Funding arb · Price arb /

W

all W markets

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 −0.062%

Price spread now: Backpack against Hyperliquid+0.111%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.111% dearer against Hyperliquid than usual: you sell high and buy low, +$11 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid W	0.01173	0.0100	pay 0.0013% / 1h	50m 12s	$2.0M	$465K	5x
Short	Backpack W_USDC_PERP	0.01174	0.0100	get 0.0013% / 1h	50m 12s	$44K	$47K	15x

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 +0.111%Rate

Funding earned: $0
Price spread: +0.111% → 0.000%: $11.08
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$7.92
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 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, 11 min ago	4.26 bp	19.5 bp −$20	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.

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	−0.0857%	1h	0.01173	−0.026%	$17K	$790	10x	as long as short
OKX W-USDT-SWAP	+0.0003%	4h	0.01171	−0.136%	$1.3M	$2.2M	20x	as long as short
Injective W/USDC PERP	+0.0033%	1h	0.01209	+3.069%	$1K	$1K	12x	as long as short
Hyperliquid Wlong	+0.0100%	1h	0.01173	long leg	$2.0M	$465K	5x
Binance WUSDT	+0.0100%	4h	0.01172	−0.078%	$2.9M	$7.7M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01171	−0.179%	$4.1M	$2.1M	50x	as long as short
Gate W_USDT	+0.0100%	4h	0.01170	−0.256%	$443K	$300K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01172	−0.077%	$12.8M	$1.7M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01171	−0.171%	$420K	$231K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01174	+0.085%	$1.3M	$555K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01171	−0.153%	—	$6.9M	—	as long as short
Backpack W_USDC_PERPshort	+0.0100%	1h	0.01174	+0.111%	$44K	$47K	15x
Variational Omni W	+0.0100%	4h	0.01170	−0.238%	$71K	$42K	—	as long as short
GRVT W_USDT_Perp	+0.0100%	4h	0.01173	+0.031%	$133K	$412K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01172	−0.084%	$59K	$276K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0296%	1h	0.01179	+0.477%	$14K	$18K	50x	as long as short
Kraken Futures PF_WUSD	+0.0620%	1h	0.01175	+0.133%	$145K	$186K	20x	as long as short