Funding you earn now, next payment 22:00 UTC+0.0379%/8h= +41.5% APRnext payment +$0.47 per $10,000 · paid last 24h +0.085%
Price spread now: Hyperliquid against Backpack+0.066%7-day average +0.094% · you sell dearer than you buy
Net, funding: paid 7d − costs−$18as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$260.262% of the position
Funding, last 7 days+0.080%+$8 on $10k
+Price spread, last 4 days (all we have)+0.083%+$8 · spread now +0.066%, 7d avg +0.094%
=Together, before fees+0.164%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour
Funding pays, the price is against you. Hyperliquid is 0.028% cheaper against Backpack than usual: you would sell low and buy high (spread +0.066% now, against its 7-day average of +0.094%). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.080% in total) that is about 2.5 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 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 DOGE_USDC_PERP | 0.09889 | 0.0121 | pay 0.0015% / 1h | 45m 07s | $524K | $855K | 15x |
| Short | Hyperliquid DOGE | 0.09896 | 0.0500 | get 0.0063% / 1h | 45m 07s | $110.4M | $77.6M | 10x |
Backpack DOGE_USDC_PERP
Hyperliquid DOGEFunding 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
- $79.65
- Price spread: +0.066% → +0.094%
- −$2.83
- Slippage, 4 orders
- −$7.16
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $50.66
- Costs to cover
- 0.262%
- Break-even
- 2.5 days
Slippage from Backpack: live order book, 43 min ago; Hyperliquid: live order book, 9 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, 43 min ago | 0.50 bp | 6.7 bp −$7 | 454.2 bp −$4,542 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 9 min ago | 1.00 bp | 7.0 bp −$7 | 10.2 bp −$102 | doesn't fit | doesn't fit |
DOGE on 44 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget DOGEUSDT | −0.0279% | 8h | 0.09877 | −0.121% | $151.6M | $259.2M | 75x | as long as short |
| Kalshi KXDOGEPERP | 0.0000% | 8h | 0.09890 | +0.011% | $354K | $4.3M | 2.8x | as long as short |
| Deribit DOGE_USDC-PERPETUAL | 0.0000% | 1h | 0.09897 | +0.077% | $619K | $88K | 25x | as long as short |
| gTrade (Gains Network) DOGE/USD | L +0.0001% / S −0.0001% | 1h | 0.09892 | +0.031% | $31K | — | 150x | as long as short |
| dYdX DOGE-USD | +0.0042% | 1h | 0.09896 | +0.067% | $222K | $44K | 10x | as long as short |
| Gate DOGE_USDT | +0.0065% | 8h | 0.09883 | −0.061% | $234.9M | $118.4M | 75x | as long as short |
| Phoenix DOGE | +0.0080% | 1h | 0.09900 | +0.107% | $15K | $225K | 10x | as long as short |
| Katana Perps DOGE-USD | +0.0095% | 8h | 0.09893 | +0.040% | $2K | $334K | 10x | as long as short |
| Lighter DOGE | +0.0096% | 1h | 0.09892 | +0.025% | $797K | $5.0M | 15x | as long as short |
| Nado DOGE-PERP | +0.0100% | 1h | 0.09895 | +0.061% | $628K | $695K | 10x | as long as short |
Bitget DOGEUSDT
Kalshi KXDOGEPERP
Deribit DOGE_USDC-PERPETUAL
gTrade (Gains Network) DOGE/USD
dYdX DOGE-USD
Gate DOGE_USDT
Phoenix DOGE
Katana Perps DOGE-USD
Lighter DOGE
Nado DOGE-PERPShow all 44 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster DOGEUSDT | +0.0100% | 8h | 0.09896 | +0.068% | $4.9M | $40.2M | 75x | as long as short |
| Pacifica DOGE | +0.0100% | 1h | 0.09899 | +0.098% | $337K | $503K | 20x | as long as short |
| Binance DOGEUSDT | +0.0100% | 8h | 0.09889 | −0.001% | $316.8M | $1.25B | 75x | as long as short |
| Bybit DOGEUSDT | +0.0100% | 8h | 0.09885 | −0.040% | $153.9M | $393.8M | 75x | as long as short |
| OKX DOGE-USDT-SWAP | +0.0100% | 8h | 0.09886 | −0.030% | $107.6M | $882.5M | 50x | as long as short |
