Funding you earn now, next payment 22:00 UTC+0.0157%/8h= +17.2% APRnext payment +$0.20 per $10,000 · paid last 24h +0.042%
Price spread now: Backpack against Hyperliquid−0.015%7-day average −0.101% · you buy dearer than you sell
Net, funding: paid 7d − costs+$1as in the Funding arb table
Net, price: spread back to 7d avg − costs−$44as in the Price arb table
costs, in and out, $10k−$530.529% of the position
Funding, last 7 days+0.541%+$54 on $10k
+Price spread, last 4 days (all we have)−0.368%−$37 · spread now −0.015%, 7d avg −0.101%
=Together, before fees+0.173%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.086% dearer against Hyperliquid than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.101%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid MON | 0.02590 | 0.0100 | pay 0.0013% / 1h | 39m 56s | $34.9M | $7.5M | 5x |
| Short | Backpack MON_USDC_PERP | 0.02590 | 0.0257 | get 0.0032% / 1h | 39m 56s | $137K | $137K | 10x |
Hyperliquid MON
Backpack MON_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
- $32.95
- Price spread: −0.015% → −0.101%
- $8.58
- Slippage, 4 orders
- −$33.91
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$11.38
- Costs to cover
- 0.529%
- Break-even
- 9.4 days
Slippage from Hyperliquid: live order book, 3 min ago; Backpack: live order book, 48 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, 3 min ago | 0.96 bp | 15.2 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 48 min ago | 0.97 bp | 12.2 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
MON on 33 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 MON/USDC PERP | −0.0739% | 1h | 0.02587 | −0.116% | $6K | $107 | 5.5x | as long as short |
| 01 Exchange MONUSD | −0.0200% | 1h | 0.02585 | −0.205% | $6K | $1K | 5x | as long as short |
| Deribit MON_USDC-PERPETUAL | −0.0097% | 1h | 0.02590 | −0.019% | $63K | $110K | 25x | as long as short |
| Phoenix MON | 0.0000% | 1h | 0.02587 | −0.108% | $13K | $384K | 5x | as long as short |
| Bybit MONUSDT | +0.0013% | 8h | 0.02584 | −0.216% | $21.6M | $11.8M | 50x | as long as short |
| BloFin MON-USDT | +0.0086% | 4h | 0.02587 | −0.116% | $1.4M | $243K | 75x | as long as short |
| Orderly PERP_MON_USDC | +0.0093% | 4h | 0.02586 | −0.154% | $17K | $64K | 10x | as long as short |
| Lighter MON | +0.0096% | 1h | 0.02589 | −0.039% | $848K | $753K | 10x | as long as short |
| Paradex MON-USD-PERP | +0.0098% | 8h | 0.02586 | −0.156% | $8K | $42 | 5x | as long as short |
| Nado MON-PERP | +0.0100% | 1h | 0.02588 | −0.092% | $353K | $535K | 10x | as long as short |
Injective MON/USDC PERP
01 Exchange MONUSD
Deribit MON_USDC-PERPETUAL
Phoenix MON
Bybit MONUSDT
BloFin MON-USDT
Orderly PERP_MON_USDC
Lighter MON
Paradex MON-USD-PERP
Nado MON-PERPShow all 33 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid MONlong | +0.0100% | 1h | 0.02590 | long leg | $34.9M | $7.5M | 5x | |
| Aster MONUSDT | +0.0100% | 4h | 0.02587 | −0.110% | $108K | $233K | 10x | as long as short |
| dYdX MON-USD | +0.0100% | 1h | 0.02588 | −0.083% | $13K | — | 5x | as long as short |
| Pacifica MON | +0.0100% | 1h | 0.02586 | −0.143% | $143K | $107K | 3x | as long as short |
| Binance MONUSDT | +0.0100% | 4h | 0.02587 | −0.111% | $24.6M | $24.6M | 75x | as long as short |
| OKX MON-USDT-SWAP | +0.0100% | 4h | 0.02584 | −0.232% | $4.4M | $6.0M | 50x | as long as short |
| Bulk MON-USD | +0.0100% | 1h | 0.02581 | −0.354% | $108K | $3K | 10x | as long as short |
| Gate MON_USDT | +0.0100% | 4h | 0.02588 | −0.077% | $1.0M | $929K | 50x | as long as short |
| Bitget MONUSDT | +0.0100% | 4h | 0.02588 | −0.077% | $2.7M | $1.8M | 25x | as long as short |
| Variational Omni MON | +0.0100% | 8h | 0.02584 | −0.250% | $777K | $405K | — | as long as short |
| edgeX MONUSDC | +0.0100% | 4h | 0.02583 | −0.268% | $47K | $243K | 10x | as long as short |
| GRVT MON_USDT_Perp | +0.0100% | 4h | 0.02586 | −0.154% | $581K | $1.5M | 10x | as long as short |
| ApeX Omni MONUSDT | +0.0100% | 1h | 0.02583 | −0.270% | $69K | $482K | 50x | as long as short |
| SoDEX MON-USD | +0.0100% | 1h | 0.02587 | −0.116% | $5K | $6K | 5x | as long as short |
| Extended MON-USD | +0.0104% | 1h | 0.02588 | −0.092% | $52K | $407K | 10x | as long as short |
| Aevo MON-PERP | +0.0104% | 1h | 0.02587 | −0.120% | $39K | — | 3x | as long as short |
| Kraken Futures PF_MONUSD | +0.0132% | 1h | 0.02590 | −0.009% | $263K | $63K | 10x | as long as short |
| Backpack MON_USDC_PERPshort | +0.0257% | 1h | 0.02590 | −0.015% | $137K | $137K | 10x | |
| GMX MON/USD [ETH-USDC] | L +0.0261% / S −0.0598% | 1h | 0.02589 | −0.046% | $9K | — | 50x | as long as short |
| Aftermath Perps MONUSD | +0.0320% | 1h | 0.02586 | −0.140% | $2K | $73K | 10x | as long as short |
| KuCoin MONUSDTM | +0.0344% | 4h | 0.02594 | +0.154% | $3.2M | $747K | 75x | as long as short |
| Perpl MON | +0.0447% | 43m | 0.02587 | −0.131% | $145K | $1.8M | 10x | as long as short |
| Coinbase International MON-PERP-INTX | +0.0648% | 1h | 0.02595 | +0.212% | $114K | $51K | 50x | as long as short |
Aster MONUSDT
dYdX MON-USD
Pacifica MON
Binance MONUSDT
OKX MON-USDT-SWAP
Bulk MON-USD
Gate MON_USDT
Bitget MONUSDT
Variational Omni MON
edgeX MONUSDC
GRVT MON_USDT_Perp
ApeX Omni MONUSDT
SoDEX MON-USD
Extended MON-USD
Aevo MON-PERP
Kraken Futures PF_MONUSD
GMX MON/USD [ETH-USDC]
Aftermath Perps MONUSD
KuCoin MONUSDTM
Perpl MON
Coinbase International MON-PERP-INTX