59K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004801 | −0.035% | $88.5M | $273.1M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004803 | 0.000% | $148.7M | $61.8M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004804 | +0.015% | $23.7M | $52.4M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004799 | −0.076% | $705K | $3.7M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004804 | +0.015% | $27K | $338K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004826 | +0.479% | $1K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004801 | −0.035% | $553K | $3.5M | 75x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0128% | 8h | 0.000004803 | 0.000% | $41.3M | $488.0M | 50x | as long as short |
| Bitget PEPEUSDT | +0.0169% | 8h | 0.000004801 | −0.048% | $43.2M | $152.1M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004810 | +0.148% | $7K | — | 15x | as long as short |
| BloFin PEPE-USDT | +0.0245% | 8h | 0.000004812 | +0.187% | $3.9M | $21.7M | 75x | as long as short |
| Lighter 1000PEPE | +0.0304% | 1h | 0.000004809 | +0.125% | $591K | $5.1M | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0318% / S −0.0217% | 1h | 0.000004000 | −16.719% | $52K | — | 100x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0373% | 8h | 0.000004810 | +0.154% | $5K | $16 | 20x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0377% | 8h | 0.000004808 | +0.096% | $30K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0464% | 1h | 0.000004816 | +0.271% | $577K | $25.4M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0467% | 8h | 0.000004811 | +0.162% | $2.3M | $6.3M | 50x | as long as short |
| Backpack kPEPE_USDC_PERPshort | +0.0488% | 1h | 0.000004805 | +0.048% | $95K | $622K | 15x | |
| Injective PEPE/USDC PERP | +0.0555% | 1h | 0.000004814 | +0.229% | $4K | $92K | 12x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0583% | 1h | 0.000004807 | +0.083% | $81K | $94K | 25x | as long as short |
| SoDEX 1000PEPE-USD | +0.0627% | 1h | 0.000004808 | +0.104% | $2K | $9K | 10x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.0670% | 1h | 0.000004816 | +0.271% | $100K | $758K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0670% | 1h | 0.000004815 | +0.242% | $180K | $859K | 10x | as long as short |
| Kraken Futures PF_PEPEUSD | +0.0762% | 1h | 0.000004808 | +0.105% | $3.9M | $13.0M | 50x | as long as short |
| BingX 1000PEPE-USDC | +0.0766% | 8h | 0.000004805 | +0.037% | — | $2.3M | — | as long as short |
| MEXC PEPE_USDT | +0.0814% | 8h | 0.000004803 | +0.010% | $89.8M | $289.7M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0815% | 8h | 0.000004806 | +0.054% | $127.4M | $1.02B | 75x | as long as short |
| Extended 1000PEPE-USD | +0.0816% | 1h | 0.000004802 | −0.010% | $529K | $147K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0816% | 1h | 0.000004811 | +0.167% | $136K | — | 3x | as long as short |
| Aster 1000PEPEUSDT | +0.0855% | 8h | 0.000004809 | +0.131% | $1.5M | $6.7M | 50x | as long as short |
| 01 Exchange kPEPEUSD | +0.1232% | 1h | 0.000004823 | +0.416% | $552 | $2K | 10x | as long as short |
HTX PEPE-USDT
OKX PEPE-USDT-SWAP
Bitget PEPEUSDT
Reya kPEPERUSDPERP
BloFin PEPE-USDT
Lighter 1000PEPE
GMX PEPE/USD [ETH-USDC]
Paradex kPEPE-USD-PERP
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
Injective PEPE/USDC PERP
Deribit 1000PEPE_USDC-PERPETUAL
SoDEX 1000PEPE-USD
ApeX Omni 1000PEPEUSDT
Nado kPEPE-PERP
Kraken Futures PF_PEPEUSD
BingX 1000PEPE-USDC
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
Aster 1000PEPEUSDT
01 Exchange kPEPEUSD