Funding you earn now, next payment 22:00 UTC−0.0234%/8h= −25.6% APRnext payment −$0.29 per $10,000 · paid last 24h −0.014%
Price spread now: Hyperliquid against Backpack−0.068%7-day average −0.802% · you buy dearer than you sell
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs+$41as in the Price arb table
costs, in and out, $10k−$330.326% of the position
Funding, last 7 days+0.023%+$2 on $10k
+Price spread, last 7 days+0.629%+$63 · spread now −0.068%, 7d avg −0.802%
=Together, before fees+0.652%+ Points / potential airdropHyperliquid: Season 2 · farm board+$65 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Hyperliquid is 0.734% dearer against Backpack than usual: you sell high and buy low (spread −0.068% now, against its 7-day average of −0.802%): +$73 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 10 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.29 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 | Backpack ARB_USDC_PERP | 0.2212 | 0.0334 | pay 0.0042% / 1h | 56m 01s | $1.1M | $2.8M | 20x |
| Short | Hyperliquid ARB | 0.2211 | 0.0100 | get 0.0013% / 1h | 56m 01s | $39.7M | $53.2M | 10x |
Backpack ARB_USDC_PERP
Hyperliquid ARBFunding 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
- −$49.1
- Price spread: −0.068% → −0.802%
- $73.39
- Slippage, 4 orders
- −$13.59
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$8.3
- Costs to cover
- 0.326%
- Break-even
- from the start
Slippage from Backpack: live order book, 3 min ago; Hyperliquid: 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 Backpack live order book, 3 min ago | 0.67 bp | 9.3 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 7 min ago | 0.22 bp | 7.1 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1675% | 1h | 0.2204 | −0.375% | $40K | $107K | 12x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0293% | 1h | 0.2210 | −0.108% | $36K | $18K | 25x | as long as short |
| 01 Exchange ARBUSD | −0.0272% | 1h | 0.2210 | −0.104% | $7K | $2K | 10x | as long as short |
| Bybit ARBUSDT | −0.0254% | 8h | 0.2207 | −0.244% | $57.5M | $134.9M | 50x | as long as short |
| Polymarket Perps ARB-USD | −0.0233% | 1h | 0.2211 | −0.050% | $69K | $2.3M | 10x | as long as short |
| Variational Omni ARB | −0.0198% | 8h | 0.2217 | +0.198% | $1.9M | $2.8M | — | as long as short |
| SoDEX ARB-USD | −0.0175% | 1h | 0.2209 | −0.158% | $4K | $2.9M | 5x | as long as short |
| OKX ARB-USDT-SWAP | −0.0066% | 8h | 0.2207 | −0.221% | $22.1M | $163.8M | 50x | as long as short |
| MEXC ARB_USDT | −0.0063% | 8h | 0.2209 | −0.163% | $37.4M | $62.9M | 200x | as long as short |
| Kraken Futures PF_ARBUSD | −0.0054% | 1h | 0.2210 | −0.093% | $1.1M | $5.2M | 50x | as long as short |
Injective ARB/USDC PERP
Deribit ARB_USDC-PERPETUAL
01 Exchange ARBUSD
Bybit ARBUSDT
Polymarket Perps ARB-USD
Variational Omni ARB
SoDEX ARB-USD
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Kraken Futures PF_ARBUSDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ARB_USDC | −0.0006% | 8h | 0.2210 | −0.104% | $10K | $381K | 10x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2212 | −0.015% | $65K | $4K | 10x | as long as short |
| Extended ARB-USD | 0.0000% | 1h | 0.2208 | −0.213% | $351K | $2.5M | 25x | as long as short |
| Binance ARBUSDT | +0.0003% | 8h | 0.2208 | −0.200% | $62.9M | $325.9M | 75x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0005% | 1h | 0.2211 | −0.079% | $55K | — | 150x | as long as short |
| BloFin ARB-USDT | +0.0017% | 8h | 0.2209 | −0.140% | $3.0M | $3.2M | 75x | as long as short |
| Gate ARB_USDT | +0.0026% | 8h | 0.2208 | −0.176% | $5.4M | $21.4M | 60x | as long as short |
| Aevo ARB-PERP | +0.0080% | 1h | 0.2211 | −0.057% | $145K | $12K | 3x | as long as short |
| Bitget ARBUSDT | +0.0082% | 8h | 0.2207 | −0.240% | $20.7M | $38.8M | 50x | as long as short |
| BingX ARB-USDT | +0.0083% | 8h | 0.2207 | −0.240% | — | $54.2M | — | as long as short |
| ApeX Omni ARBUSDT | +0.0091% | 1h | 0.2223 | +0.484% | $120K | $275K | 50x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2210 | −0.127% | $1.3M | $7.7M | 15x | as long as short |
| Hyperliquid ARBshort | +0.0100% | 1h | 0.2211 | −0.068% | $39.7M | $53.2M | 10x | |
| Aster ARBUSDT | +0.0100% | 8h | 0.2210 | −0.104% | $696K | $1.8M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2213 | +0.037% | $46K | $206K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2210 | −0.090% | $20.3M | $17.2M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2221 | +0.400% | $38K | $447K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2221 | +0.393% | $472K | $4.3M | 10x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2211 | −0.059% | $2K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2209 | −0.149% | $271K | $1.2M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2210 | −0.104% | $5.3M | $13.8M | 50x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0288% | 1h | 0.2214 | +0.077% | $505K | $2.5M | 50x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0290% / S −0.0189% | 1h | 0.2210 | −0.096% | $863K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0291% | 1h | 0.2210 | −0.087% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0334% | 1h | 0.2212 | long leg | $1.1M | $2.8M | 20x | |
| RISEx ARB/USDC | +0.0546% | 1h | 0.2213 | +0.027% | $486K | $2.9M | 10x | as long as short |
Orderly PERP_ARB_USDC
dYdX ARB-USD
Extended ARB-USD
Binance ARBUSDT
gTrade (Gains Network) ARB/USD
BloFin ARB-USDT
Gate ARB_USDT
Aevo ARB-PERP
Bitget ARBUSDT
BingX ARB-USDT
ApeX Omni ARBUSDT
Lighter ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
Coinbase International ARB-PERP-INTX
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP
RISEx ARB/USDC