S

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0154%/8h= +16.8% APRnext payment +$0.19 per $10,000 · paid last 24h +0.019%

Price spread now: Backpack against Hyperliquid+0.234%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$850.849% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.327%−$33 on $10k

Price spread, last 4 days (all we have)−0.886%−$89 · spread now +0.234%, 7d avg +0.045%

Together, before fees−1.213%+ Points / potential airdropHyperliquid: Season 2 · farm board−$121 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.189% dearer against Hyperliquid than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.045%. Mind the row above: over the last 7 days funding on this pair cost −0.327%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03931	0.0100	pay 0.0013% / 1h	50m 31s	$991K	$928K	5x
Short	Backpack S_USDC_PERP	0.03940	0.0254	get 0.0032% / 1h	50m 31s	$115K	$286K	5x

Funding 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 it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.234%Rate

Funding earned: $32.27
Price spread: +0.234% → +0.045%: $18.93
Slippage, 4 orders: −$65.95
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.74
Costs to cover: 0.849%
Break-even: 14.3 days

Slippage from Hyperliquid: live order book, 10 min ago; Backpack: live order book, 37 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, 10 min ago	3.15 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 37 min ago	12.58 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit

S on 25 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_SUSD	−0.1453%	1h	0.03927	−0.100%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.666%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1204%	4h	0.03923	−0.198%	$610K	$38K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03933	+0.064%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03928	−0.075%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0072%	1h	0.03930	−0.020%	$24K	$3K	5x	as long as short
Aster SUSDT	−0.0037%	4h	0.03935	+0.110%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0019%	4h	0.03931	+0.005%	$101K	$340K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03934	+0.069%	$606	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03936	+0.132%	$66K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.304%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0079%	4h	0.03932	+0.031%	$978K	$7.9M	20x	as long as short
Lighter S	+0.0096%	1h	0.03935	+0.107%	$165K	$240K	5x	as long as short
Hyperliquid Slong	+0.0100%	1h	0.03931	long leg	$991K	$928K	5x
Binance SUSDT	+0.0100%	4h	0.03933	+0.056%	$5.4M	$24.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03926	−0.122%	$5.6M	$6.6M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03928	−0.071%	$321K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03932	+0.031%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03931	+0.005%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03931	+0.005%	$1.2M	$3.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03927	−0.097%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.020%	$23K	$475K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03930	−0.022%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERPshort	+0.0254%	1h	0.03940	+0.234%	$115K	$286K	5x
BloFin S-USDT	+0.0340%	4h	0.03925	−0.148%	$273K	$179K	75x	as long as short