Funding you earn now, next payment 00:00 UTC−0.0496%/8h= −54.3% APRnext payment −$0.62 per $10,000 · paid last 24h +0.061%
Price spread now: Hyperliquid against Backpack−0.068%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Hyperliquid is 0.068% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack W_USDC_PERP | 0.01181 | 0.0596 | pay 0.0075% / 1h | 29m 26s | $44K | $47K | 15x |
| Short | Hyperliquid W | 0.01180 | 0.0100 | get 0.0013% / 1h | 29m 26s | $2.0M | $423K | 5x |
Backpack W_USDC_PERP
Hyperliquid WFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$104.22
- Price spread: −0.068% → 0.000%
- −$6.78
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$129.99
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Hyperliquid: live order book, 1 min ago. 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 Backpack no order-book sample | — | — | — | — | — |
| Sell Hyperliquid live order book, 1 min ago | 8.47 bp | 17.5 bp −$18 | doesn't fit | doesn't fit | doesn't fit |
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.
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.0089% | 1h | 0.01180 | −0.076% | $17K | $1K | 10x | as long as short |
| OKX W-USDT-SWAP | −0.0028% | 4h | 0.01179 | −0.169% | $1.3M | $2.0M | 20x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.388% | $1K | $1K | 12x | as long as short |
| Hyperliquid Wshort | +0.0100% | 1h | 0.01180 | −0.068% | $2.0M | $423K | 5x | |
| Binance WUSDT | +0.0100% | 4h | 0.01179 | −0.127% | $3.0M | $6.8M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01177 | −0.288% | $4.1M | $1.9M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01178 | −0.212% | $445K | $290K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01179 | −0.127% | $12.8M | $1.5M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01181 | +0.017% | $464K | $215K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01181 | +0.017% | $1.3M | $572K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
OKX W-USDT-SWAP
Injective W/USDC PERP
Binance WUSDT
Bybit WUSDT
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01179 | −0.152% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01178 | −0.202% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01181 | −0.011% | $130K | $363K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01179 | −0.146% | $59K | $228K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0248% | 1h | 0.01188 | +0.584% | $14K | $16K | 50x | as long as short |
| Backpack W_USDC_PERPlong | +0.0596% | 1h | 0.01181 | long leg | $44K | $47K | 15x | |
| Kraken Futures PF_WUSD | +0.0719% | 1h | 0.01182 | +0.139% | $147K | $181K | 20x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD