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Funding arb · Price arb /

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0358%/8h= +39.2% APRnext payment +$0.45 per $10,000 · paid last 24h +0.041%
Price spread now: Hyperliquid against Backpack+0.052%7-day average −0.433% · you sell dearer than you buy
Net, funding: paid 7d − costs−$13as in the Funding arb table
Net, price: spread back to 7d avg − costs+$18as in the Price arb table
costs, in and out, $10k−$300.301% of the position
Long on BackpackShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.167%+$17 on $10k
Price spread, last 7 days+0.539%+$54 · spread now +0.052%, 7d avg −0.433%
Together, before fees+0.706%+ Points / potential airdropHyperliquid: Season 2 · farm board+$71 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Hyperliquid is 0.486% dearer against Backpack than usual: you sell high and buy low: +$49 more if the spread goes back to its 7-day average of −0.433%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.167% in total (about 8.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.45 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack UNI_USDC_PERP8.97330.0100pay 0.0013% / 1h7m 53s$1.1M$2.4M10x
ShortHyperliquid UNI8.97800.0458get 0.0057% / 1h7m 53s$98.3M$59.5M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. 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

Funding earned
$75.27
Price spread: +0.052% → −0.433%
$48.57
Slippage, 4 orders
−$11.1
Fee Backpack: 5 bp × 2 orders
−$10
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$93.74
Costs to cover
0.301%
Break-even
from the start
Slippage from Backpack: live order book, 1 min ago; Hyperliquid: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 1 min ago0.06 bp6.3 bp −$696.0 bp −$960doesn't fitdoesn't fit
Sell Hyperliquid live order book, 6 min ago0.61 bp8.1 bp −$8doesn't fitdoesn't fitdoesn't fit

UNI on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective UNI/USDC PERP−0.0049%1h8.8300−1.597%$660$155K12xas long as short
gTrade (Gains Network) UNI/USDL +0.0004% / S −0.0004%1h8.9725−0.009%$62K—150xas long as short
Variational Omni UNI+0.0082%8h8.9422−0.347%$4.1M$4.4M—as long as short
OKX UNI-USDT-SWAP+0.0087%8h8.9540−0.215%$54.8M$248.8M50xas long as short
Nado UNI-PERP+0.0100%1h8.9605−0.143%$956K$4.2M10xas long as short
Aster UNIUSDT+0.0100%8h8.9721−0.013%$1.0M$3.3M50xas long as short
Pacifica UNI+0.0100%1h8.9666−0.074%$297K$591K10xas long as short
Binance UNIUSDT+0.0100%8h8.9653−0.089%$222.0M$591.3M75xas long as short
Bybit UNIUSDT+0.0100%8h8.9540−0.215%$101.3M$105.3M75xas long as short
Arcus UNI-USD+0.0100%1h8.9730−0.003%$269K$614K10xas long as short
Show all 40 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Gate UNI_USDT+0.0100%8h8.9690−0.048%$22.8M$59.2M75xas long as short
MEXC UNI_USDT+0.0100%8h8.9560−0.193%$43.9M$24.1M200xas long as short
KuCoin UNIUSDTM+0.0100%8h8.9670−0.070%$13.7M$13.5M75xas long as short
Bitget UNIUSDT+0.0100%8h8.9540−0.215%$32.7M$42.0M75xas long as short
BingX UNI-USDT+0.0100%8h8.9680−0.059%—$52.0M—as long as short
Backpack UNI_USDC_PERPlong+0.0100%1h8.9733long leg$1.1M$2.4M10x
edgeX UNIUSDC+0.0100%4h8.9828+0.105%$169K$342K20xas long as short
GRVT UNI_USDT_Perp+0.0100%8h8.9601−0.147%$623K$2.5M10xas long as short
ApeX Omni UNIUSDT+0.0100%1h8.9890+0.175%$88K$710K50xas long as short
StandX UNI-USD+0.0100%1h8.9690−0.048%$36K$3.3M20xas long as short
Polymarket Perps UNI-USD+0.0100%1h8.97330.000%$85K$366K10xas long as short
Orderly PERP_UNI_USDC+0.0100%8h8.9710−0.026%$16K$1.7M10xas long as short
SunX UNI-USDT+0.0100%8h8.9789+0.062%$36K$1.3M30xas long as short
SoDEX UNI-USD+0.0100%1h8.9716−0.019%$21K$676K10xas long as short
HTX UNI-USDT+0.0100%8h8.9757+0.027%$718K$4.3M75xas long as short
Phemex UNIUSDT+0.0100%8h8.9690−0.048%$27.1M$4.5M50xas long as short
Paradex UNI-USD-PERP+0.0100%8h8.9592−0.157%$26K—20xas long as short
Extended UNI-USD+0.0104%1h8.9520−0.237%$302K$1.5M25xas long as short
Aevo UNI-PERP+0.0104%1h8.9716−0.019%$32K$1K3xas long as short
01 Exchange UNIUSD+0.0168%1h8.9715−0.020%$448—10xas long as short
Deribit UNI_USDC-PERPETUAL+0.0198%1h8.9761+0.031%$578K$177K50xas long as short
BloFin UNI-USDT+0.0220%8h8.9670−0.070%$10.0M$3.5M75xas long as short
Coinbase International UNI-PERP-INTX+0.0232%1h8.9690−0.048%$1.1M$5.4M50xas long as short
dYdX UNI-USD+0.0305%1h8.9651−0.091%$248K$6K10xas long as short
Reya UNIRUSDPERP+0.0365%1h8.9664−0.077%$16K—20xas long as short
GMX UNI/USD [UNI-USDC]L +0.0381% / S −0.0323%1h8.9715−0.020%$567K—120xas long as short
Hyperliquid UNIshort+0.0458%1h8.9780+0.052%$98.3M$59.5M10x
Kraken Futures PF_UNIUSD+0.0564%1h8.9772+0.043%$5.0M$7.0M50xas long as short
Aftermath Perps UNIUSD+0.0866%1h8.9817+0.094%$1K$49K10xas long as short
Lighter UNI+0.0912%1h8.9895+0.181%$4.6M$5.3M15xas long as short