Funding you earn now, next payment 03:00 UTC−0.0431%/8h= −47.2% APRnext payment −$0.54 per $10,000 · paid last 24h −0.043%
Price spread now: Backpack against Hyperliquid+0.199%7-day average −0.087% · you sell dearer than you buy
Net, funding: paid 7d − costs−$39as in the Funding arb table
Net, price: spread back to 7d avg − costs−$5as in the Price arb table
costs, in and out, $10k−$340.338% of the position
Funding, last 7 days−0.057%−$6 on $10k
+Price spread, last 4 days (all we have)−0.811%−$81 · spread now +0.199%, 7d avg −0.087%
=Together, before fees−0.868%+ Points / potential airdropHyperliquid: Season 2 · farm board−$87 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.286% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.199% now, against its 7-day average of −0.087%): +$29 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.057% in total) that is about 35 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.057% in total (about -3.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.54 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid WLD | 0.4629 | 0.0531 | pay 0.0066% / 1h | 41m 45s | $51.5M | $42.9M | 10x |
| Short | Backpack WLD_USDC_PERP | 0.4638 | 0.0100 | get 0.0013% / 1h | 41m 45s | $138K | $290K | 10x |
Hyperliquid WLD
Backpack WLD_USDC_PERPFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$90.43
- Price spread: +0.199% → −0.087%
- $28.58
- Slippage, 4 orders
- −$14.84
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$95.69
- Costs to cover
- 0.338%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 12 min ago; Backpack: live order book, 22 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, 12 min ago | 0.75 bp | 9.4 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 22 min ago | 0.86 bp | 10.4 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
WLD on 38 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 | |
|---|---|---|---|---|---|---|---|---|
| Kalshi KXWLDPERP | −0.0141% | 8h | 0.4652 | +0.501% | $58K | $4.5M | 1.7x | as long as short |
| KuCoin WLDUSDTM | −0.0038% | 8h | 0.4625 | −0.082% | $7.1M | $11.6M | 50x | as long as short |
| dYdX WLD-USD | 0.0000% | 1h | 0.4625 | −0.079% | $165K | $26K | 10x | as long as short |
| Deribit WLD_USDC-PERPETUAL | 0.0000% | 1h | 0.4642 | +0.285% | $120K | $923K | 25x | as long as short |
| gTrade (Gains Network) WLD/USD | L +0.0003% / S −0.0003% | 1h | 0.4644 | +0.325% | $56K | — | 150x | as long as short |
| Nado WLD-PERP | +0.0063% | 1h | 0.4644 | +0.328% | $269K | $187K | 5x | as long as short |
| Orderly PERP_WLD_USDC | +0.0071% | 8h | 0.4640 | +0.242% | $28K | $893K | 10x | as long as short |
| Aster WLDUSDT | +0.0100% | 8h | 0.4633 | +0.087% | $177K | $1.0M | 50x | as long as short |
| Pacifica WLD | +0.0100% | 1h | 0.4626 | −0.060% | $51K | $508K | 5x | as long as short |
| Binance WLDUSDT | +0.0100% | 8h | 0.4625 | −0.082% | $87.8M | $325.0M | 75x | as long as short |
Kalshi KXWLDPERP
KuCoin WLDUSDTM
dYdX WLD-USD
Deribit WLD_USDC-PERPETUAL
gTrade (Gains Network) WLD/USD
Nado WLD-PERP
Orderly PERP_WLD_USDC
Aster WLDUSDT
Pacifica WLD
