Funding you earn now, next payment 23:00 UTC−0.0895%/8h= −98.0% APRnext payment −$1.12 per $10,000 · paid last 24h +0.001%
Price spread now: Hyperliquid against Backpack+0.025%7-day average +0.123% · you sell dearer than you buy
Net, funding: paid 7d − costs−$13as in the Funding arb table
Net, price: spread back to 7d avg − costs−$46as in the Price arb table
costs, in and out, $10k−$360.358% of the position
Funding, last 7 days+0.226%+$23 on $10k
+Price spread, last 4 days (all we have)−0.080%−$8 · spread now +0.025%, 7d avg +0.123%
=Together, before fees+0.146%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Hyperliquid is 0.098% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.123%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.226%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.226% in total (about 11.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.12 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 kPEPE_USDC_PERP | 0.000004873 | 0.0995 | pay 0.0124% / 1h | 52m 30s | $93K | $614K | 15x |
| Short | Hyperliquid kPEPE | 0.000004874 | 0.0100 | get 0.0013% / 1h | 52m 30s | $60.3M | $74.9M | 10x |
Backpack kPEPE_USDC_PERP
Hyperliquid kPEPEFunding 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
- −$187.91
- Price spread: +0.025% → +0.123%
- −$9.83
- Slippage, 4 orders
- −$16.78
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$233.52
- Costs to cover
- 0.358%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 31 min ago; Hyperliquid: live order book, 11 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 | 0.10 bp | 13.7 bp −$14 | 36.5 bp −$365 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 11 min ago | 1.04 bp | 9.1 bp −$9 | 11.6 bp −$116 | doesn't fit | doesn't fit |
PEPE on 35 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX PEPE-USD | 0.0000% | 1h | 0.000004871 | −0.047% | $18K | $95 | 10x | as long as short |
| gTrade (Gains Network) PEPE/USD | L +0.0006% / S −0.0006% | 1h | 0.000004871 | −0.045% | $14K | — | 150x | as long as short |
| Hyperliquid kPEPEshort | +0.0100% | 1h | 0.000004874 | +0.025% | $60.3M | $74.9M | 10x | |
| Pacifica kPEPE | +0.0100% | 1h | 0.000004876 | +0.066% | $60K | $113K | 10x | as long as short |
| Bybit 1000PEPEUSDT | +0.0100% | 8h | 0.000004880 | +0.142% | $89.0M | $277.9M | 50x | as long as short |
| Gate PEPE_USDT | +0.0100% | 8h | 0.000004872 | −0.016% | $152.3M | $62.0M | 75x | as long as short |
| KuCoin PEPEUSDTM | +0.0100% | 8h | 0.000004878 | +0.115% | $25.1M | $53.6M | 75x | as long as short |
| Variational Omni 1000PEPE | +0.0100% | 8h | 0.000004876 | +0.067% | $556K | $3.9M | — | as long as short |
| edgeX 1000PEPEUSDC | +0.0100% | 4h | 0.000004899 | +0.536% | $28K | $341K | 20x | as long as short |
| SunX 1000PEPE-USDT | +0.0100% | 8h | 0.000004883 | +0.220% | $1K | $2.4M | 20x | as long as short |
dYdX PEPE-USD
gTrade (Gains Network) PEPE/USD
Pacifica kPEPE
Bybit 1000PEPEUSDT
Gate PEPE_USDT
KuCoin PEPEUSDTM
Variational Omni 1000PEPE
edgeX 1000PEPEUSDC
SunX 1000PEPE-USDTShow all 35 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX PEPE-USDT | +0.0100% | 8h | 0.000004885 | +0.250% | $557K | $3.5M | 75x | as long as short |