| Arcus DOGE-USD | +0.0100% | 1h | 0.09900 | +0.111% | $28K | $75K | 10x | as long as short |
| Bulk DOGE-USD | +0.0100% | 1h | 0.09895 | +0.061% | $379K | $19K | 10x | as long as short |
| MEXC DOGE_USDT | +0.0100% | 8h | 0.09887 | −0.020% | $120.5M | $212.0M | 300x | as long as short |
| KuCoin DOGEUSDTM | +0.0100% | 8h | 0.09887 | −0.020% | $65.1M | $38.9M | 75x | as long as short |
| BingX DOGE-USDC | +0.0100% | 8h | 0.09891 | +0.020% | — | $3.4M | — | as long as short |
| Variational Omni DOGE | +0.0100% | 8h | 0.09894 | +0.046% | $931K | $7.8M | — | as long as short |
| edgeX DOGEUSDC | +0.0100% | 4h | 0.09885 | −0.037% | $262K | $110.8M | 20x | as long as short |
| GRVT DOGE_USDT_Perp | +0.0100% | 8h | 0.09895 | +0.061% | $622K | $4.7M | 10x | as long as short |
| ApeX Omni DOGEUSDT | +0.0100% | 1h | 0.09890 | +0.010% | $141K | $222K | 25x | as long as short |
| Polymarket Perps DOGE-USD | +0.0100% | 1h | 0.09891 | +0.022% | $274K | $545K | 10x | as long as short |
| Orderly PERP_DOGE_USDC | +0.0100% | 8h | 0.09895 | +0.061% | $72K | $359K | 50x | as long as short |
| Derive DOGE-PERP | +0.0100% | 1h | 0.09893 | +0.039% | $24K | $1K | 10x | as long as short |
| SunX DOGE-USDT | +0.0100% | 8h | 0.09900 | +0.115% | $35K | $2.1M | 30x | as long as short |
| SoDEX DOGE-USD | +0.0100% | 1h | 0.09894 | +0.051% | $2K | $3.3M | 10x | as long as short |
| HTX DOGE-USDT | +0.0100% | 8h | 0.09894 | +0.053% | $6.0M | $46.2M | 75x | as long as short |
| Phemex DOGEUSDT | +0.0100% | 8h | 0.09891 | +0.020% | $91.8M | $19.0M | 50x | as long as short |
| Paradex DOGE-USD-PERP | +0.0100% | 8h | 0.09897 | +0.079% | $19K | $3K | 30x | as long as short |
| Extended DOGE-USD | +0.0104% | 1h | 0.09892 | +0.031% | $544K | $3.5M | 50x | as long as short |
| Aevo DOGE-PERP | +0.0104% | 1h | 0.09896 | +0.067% | $19K | — | 3x | as long as short |
| Backpack DOGE_USDC_PERPlong | +0.0121% | 1h | 0.09889 | long leg | $524K | $855K | 15x | |
| Reya DOGERUSDPERP | +0.0173% | 1h | 0.09893 | +0.042% | $2K | — | 20x | as long as short |
| BloFin DOGE-USDT | +0.0220% | 8h | 0.09890 | +0.010% | $15.3M | $23.6M | 75x | as long as short |
| Coinbase International DOGE-PERP-INTX | +0.0224% | 1h | 0.09896 | +0.071% | $2.0M | $22.1M | 50x | as long as short |
| GMX DOGE/USD [ETH-USDC] | L +0.0243% / S −0.0263% | 1h | 0.09891 | +0.020% | $305K | — | 200x | as long as short |
| 01 Exchange DOGEUSD | +0.0280% | 1h | 0.09895 | +0.064% | $522 | $4K | 10x | as long as short |
| Kraken Futures PF_DOGEUSD | +0.0289% | 1h | 0.09896 | +0.075% | $6.8M | $30.3M | 50x | as long as short |
| Hyperliquid DOGEshort | +0.0500% | 1h | 0.09896 | +0.066% | $110.4M | $77.6M | 10x | |
| RISEx DOGE/USDC | +0.0536% | 1h | 0.09903 | +0.137% | $312K | $469K | 10x | as long as short |
| Injective DOGE/USDC PERP | +0.1013% | 1h | 0.09920 | +0.313% | $5K | $153K | 12x | as long as short |
Aster DOGEUSDT
Pacifica DOGE
Binance DOGEUSDT
Bybit DOGEUSDT
OKX DOGE-USDT-SWAP
Arcus DOGE-USD
Bulk DOGE-USD
MEXC DOGE_USDT
KuCoin DOGEUSDTM
BingX DOGE-USDC
Variational Omni DOGE
edgeX DOGEUSDC
GRVT DOGE_USDT_Perp
ApeX Omni DOGEUSDT
Polymarket Perps DOGE-USD
Orderly PERP_DOGE_USDC
Derive DOGE-PERP
SunX DOGE-USDT
SoDEX DOGE-USD
HTX DOGE-USDT
Phemex DOGEUSDT
Paradex DOGE-USD-PERP
Extended DOGE-USD
Aevo DOGE-PERP
Reya DOGERUSDPERP
BloFin DOGE-USDT
Coinbase International DOGE-PERP-INTX
GMX DOGE/USD [ETH-USDC]
01 Exchange DOGEUSD
Kraken Futures PF_DOGEUSD
RISEx DOGE/USDC
Injective DOGE/USDC PERP