Binance WLDUSDTShow all 38 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit WLDUSDT | +0.0100% | 8h | 0.4626 | −0.060% | $66.1M | $87.9M | 50x | as long as short |
| OKX WLD-USDT-SWAP | +0.0100% | 8h | 0.4628 | −0.017% | $34.9M | $149.1M | 50x | as long as short |
| Gate WLD_USDT | +0.0100% | 8h | 0.4628 | −0.017% | $7.2M | $36.7M | 75x | as long as short |
| MEXC WLD_USDT | +0.0100% | 8h | 0.4627 | −0.039% | $45.6M | $54.2M | 300x | as long as short |
| Bitget WLDUSDT | +0.0100% | 8h | 0.4620 | −0.190% | $30.6M | $29.5M | 75x | as long as short |
| BingX WLD-USDT | +0.0100% | 8h | 0.4623 | −0.125% | — | $67.1M | — | as long as short |
| Backpack WLD_USDC_PERPshort | +0.0100% | 1h | 0.4638 | +0.199% | $138K | $290K | 10x | |
| Variational Omni WLD | +0.0100% | 8h | 0.4628 | −0.024% | $2.1M | $1.8M | — | as long as short |
| edgeX WLDUSDC | +0.0100% | 4h | 0.4634 | +0.102% | $28K | $320K | 20x | as long as short |
| GRVT WLD_USDT_Perp | +0.0100% | 8h | 0.4615 | −0.298% | $611K | $1.8M | 10x | as long as short |
| ApeX Omni WLDUSDT | +0.0100% | 1h | 0.4641 | +0.264% | $51K | $236K | 50x | as long as short |
| Polymarket Perps WLD-USD | +0.0100% | 1h | 0.4646 | +0.361% | $54K | $2.0M | 10x | as long as short |
| SunX WLD-USDT | +0.0100% | 8h | 0.4651 | +0.480% | $23K | $1.6M | 50x | as long as short |
| SoDEX WLD-USD | +0.0100% | 1h | 0.4642 | +0.285% | $296 | $5K | 10x | as long as short |
| HTX WLD-USDT | +0.0100% | 8h | 0.4644 | +0.328% | $848K | $1.9M | 50x | as long as short |
| Phemex WLDUSDT | +0.0100% | 8h | 0.4642 | +0.285% | $1.9M | $3.7M | 50x | as long as short |
| Extended WLD-USD | +0.0104% | 1h | 0.4625 | −0.076% | $214K | $927K | 10x | as long as short |
| Aevo WLD-PERP | +0.0104% | 1h | 0.4623 | −0.117% | $31K | $600 | 3x | as long as short |
| Reya WLDRUSDPERP | +0.0134% | 1h | 0.4643 | +0.306% | — | — | 20x | as long as short |
| 01 Exchange WLDUSD | +0.0152% | 1h | 0.4645 | +0.359% | $332 | $80 | 5x | as long as short |
| Phoenix WLD | +0.0172% | 1h | 0.4626 | −0.065% | $5K | $57K | 10x | as long as short |
| BloFin WLD-USDT | +0.0220% | 8h | 0.4655 | +0.566% | $5.0M | $808K | 75x | as long as short |
| GMX WLD/USD [ETH-USDC] | L +0.0230% / S −0.1268% | 1h | 0.4644 | +0.331% | $5K | — | 100x | as long as short |
| Lighter WLD | +0.0368% | 1h | 0.4628 | −0.022% | $5.0M | $2.3M | 10x | as long as short |
| Coinbase International WLD-PERP-INTX | +0.0480% | 1h | 0.4660 | +0.674% | $278K | $1.7M | 50x | as long as short |
| Hyperliquid WLDlong | +0.0531% | 1h | 0.4629 | long leg | $51.5M | $42.9M | 10x | |
| Injective WLD/USDC PERP | +0.0677% | 1h | 0.4650 | +0.458% | $6K | $185K | 5.5x | as long as short |
| Kraken Futures PF_WLDUSD | +0.0892% | 1h | 0.4642 | +0.279% | $904K | $2.9M | 50x | as long as short |
Bybit WLDUSDT
OKX WLD-USDT-SWAP
Gate WLD_USDT
MEXC WLD_USDT
Bitget WLDUSDT
BingX WLD-USDT
Variational Omni WLD
edgeX WLDUSDC
GRVT WLD_USDT_Perp
ApeX Omni WLDUSDT
Polymarket Perps WLD-USD
SunX WLD-USDT
SoDEX WLD-USD
HTX WLD-USDT
Phemex WLDUSDT
Extended WLD-USD
Aevo WLD-PERP
Reya WLDRUSDPERP
01 Exchange WLDUSD
Phoenix WLD
BloFin WLD-USDT
GMX WLD/USD [ETH-USDC]
Lighter WLD
Coinbase International WLD-PERP-INTX
Injective WLD/USDC PERP
Kraken Futures PF_WLDUSD