Funding you earn now, next payment 00:00 UTC+0.0410%/8h= +44.9% APRnext payment +$0.51 per $10,000 · paid last 24h −0.005%
Price spread now: Backpack against Hyperliquid−0.069%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.162%+$16 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Funding pays, the price is against you. Backpack is 0.069% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.069% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 14 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.162% in total) that is about 3.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.162% in total (about 8.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.51 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 PYTH | 0.06332 | 0.0100 | pay 0.0013% / 1h | 35m 23s | $1.7M | $1.5M | 5x |
| Short | Backpack PYTH_USDC_PERP | 0.06328 | 0.0510 | get 0.0064% / 1h | 35m 23s | $36K | $89K | 10x |
Hyperliquid PYTH
Backpack PYTH_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
- $86.07
- Price spread: −0.069% → 0.000%
- −$6.95
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $60.12
- Costs to cover
- 0.190%
- Break-even
- 2.1 days
Slippage unknown: Hyperliquid: live order book, 5 min ago; Backpack: no order-book sample. Net counts fees only.
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, 5 min ago | 1.10 bp | 17.1 bp −$17 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
PYTH 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PYTHUSD | −0.0398% | 1h | 0.06332 | −0.008% | $377K | $264K | 25x | as long as short |
| Binance PYTHUSDT | −0.0126% | 4h | 0.06325 | −0.113% | $9.0M | $17.1M | 75x | as long as short |
| MEXC PYTH_USDT | −0.0118% | 4h | 0.06322 | −0.164% | $9.5M | $2.3M | 125x | as long as short |
| BloFin PYTH-USDT | −0.0114% | 4h | 0.06324 | −0.133% | $422K | $115K | 75x | as long as short |
| dYdX PYTH-USD | 0.0000% | 1h | 0.06335 | +0.040% | $188K | $19 | 5x | as long as short |
| Deribit PYTH_USDC-PERPETUAL | 0.0000% | 1h | 0.06332 | −0.006% | $10K | $10K | 10x | as long as short |
| Bybit PYTHUSDT | +0.0014% | 4h | 0.06328 | −0.069% | $7.5M | $4.8M | 50x | as long as short |
| Gate PYTH_USDT | +0.0032% | 4h | 0.06322 | −0.164% | $1.1M | $474K | 75x | as long as short |
| Aster PYTHUSDT | +0.0033% | 4h | 0.06337 | +0.071% | $22K | $44K | 10x | as long as short |
| Injective PYTH/USDC PERP | +0.0033% | 1h | 0.06260 | −1.143% | $553 | $220K | 5.5x | as long as short |
Kraken Futures PF_PYTHUSD
Binance PYTHUSDT
MEXC PYTH_USDT
BloFin PYTH-USDT
dYdX PYTH-USD
Deribit PYTH_USDC-PERPETUAL
Bybit PYTHUSDT
Gate PYTH_USDT
Aster PYTHUSDT
Injective PYTH/USDC PERPShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aevo PYTH-PERP | +0.0048% | 1h | 0.06329 | −0.052% | $23K | — | 3x | as long as short |
| Lighter PYTH | +0.0096% | 1h | 0.06334 | +0.025% | $200K | $217K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0100% | 8h | 0.06321 | −0.185% | $3K | $56 | 10x | as long as short |
| Hyperliquid PYTHlong | +0.0100% | 1h | 0.06332 | long leg | $1.7M | $1.5M | 5x | |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06328 | −0.069% | $2.1M | $3.4M | 50x | as long as short |
| KuCoin PYTHUSDTM | +0.0100% | 4h | 0.06332 | −0.006% | $1.5M | $313K | 50x | as long as short |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06325 | −0.117% | $2.6M | $2.0M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06328 | −0.069% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06327 | −0.081% | $44K | $23K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06328 | −0.073% | $3K | $1K | 10x | as long as short |
| Coinbase International PYTH-PERP-INTX | +0.0176% | 1h | 0.06328 | −0.069% | $39K | $6K | 25x | as long as short |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06324 | −0.125% | — | — | 20x | as long as short |
| Backpack PYTH_USDC_PERPshort | +0.0510% | 1h | 0.06328 | −0.069% | $36K | $89K | 10x |
Aevo PYTH-PERP
Lighter PYTH
Paradex PYTH-USD-PERP
OKX PYTH-USDT-SWAP
KuCoin PYTHUSDTM
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Coinbase International PYTH-PERP-INTX
Reya PYTHRUSDPERP