Funding you earn now, next payment 23:00 UTC+0.0060%/8h= +6.6% APRnext payment +$0.08 per $10,000 · paid last 24h +0.002%
Price spread now: Backpack against Hyperliquid−0.093%7-day average −0.114% · you buy dearer than you sell
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$40as in the Price arb table
costs, in and out, $10k−$420.425% of the position
Funding, last 7 days−0.098%−$10 on $10k
+Price spread, last 4 days (all we have)−0.665%−$66 · spread now −0.093%, 7d avg −0.114%
=Together, before fees−0.762%+ Points / potential airdropHyperliquid: Season 2 · farm board−$76 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.021% dearer against Hyperliquid than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.114%. Mind the row above: over the last 7 days funding on this pair cost −0.098%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid CRV | 0.3666 | 0.0428 | pay 0.0054% / 1h | 52m 44s | $22.6M | $16.8M | 10x |
| Short | Backpack CRV_USDC_PERP | 0.3663 | 0.0489 | get 0.0061% / 1h | 52m 44s | $105K | $361K | 10x |
Hyperliquid CRV
Backpack CRV_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
- $12.69
- Price spread: −0.093% → −0.114%
- $2.15
- Slippage, 4 orders
- −$23.49
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$27.65
- Costs to cover
- 0.425%
- Break-even
- 22.2 days
Slippage from Hyperliquid: live order book, 10 min ago; Backpack: live order book, 31 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, 10 min ago | 0.82 bp | 10.0 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 31 min ago | 0.14 bp | 13.7 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
CRV on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit CRV_USDC-PERPETUAL | −0.0296% | 1h | 0.3658 | −0.229% | $57K | $48K | 25x | as long as short |
| Injective CRV/USDC PERP | −0.0228% | 1h | 0.3620 | −1.266% | $78 | $318K | 12x | as long as short |
| Phoenix CRV | −0.0176% | 1h | 0.3656 | −0.275% | $26K | $181K | 10x | as long as short |
| Reya CRVRUSDPERP | −0.0049% | 1h | 0.3658 | −0.236% | $16 | — | 15x | as long as short |
| dYdX CRV-USD | 0.0000% | 1h | 0.3662 | −0.130% | $38K | $4K | 10x | as long as short |
| Kraken Futures PF_CRVUSD | +0.0027% | 1h | 0.3665 | −0.044% | $3.1M | $3.4M | 50x | as long as short |
| Orderly PERP_CRV_USDC | +0.0095% | 8h | 0.3660 | −0.175% | $24K | $1K | 10x | as long as short |
| Lighter CRV | +0.0096% | 1h | 0.3661 | −0.153% | $415K | $699K | 10x | as long as short |
| Aster CRVUSDT | +0.0100% | 8h | 0.3663 | −0.100% | $131K | $186K | 10x | as long as short |
| Pacifica CRV | +0.0100% | 1h | 0.3663 | −0.097% | $373K | $177K | 10x | as long as short |
Deribit CRV_USDC-PERPETUAL
Injective CRV/USDC PERP
Phoenix CRV
Reya CRVRUSDPERP
dYdX CRV-USD
Kraken Futures PF_CRVUSD
Orderly PERP_CRV_USDC
Lighter CRV
Aster CRVUSDT
Pacifica CRVShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance CRVUSDT | +0.0100% | 8h | 0.3662 | −0.120% | $25.6M | $58.0M | 75x | as long as short |
| Bybit CRVUSDT | +0.0100% | 8h | 0.3662 | −0.120% | $27.7M | $17.3M | 75x | as long as short |
| OKX CRV-USDT-SWAP | +0.0100% | 8h | 0.3661 | −0.147% | $8.7M | $22.4M | 50x | as long as short |
| Gate CRV_USDT | +0.0100% | 8h | 0.3662 | −0.120% | $2.0M | $1.3M | 50x | as long as short |
| MEXC CRV_USDT | +0.0100% | 8h | 0.3660 | −0.175% | $14.5M | $5.4M | 125x | as long as short |
| KuCoin CRVUSDTM | +0.0100% | 8h | 0.3664 | −0.065% | $7.1M | $9.1M | 50x | as long as short |
| Bitget CRVUSDT | +0.0100% | 8h | 0.3663 | −0.093% | $6.9M | $5.8M | 75x | as long as short |
| BingX CRV-USDT | +0.0100% | 8h | 0.3659 | −0.202% | — | $21.6M | — | as long as short |
| Variational Omni CRV | +0.0100% | 8h | 0.3663 | −0.088% | $1.1M | $145K | — | as long as short |
| edgeX CRVUSDC | +0.0100% | 4h | 0.3669 | +0.062% | $38K | $172K | 20x | as long as short |
| GRVT CRV_USDT_Perp | +0.0100% | 8h | 0.3670 | +0.086% | $511K | $437K | 10x | as long as short |
| ApeX Omni CRVUSDT | +0.0100% | 1h | 0.3670 | +0.098% | $60K | $695K | 50x | as long as short |
| SunX CRV-USDT | +0.0100% | 8h | 0.3707 | +1.107% | $2K | $1.3M | 20x | as long as short |
| Extended CRV-USD | +0.0104% | 1h | 0.3658 | −0.218% | $243K | $886K | 25x | as long as short |
| Aevo CRV-PERP | +0.0104% | 1h | 0.3659 | −0.197% | $19K | $9K | 3x | as long as short |
| BloFin CRV-USDT | +0.0220% | 8h | 0.3656 | −0.284% | $1.4M | $4.7M | 75x | as long as short |
| Coinbase International CRV-PERP-INTX | +0.0376% | 1h | 0.3665 | −0.038% | $390K | $4.9M | 50x | as long as short |
| GMX CRV/USD [ETH-USDC] | L +0.0402% / S −0.0160% | 1h | 0.3660 | −0.186% | $217K | — | 100x | as long as short |
| Hyperliquid CRVlong | +0.0428% | 1h | 0.3666 | long leg | $22.6M | $16.8M | 10x | |
| Backpack CRV_USDC_PERPshort | +0.0489% | 1h | 0.3663 | −0.093% | $105K | $361K | 10x |
Binance CRVUSDT
Bybit CRVUSDT
OKX CRV-USDT-SWAP
Gate CRV_USDT
MEXC CRV_USDT
KuCoin CRVUSDTM
Bitget CRVUSDT
BingX CRV-USDT
Variational Omni CRV
edgeX CRVUSDC
GRVT CRV_USDT_Perp
ApeX Omni CRVUSDT
SunX CRV-USDT
Extended CRV-USD
Aevo CRV-PERP
BloFin CRV-USDT
Coinbase International CRV-PERP-INTX
GMX CRV/USD [ETH-USDC]