Funding you earn now, next payment 06:00 UTC+0.0459%/8h= +50.2% APRpaid last 24h −0.007%
Price spread now: Bybit against Backpack−0.152%7-day average −0.039% · you buy dearer than you sell
Net, funding: paid 7d − costs−$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$340.341% of the position
Funding, last 7 days+0.132%+$13 on $10k
+Price spread, last 4 days (all we have)+0.152%+$15 · spread now −0.152%, 7d avg −0.039%
=Funding pays, the price is against you. Bybit is 0.113% cheaper against Backpack than usual: you would sell low and buy high (spread −0.152% now, against its 7-day average of −0.039%). If the spread goes back, that is −$11 on $10k: about 20 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.132% in total) that is about 6.0 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.132% in total (about 6.9% a year). A funding rate is set anew for every payment. 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 HBAR_USDC_PERP | 0.09236 | −0.0359 | get 0.0045% / 1h | 17m 34s | $33K | $201K | 15x |
| Short | Bybit HBARUSDT | 0.09222 | 0.0100 | get 0.0100% / 8h | 2h 17m | $31.9M | $35.7M | 75x |
Backpack HBAR_USDC_PERP
Bybit HBARUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- $96.36
- Price spread: −0.152% → −0.039%
- −$11.29
- Slippage, 4 orders
- −$13.11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $50.96
- Costs to cover
- 0.341%
- Break-even
- 3.3 days
Slippage from Backpack: live order book, 31 min ago; Bybit: live order book, 1 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, 31 min ago | 0.54 bp | 9.2 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 1 min ago | 0.54 bp | 7.8 bp −$8 | 20.1 bp −$201 | 127.7 bp −$12.8K | doesn't fit |
HBAR on 28 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 | |
|---|---|---|---|---|---|---|---|---|
| Backpack HBAR_USDC_PERPlong | −0.0359% | 1h | 0.09236 | long leg | $33K | $201K | 15x | |
| dYdX HBAR-USD | 0.0000% | 1h | 0.09228 | −0.090% | $30K | $4K | 5x | as long as short |
| gTrade (Gains Network) HBAR/USD | L +0.0007% / S −0.0011% | 1h | 0.09235 | −0.010% | $9K | — | 150x | as long as short |
| Injective HBAR/USDC PERP | +0.0033% | 1h | 0.09282 | +0.498% | $1K | $103K | 12x | as long as short |
| Deribit HBAR_USDC-PERPETUAL | +0.0075% | 1h | 0.09246 | +0.108% | $509K | $177K | 50x | as long as short |
| Orderly PERP_HBAR_USDC | +0.0077% | 8h | 0.09235 | −0.011% | $2K | $14K | 10x | as long as short |
| Coinbase International HBAR-PERP-INTX | +0.0088% | 1h | 0.09237 | +0.011% | $211K | $2.3M | 50x | as long as short |
| ApeX Omni HBARUSDT | +0.0095% | 1h | 0.09231 | −0.054% | $150K | $707K | 50x | as long as short |
| Lighter HBAR | +0.0096% | 1h | 0.09226 | −0.108% | $558K | $614K | 5x | as long as short |
| Hyperliquid HBAR | +0.0100% | 1h | 0.09238 | +0.018% | $8.6M | $3.7M | 5x | as long as short |
dYdX HBAR-USD
gTrade (Gains Network) HBAR/USD
Injective HBAR/USDC PERP
Deribit HBAR_USDC-PERPETUAL
Orderly PERP_HBAR_USDC
Coinbase International HBAR-PERP-INTX
ApeX Omni HBARUSDT
Lighter HBAR
Hyperliquid HBARShow all 28 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster HBARUSDT | +0.0100% | 8h | 0.09232 | −0.047% | $198K | $335K | 50x | as long as short |
| Binance HBARUSDT | +0.0100% | 8h | 0.09222 | −0.149% | $33.8M | $111.3M | 75x | as long as short |
| Bybit HBARUSDTshort | +0.0100% | 8h | 0.09222 | −0.152% | $31.9M | $35.7M | 75x | |
| OKX HBAR-USDT-SWAP | +0.0100% | 8h | 0.09219 | −0.184% | $6.5M | $25.3M | 50x | as long as short |
| Gate HBAR_USDT | +0.0100% | 8h | 0.09228 | −0.087% | $2.4M | $2.8M | 75x | as long as short |
| MEXC HBAR_USDT | +0.0100% | 8h | 0.09229 | −0.076% | $24.6M | $19.6M | 200x | as long as short |
| KuCoin HBARUSDTM | +0.0100% | 8h | 0.09226 | −0.108% | $7.3M | $7.4M | 75x | as long as short |
| Bitget HBARUSDT | +0.0100% | 8h | 0.09227 | −0.097% | $17.0M | $15.9M | 75x | as long as short |
| BingX HBAR-USDT | +0.0100% | 8h | 0.09231 | −0.054% | — | $6.7M | — | as long as short |
| Variational Omni HBAR | +0.0100% | 8h | 0.09195 | −0.445% | $1.0M | $188K | — | as long as short |
| GRVT HBAR_USDT_Perp | +0.0100% | 8h | 0.09226 | −0.108% | $377K | $2.9M | 10x | as long as short |
| SoDEX HBAR-USD | +0.0100% | 1h | 0.09240 | +0.043% | $429 | $5K | 5x | as long as short |
| HTX HBAR-USDT | +0.0100% | 8h | 0.09242 | +0.065% | $70K | $69K | 20x | as long as short |
| Phemex HBARUSDT | +0.0100% | 8h | 0.09233 | −0.032% | $2.1M | $2.2M | 50x | as long as short |
| Extended HBAR-USD | +0.0104% | 1h | 0.09224 | −0.125% | $47K | $226K | 10x | as long as short |
| BloFin HBAR-USDT | +0.0220% | 8h | 0.09223 | −0.141% | $1.4M | $5.6M | 90x | as long as short |
| Kraken Futures PF_HBARUSD | +0.0246% | 1h | 0.09245 | +0.098% | $1.3M | $3.0M | 50x | as long as short |
| GMX HBAR/USD [WBTC.b-USDC] | L +0.0354% / S −0.0254% | 1h | 0.09235 | −0.009% | $82K | — | 100x | as long as short |
Aster HBARUSDT
Binance HBARUSDT
OKX HBAR-USDT-SWAP
Gate HBAR_USDT
MEXC HBAR_USDT
KuCoin HBARUSDTM
Bitget HBARUSDT
BingX HBAR-USDT
Variational Omni HBAR
GRVT HBAR_USDT_Perp
SoDEX HBAR-USD
HTX HBAR-USDT
Phemex HBARUSDT
Extended HBAR-USD
BloFin HBAR-USDT
Kraken Futures PF_HBARUSD
GMX HBAR/USD [WBTC.b-USDC]