Funding you earn now, next payment 04:00 UTC−0.0366%/8h= −40.1% APRnext payment −$0.46 per $10,000 · paid last 24h −0.041%
Price spread now: Backpack against Hyperliquid−0.120%7-day average −0.065% · you buy dearer than you sell
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs−$41as in the Price arb table
costs, in and out, $10k−$360.359% of the position
Funding, last 7 days−0.266%−$27 on $10k
+Price spread, last 4 days (all we have)−0.308%−$31 · spread now −0.120%, 7d avg −0.065%
=Together, before fees−0.574%+ Points / potential airdropHyperliquid: Season 2 · farm board−$57 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.055% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.065%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid ZRO | 1.1628 | 0.0466 | pay 0.0058% / 1h | 51m 38s | $36.8M | $5.4M | 5x |
| Short | Backpack ZRO_USDC_PERP | 1.1614 | 0.0100 | get 0.0013% / 1h | 51m 38s | $97K | $196K | 20x |
Hyperliquid ZRO
Backpack ZRO_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
- −$76.81
- Price spread: −0.120% → −0.065%
- −$5.5
- Slippage, 4 orders
- −$16.89
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$118.2
- Costs to cover
- 0.359%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 12 min ago; Backpack: live order book, 7 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 | 2.57 bp | 11.1 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 7 min ago | 0.43 bp | 7.3 bp −$7 | 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0032% | 1h | 1.1601 | −0.234% | $7K | $3K | 5x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1609 | −0.166% | $21K | $4K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0037% | 4h | 1.1613 | −0.129% | $20K | $5K | 10x | as long as short |
| BloFin ZRO-USDT | +0.0068% | 4h | 1.1643 | +0.129% | $1.1M | $247K | 75x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1632 | +0.031% | $4.3M | $1.2M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1624 | −0.033% | $157K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1613 | −0.129% | $135K | $177K | 5x | as long as short |
| Binance ZROUSDT | +0.0100% | 4h | 1.1611 | −0.146% | $21.7M | $29.7M | 75x | as long as short |
| Bybit ZROUSDT | +0.0100% | 4h | 1.1598 | −0.258% | $17.7M | $13.9M | 50x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1611 | −0.146% | $3.2M | $7.8M | 20x | as long as short |
01 Exchange ZROUSD
dYdX ZRO-USD
Orderly PERP_ZRO_USDC
BloFin ZRO-USDT
Lighter ZRO
Aster ZROUSDT
Pacifica ZRO
Binance ZROUSDT
Bybit ZROUSDT
OKX ZRO-USDT-SWAPShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate ZRO_USDT | +0.0100% | 4h | 1.1600 | −0.241% | $1.3M | $1.5M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1609 | −0.163% | $19.0M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1598 | −0.258% | $2.4M | $2.0M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1606 | −0.189% | $2.6M | $2.6M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1604 | −0.206% | — | $16.4M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1614 | −0.120% | $97K | $196K | 20x | |
| Variational Omni ZRO | +0.0100% | 4h | 1.1657 | +0.246% | $2.3M | $810K | — | as long as short |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1640 | +0.103% | $39K | $672K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1628 | 0.000% | $98K | $844K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1614 | −0.122% | $21K | — | 3x | as long as short |
| Nado ZRO-PERP | +0.0174% | 1h | 1.1617 | −0.099% | $1.3M | $125K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0291% / S −0.2341% | 1h | 1.1618 | −0.084% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0383% | 1h | 1.1625 | −0.027% | $255K | $404K | 25x | as long as short |
| Hyperliquid ZROlong | +0.0466% | 1h | 1.1628 | long leg | $36.8M | $5.4M | 5x | |
| Extended ZRO-USD | +0.1040% | 1h | 1.1606 | −0.193% | $776K | $590K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1186% | 1h | 1.1690 | +0.533% | $12K | $260K | 12x | as long as short |
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Variational Omni ZRO
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Extended ZRO-USD
Injective ZRO/USDC PERP