| Lighter 1000PEPE | +0.0176% | 1h | 0.000004879 | +0.127% | $648K | $5.4M | 10x | as long as short |
| Bitget PEPEUSDT | +0.0178% | 8h | 0.000004879 | +0.137% | $43.0M | $151.3M | 75x | as long as short |
| Reya kPEPERUSDPERP | +0.0189% | 1h | 0.000004877 | +0.086% | $7K | — | 15x | as long as short |
| OKX PEPE-USDT-SWAP | +0.0203% | 8h | 0.000004883 | +0.209% | $41.9M | $495.4M | 50x | as long as short |
| SoDEX 1000PEPE-USD | +0.0233% | 1h | 0.000004878 | +0.107% | $2K | $9K | 10x | as long as short |
| GMX PEPE/USD [ETH-USDC] | L +0.0318% / S −0.0215% | 1h | 0.000004000 | −17.912% | $53K | — | 100x | as long as short |
| BloFin PEPE-USDT | +0.0320% | 8h | 0.000004875 | +0.045% | $3.8M | $22.3M | 75x | as long as short |
| Orderly PERP_1000PEPE_USDC | +0.0434% | 8h | 0.000004878 | +0.101% | $30K | $11K | 20x | as long as short |
| Coinbase International 1000PEPE-PERP-INTX | +0.0448% | 1h | 0.000004877 | +0.086% | $605K | $25.5M | 50x | as long as short |
| Phemex u1000PEPEUSDT | +0.0456% | 8h | 0.000004873 | +0.008% | $2.4M | $6.4M | 50x | as long as short |
| Paradex kPEPE-USD-PERP | +0.0494% | 8h | 0.000004877 | +0.090% | $5K | $16 | 20x | as long as short |
| Deribit 1000PEPE_USDC-PERPETUAL | +0.0571% | 1h | 0.000004876 | +0.066% | $82K | $94K | 25x | as long as short |
| Nado kPEPE-PERP | +0.0605% | 1h | 0.000004880 | +0.142% | $189K | $849K | 10x | as long as short |
| 01 Exchange kPEPEUSD | +0.0680% | 1h | 0.000004883 | +0.209% | $559 | $2K | 10x | as long as short |
| BingX 1000PEPE-USDT | +0.0841% | 8h | 0.000004879 | +0.121% | — | $255.8M | — | as long as short |
| Injective PEPE/USDC PERP | +0.0873% | 1h | 0.000004886 | +0.271% | $4K | $103K | 12x | as long as short |
| Extended 1000PEPE-USD | +0.0880% | 1h | 0.000004878 | +0.116% | $538K | $147K | 25x | as long as short |
| Aevo 1000PEPE-PERP | +0.0880% | 1h | 0.000004865 | −0.160% | $138K | — | 3x | as long as short |
| MEXC PEPE_USDT | +0.0881% | 8h | 0.000004882 | +0.181% | $92.6M | $282.3M | 300x | as long as short |
| Binance 1000PEPEUSDT | +0.0881% | 8h | 0.000004883 | +0.202% | $131.0M | $1.03B | 75x | as long as short |
| Aster 1000PEPEUSDT | +0.0911% | 8h | 0.000004878 | +0.101% | $1.5M | $6.9M | 50x | as long as short |
| Backpack kPEPE_USDC_PERPlong | +0.0995% | 1h | 0.000004873 | long leg | $93K | $614K | 15x | |
| Kraken Futures PF_PEPEUSD | +0.1309% | 1h | 0.000004875 | +0.041% | $4.0M | $13.2M | 50x | as long as short |
| ApeX Omni 1000PEPEUSDT | +0.2353% | 1h | 0.000004896 | +0.476% | $104K | $764K | 25x | as long as short |
HTX PEPE-USDT
Lighter 1000PEPE
Bitget PEPEUSDT
Reya kPEPERUSDPERP
OKX PEPE-USDT-SWAP
SoDEX 1000PEPE-USD
GMX PEPE/USD [ETH-USDC]
BloFin PEPE-USDT
Orderly PERP_1000PEPE_USDC
Coinbase International 1000PEPE-PERP-INTX
Phemex u1000PEPEUSDT
Paradex kPEPE-USD-PERP
Deribit 1000PEPE_USDC-PERPETUAL
Nado kPEPE-PERP
01 Exchange kPEPEUSD
BingX 1000PEPE-USDT
Injective PEPE/USDC PERP
Extended 1000PEPE-USD
Aevo 1000PEPE-PERP
MEXC PEPE_USDT
Binance 1000PEPEUSDT
Aster 1000PEPEUSDT
Kraken Futures PF_PEPEUSD
ApeX Omni 1000PEPEUSDT