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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.025%
Price spread now: Hyperliquid against Backpack+0.084%7-day average +0.048% · you sell dearer than you buy
Net, funding: paid 7d − costs$0as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$190.191% of the position
Long on BackpackShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.190%+$19 on $10k
Price spread, last 7 days+0.489%+$49 · spread now +0.084%, 7d avg +0.048%
Together, before fees+0.679%+ Points / potential airdropHyperliquid: Season 2 · farm board+$68 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.035% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.048%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack BTC_USDC_PERP86,345.70.0100pay 0.0013% / 1h41m 08s$37.4M$156.1M75x
ShortHyperliquid BTC86,4180.0100get 0.0013% / 1h41m 08s$3.79B$5.05B40x

Funding 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

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$0
Price spread: +0.084% → +0.048%
$3.54
Slippage, 4 orders
−$0.13
Fee Backpack: 5 bp × 2 orders
−$10
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$15.59
Costs to cover
0.191%
Break-even
never at this rate
Slippage from Backpack: live order book, 3 min ago; Hyperliquid: live order book, 13 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 3 min ago0.01 bp5.0 bp −$55.0 bp −$506.5 bp −$651242.8 bp −$121.4K
Sell Hyperliquid live order book, 13 min ago0.06 bp4.6 bp −$54.6 bp −$465.3 bp −$525doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0129%1h86,448+0.118%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,373+0.032%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,363.8+0.021%$361K$2.4M50xas long as short
Perpl BTC0.0000%43m86,388.2+0.049%$458K$21.9M6.7xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,390+0.051%$903.6M$1.51B50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,377.2+0.036%$36.9M—200xas long as short
dYdX BTC-USD+0.0020%1h86,402.9+0.066%$16.9M$20.5M50xas long as short
Aster BTCUSDT+0.0021%8h86,365.1+0.022%$500.9M$1.14B200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,616+0.313%$333K$26.9M52xas long as short
KuCoin XBTUSDTM+0.0035%8h86,365+0.022%$831.0M$723.6M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex BTCUSDT+0.0039%8h86,351.2+0.006%$153.5M$476.2M150xas long as short
Reya BTCRUSDPERP+0.0043%1h86,356.1+0.012%$6.7M$145.7M40xas long as short
BingX BTC-USDT+0.0049%8h86,357.5+0.014%—$1.58B—as long as short
RISEx BTC/USDC+0.0052%1h86,367.6+0.025%$8.3M$42.6M25xas long as short
Bitget BTCUSDT+0.0062%8h86,343.9−0.002%$2.97B$5.06B150xas long as short
MEXC BTC_USDT+0.0078%8h86,351+0.006%$5.13B$5.68B500xas long as short
Binance BTCUSDT+0.0079%8h86,352.5+0.008%$9.40B$24.40B150xas long as short
Aevo BTC-PERP+0.0080%1h86,335−0.012%$2.5M$1.6M20xas long as short
Lighter BTC+0.0096%1h86,363.1+0.020%$170.1M$983.7M50xas long as short
Lighter RH BTC+0.0096%1h86,368.4+0.026%$23.7M$149.0M50xas long as short
Popdex BTCUSDT+0.0096%1h86,355+0.011%$8.4M$52.1M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,331−0.017%$201K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,379+0.039%$4.7M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,380.1+0.040%$22.0M$230.2M50xas long as short
Hyperliquid BTCshort+0.0100%1h86,418+0.084%$3.79B$5.05B40x
Pacifica BTC+0.0100%1h86,393+0.055%$40.7M$546.1M50xas long as short
Bybit BTCUSDT+0.0100%8h86,360.7+0.017%$5.25B$9.71B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,367.4+0.025%$2.56B$12.56B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,361+0.018%$3.9M$18.0M25xas long as short
Arcus BTC-USD+0.0100%1h86,387.7+0.049%$7.2M$95.6M40xas long as short
Gate BTC_USDT+0.0100%8h86,359.8+0.016%$5.82B$10.52B200xas long as short
Backpack BTC_USDC_PERPlong+0.0100%1h86,345.7long leg$37.4M$156.1M75x
Variational Omni BTC+0.0100%8h86,351.7+0.007%$158.4M$564.0M—as long as short
edgeX BTCUSDC+0.0100%4h86,429.4+0.097%$279.2M$949.5M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,468.6+0.142%$217.0M$165.5M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,422.4+0.089%$141.5M$322.2M100xas long as short
StandX BTC-USD+0.0100%1h86,422.8+0.089%$30.7M$208.8M40xas long as short
Vest BTC-PERP+0.0100%1h86,417+0.083%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,358+0.014%$11.1M$14.1M50xas long as short
Bullet BTC-USD+0.0100%1h86,360.9+0.018%$192K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,354.8+0.011%$2.5M$8.9M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,393.7+0.056%$144K$667K40xas long as short
Derive BTC-PERP+0.0100%1h86,389.9+0.051%$30.5M$62.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,350+0.005%$3.4M$5.2M100xas long as short
SoDEX BTC-USD+0.0100%1h86,355+0.011%$60.4M$338.2M40xas long as short
HTX BTC-USDT+0.0100%8h86,341.1−0.005%$2.29B$964.3M200xas long as short
Bulk BTC-USD+0.0100%1h86,336.3−0.011%$571.6M$13.0M40xas long as short
Extended BTC-USD+0.0104%1h86,345.2−0.001%$45.9M$222.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,375.1+0.034%—$99.2M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,395+0.057%$132.2M$5.48B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,387.6+0.048%$192.1M$944.8M100xas long as short
Hibachi BTC/USDT-P+0.0160%1h86,468+0.142%$712K$8.0M30xas long as short
Aftermath Perps BTCUSD+0.0165%1h86,420.3+0.086%$78K$217K20xas long as short
BloFin BTC-USDT+0.0199%8h86,354.6+0.010%$414.4M$649.7M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0203% / S −0.0217%1h86,374.4+0.033%$14.5M—200xas long as short
Kalshi KXBTCPERP+0.0211%8h86,409+0.073%$9.9M$762.2M6.4xas long as short