Funding arb · Price arb /

STRK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.016%

Price spread now: Backpack against Hyperliquid−0.068%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$680.678% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now −0.068%, 7d avg −0.109%

Together, before fees+0.158%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.041% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.109%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid STRK	0.04417	0.0100	pay 0.0013% / 1h	38m 06s	$15.2M	$7.3M	5x
Short	Backpack STRK_USDC_PERP	0.04414	0.0100	get 0.0013% / 1h	38m 06s	$25K	$152K	10x

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 −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.109%: $4.1
Slippage, 4 orders: −$48.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$63.69
Costs to cover: 0.678%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Backpack: live order book, 50 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, 5 min ago	1.13 bp	12.5 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 50 min ago	2.25 bp	20.2 bp −$20	doesn't fit	doesn't fit	doesn't fit

STRK on 24 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
Coinbase International STRK-PERP-INTX	−0.0352%	1h	0.04374	−0.974%	$63K	$90K	25x	as long as short
dYdX STRK-USD	0.0000%	1h	0.04416	−0.020%	$21K	$24K	5x	as long as short
Injective STRK/USDC PERP	+0.0033%	1h	0.05070	+14.784%	$3K	$38K	5.5x	as long as short
Paradex STRK-USD-PERP	+0.0100%	8h	0.04412	−0.102%	$8K	$144	20x	as long as short
Hyperliquid STRKlong	+0.0100%	1h	0.04417	long leg	$15.2M	$7.3M	5x
Aster STRKUSDT	+0.0100%	4h	0.04416	−0.024%	$35K	$374K	10x	as long as short
Pacifica STRK	+0.0100%	1h	0.04411	−0.136%	$44K	$69K	5x	as long as short
Binance STRKUSDT	+0.0100%	4h	0.04418	+0.030%	$12.7M	$50.3M	75x	as long as short
Bybit STRKUSDT	+0.0100%	4h	0.04411	−0.136%	$15.5M	$21.0M	50x	as long as short
OKX STRK-USDT-SWAP	+0.0100%	4h	0.04417	0.000%	$4.9M	$23.9M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate STRK_USDT	+0.0100%	4h	0.04419	+0.045%	$593K	$1.5M	50x	as long as short
MEXC STRK_USDT	+0.0100%	4h	0.04415	−0.045%	$11.7M	$2.2M	100x	as long as short
KuCoin STRKUSDTM	+0.0100%	4h	0.04415	−0.045%	$1.5M	$1.9M	50x	as long as short
Bitget STRKUSDT	+0.0100%	4h	0.04414	−0.075%	$3.1M	$4.1M	75x	as long as short
BingX STRK-USDT	+0.0100%	4h	0.04412	−0.113%	—	$30.2M	—	as long as short
Backpack STRK_USDC_PERPshort	+0.0100%	1h	0.04414	−0.068%	$25K	$152K	10x
Variational Omni STRK	+0.0100%	4h	0.04406	−0.260%	$260K	$1.6M	—	as long as short
GRVT STRK_USDT_Perp	+0.0100%	4h	0.04409	−0.173%	$190K	$3.5M	10x	as long as short
SunX STRK-USDT	+0.0100%	4h	0.04519	+2.309%	$2K	$811K	20x	as long as short
Extended STRK-USD	+0.0104%	1h	0.04414	−0.059%	$122K	$626K	10x	as long as short
BloFin STRK-USDT	+0.0145%	4h	0.04411	−0.136%	$776K	$723K	75x	as long as short
Lighter STRK	+0.0168%	1h	0.04424	+0.158%	$273K	$541K	5x	as long as short
Kraken Futures PF_STRKUSD	+0.0337%	1h	0.04419	+0.039%	$470K	$494K	20x	as long as short
Deribit STRK_USDC-PERPETUAL	+0.0429%	1h	0.04421	+0.091%	$8K	$24K	25x	as long as short