Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%
Price spread now: Hyperliquid against Backpack−0.002%7-day average −0.024% · you buy dearer than you sell
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$220.217% of the position
Funding, last 7 days−0.048%−$5 on $10k
+Price spread, last 7 days−0.032%−$3 · spread now −0.002%, 7d avg −0.024%
=Together, before fees−0.080%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 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 0.021% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.024%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack PAXG_USDC_PERP | 4,337.6 | 0.0100 | pay 0.0013% / 1h | 7m 50s | $1.3M | $799K | 50x |
| Short | Hyperliquid PAXG | 4,337.5 | 0.0096 | get 0.0012% / 1h | 7m 50s | $20.8M | $2.3M | 10x |
Backpack PAXG_USDC_PERP
Hyperliquid PAXGFunding 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
- −$0.79
- Price spread: −0.002% → −0.024%
- $2.12
- Slippage, 4 orders
- −$2.69
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$20.35
- Costs to cover
- 0.217%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 1 min ago; Hyperliquid: live order book, 5 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, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.9 bp −$59 | 216.4 bp −$21.6K | doesn't fit |
| Sell Hyperliquid live order book, 5 min ago | 0.12 bp | 4.8 bp −$5 | 6.0 bp −$60 | doesn't fit | doesn't fit |
PAXG on 29 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 | |
|---|---|---|---|---|---|---|---|---|
| Hibachi PAXG/USDT-P | −0.0184% | 1h | 4,336.6 | −0.024% | $42K | $157K | 20x | as long as short |
| Lighter PAXG | −0.0152% | 1h | 4,336.2 | −0.032% | $1.4M | $368K | 25x | as long as short |
| ApeX Omni PAXGUSDT | −0.0025% | 1h | 4,335.7 | −0.044% | $262K | $786K | 50x | as long as short |
| GRVT PAXG_USDT_Perp | −0.0008% | 4h | 4,337.6 | 0.000% | $1.5M | $1.9M | 10x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,338.3 | +0.017% | $101K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,339.2 | +0.037% | $15.6M | $3.4M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,333 | −0.105% | $2K | $3.5M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,340.9 | +0.077% | $7.9M | $843K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,340.6 | +0.069% | $903K | $689K | 75x | as long as short |
| Extended PAXG-USD | +0.0032% | 1h | 4,336.3 | −0.030% | $379K | $1.5M | 25x | as long as short |
Hibachi PAXG/USDT-P
Lighter PAXG
ApeX Omni PAXGUSDT
GRVT PAXG_USDT_Perp
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
Extended PAXG-USDShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | +0.224% | $1K | $151K | 30x | as long as short |
| MEXC PAXG_USDT | +0.0034% | 4h | 4,339.2 | +0.037% | $16.1M | $1.0M | 100x | as long as short |
| Binance PAXGUSDT | +0.0034% | 4h | 4,337.5 | −0.002% | $79.9M | $70.4M | 75x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0065% | 1h | 4,337.7 | +0.003% | $1.3M | $1.4M | 20x | as long as short |
| Aster PAXGUSDT | +0.0081% | 4h | 4,336.7 | −0.021% | $905K | $27K | 50x | as long as short |
| Hyperliquid PAXGshort | +0.0096% | 1h | 4,337.5 | −0.002% | $20.8M | $2.3M | 10x | |
| Paradex PAXG-USD-PERP | +0.0099% | 8h | 4,337 | −0.014% | $81K | $3.4M | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,334.7 | −0.067% | $556 | — | 10x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,339 | +0.032% | $1.0M | $341K | 10x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,338.5 | +0.021% | $14.9M | $3.8M | 75x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,340 | +0.055% | $28.6M | $5.2M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,338 | +0.009% | $9.7M | $15.2M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,338.3 | +0.017% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPlong | +0.0100% | 1h | 4,337.6 | long leg | $1.3M | $799K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,336.2 | −0.031% | $12.3M | $222K | — | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,334 | −0.083% | $1.5M | $38K | 50x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,336.6 | −0.022% | $21K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0296% | 1h | 4,339.1 | +0.035% | $956K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0880% | 1h | 4,348.3 | +0.247% | $29K | $24K | 10x | as long as short |
Injective PAXG/USDC PERP
MEXC PAXG_USDT
Binance PAXGUSDT
Kraken Futures PF_PAXGUSD
Aster PAXGUSDT
Paradex PAXG-USD-PERP
Orderly PERP_PAXG_USDC_mythos
Pacifica PAXG
Bybit PAXGUSDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
Phemex PAXGUSDT
Reya PAXGRUSDPERP
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD