Funding you earn now, next payment 04:00 UTC+0.0211%/8h= +23.1% APRnext payment +$0.26 per $10,000 · paid last 24h +0.041%
Price spread now: Hyperliquid against Backpack+0.089%7-day average +0.066% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$380.377% of the position
Funding, last 7 days+0.266%+$27 on $10k
+Price spread, last 4 days (all we have)+0.125%+$13 · spread now +0.089%, 7d avg +0.066%
=Together, before fees+0.391%+ Points / potential airdropHyperliquid: Season 2 · farm board+$39 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.023% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.066%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack ZRO_USDC_PERP | 1.1771 | 0.0100 | pay 0.0013% / 1h | 2m 03s | $101K | $219K | 20x |
| Short | Hyperliquid ZRO | 1.1782 | 0.0311 | get 0.0039% / 1h | 2m 03s | $37.4M | $5.5M | 5x |
Backpack ZRO_USDC_PERP
Hyperliquid ZROFunding 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
- $44.24
- Price spread: +0.089% → +0.066%
- $2.32
- Slippage, 4 orders
- −$18.66
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $8.89
- Costs to cover
- 0.377%
- Break-even
- 5.6 days
Slippage from Backpack: live order book, 56 min ago; Hyperliquid: live order book, 11 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 Backpack live order book, 56 min ago | 0.43 bp | 6.9 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 0.85 bp | 11.7 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
ZRO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX ZRO-USD | +0.0036% | 1h | 1.1768 | −0.027% | $21K | $4K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0044% | 4h | 1.1768 | −0.025% | $21K | $5K | 10x | as long as short |
| BloFin ZRO-USDT | +0.0090% | 4h | 1.1758 | −0.110% | $1.1M | $250K | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1787 | +0.139% | $4.4M | $1.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1771 | 0.000% | $159K | $151K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1769 | −0.020% | $137K | $178K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1766 | −0.042% | $22.1M | $29.9M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1764 | −0.059% | $18.0M | $13.9M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1768 | −0.025% | $3.2M | $7.9M | 20x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1760 | −0.093% | $1.3M | $1.5M | 75x | as long as short |
dYdX ZRO-USD
Orderly PERP_ZRO_USDC
BloFin ZRO-USDT
Lighter ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAP
Gate ZRO_USDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1766 | −0.042% | $19.3M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1759 | −0.102% | $2.4M | $2.0M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1767 | −0.034% | $2.7M | $2.6M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1768 | −0.025% | — | $16.4M | — | as long as short |
| Backpack ZRO_USDC_PERPlong | +0.0100% | 1h | 1.1771 | long leg | $101K | $219K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1713 | −0.493% | $2.3M | $810K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1720 | −0.433% | $39K | $673K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1776 | +0.042% | $100K | $851K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1768 | −0.025% | $21K | — | 3x | as long as short |
| 01 Exchange ZROUSD | +0.0144% | 1h | 1.1781 | +0.088% | $7K | $3K | 5x | as long as short |
| Nado ZRO-PERP | +0.0191% | 1h | 1.1770 | −0.008% | $1.3M | $124K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0293% / S −0.2341% | 1h | 1.1764 | −0.059% | $3K | — | 100x | as long as short |
| Hyperliquid ZROshort | +0.0311% | 1h | 1.1782 | +0.089% | $37.4M | $5.5M | 5x | |
| Kraken Futures PF_ZROUSD | +0.0378% | 1h | 1.1773 | +0.017% | $259K | $390K | 25x | as long as short |
| Injective ZRO/USDC PERP | +0.1186% | 1h | 1.1770 | −0.008% | $12K | $260K | 12x | as long as short |
| Extended ZRO-USD | +0.1208% | 1h | 1.1763 | −0.066% | $784K | $589K | 10x | as long as short |
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
01 Exchange ZROUSD
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Injective ZRO/USDC PERP
Extended ZRO-USD