Funding you earn now, next payment 21:00 UTC−0.0127%/8h= −13.9% APRnext payment −$0.16 per $10,000 · paid last 24h −0.012%
Price spread now: Hyperliquid against Backpack−0.332%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.159%−$16 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hyperliquid is 0.332% cheaper against Backpack than usual: you would sell low and buy high (−$33 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack PYTH_USDC_PERP | 0.06419 | 0.0227 | pay 0.0028% / 1h | 29m 19s | $39K | $89K | 10x |
| Short | Hyperliquid PYTH | 0.06398 | 0.0100 | get 0.0013% / 1h | 29m 19s | $1.7M | $1.4M | 5x |
Backpack PYTH_USDC_PERP
Hyperliquid PYTHFunding 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
- −$26.66
- Price spread: −0.332% → 0.000%
- −$33.18
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$78.84
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Hyperliquid: live order book, 2 min ago. Net counts fees only.
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 no order-book sample | — | — | — | — | — |
| Sell Hyperliquid live order book, 2 min ago | 0.39 bp | 17.6 bp −$18 | doesn't fit | doesn't fit | doesn't fit |
Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
PYTH on 23 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 PYTH/USDC PERP | −0.0466% | 1h | 0.06350 | −1.078% | $561 | $180K | 5.5x | as long as short |
| Bybit PYTHUSDT | −0.0319% | 4h | 0.06400 | −0.299% | $7.5M | $5.0M | 50x | as long as short |
| Kraken Futures PF_PYTHUSD | −0.0203% | 1h | 0.06417 | −0.032% | $388K | $230K | 25x | as long as short |
| BloFin PYTH-USDT | −0.0053% | 4h | 0.06411 | −0.128% | $422K | $125K | 75x | as long as short |
| Gate PYTH_USDT | −0.0040% | 4h | 0.06387 | −0.502% | $1.1M | $477K | 75x | as long as short |
| Binance PYTHUSDT | −0.0015% | 4h | 0.06393 | −0.408% | $9.1M | $15.9M | 75x | as long as short |
| MEXC PYTH_USDT | −0.0012% | 4h | 0.06399 | −0.315% | $9.5M | $2.5M | 125x | as long as short |
| dYdX PYTH-USD | 0.0000% | 1h | 0.06420 | +0.010% | $191K | $19 | 5x | as long as short |
| Aevo PYTH-PERP | +0.0080% | 1h | 0.06405 | −0.217% | $23K | — | 3x | as long as short |
| Coinbase International PYTH-PERP-INTX | +0.0088% | 1h | 0.06431 | +0.184% | $40K | $9K | 25x | as long as short |
Injective PYTH/USDC PERP
Bybit PYTHUSDT
Kraken Futures PF_PYTHUSD
BloFin PYTH-USDT
Gate PYTH_USDT
Binance PYTHUSDT
MEXC PYTH_USDT
dYdX PYTH-USD
Aevo PYTH-PERP
Coinbase International PYTH-PERP-INTXShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter PYTH | +0.0096% | 1h | 0.06413 | −0.097% | $198K | $204K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0097% | 8h | 0.06401 | −0.280% | $3K | $56 | 10x | as long as short |
| Hyperliquid PYTHshort | +0.0100% | 1h | 0.06398 | −0.332% | $1.7M | $1.4M | 5x | |
| Aster PYTHUSDT | +0.0100% | 4h | 0.06403 | −0.248% | $20K | $26K | 10x | as long as short |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06399 | −0.315% | $2.1M | $3.4M | 50x | as long as short |
| KuCoin PYTHUSDTM | +0.0100% | 4h | 0.06412 | −0.112% | $1.5M | $328K | 50x | as long as short |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06395 | −0.377% | $2.6M | $2.0M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06393 | −0.408% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06414 | −0.075% | $45K | $23K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06404 | −0.235% | $3K | $1K | 10x | as long as short |
| Backpack PYTH_USDC_PERPlong | +0.0227% | 1h | 0.06419 | long leg | $39K | $89K | 10x | |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06395 | −0.381% | — | — | 20x | as long as short |
| Deribit PYTH_USDC-PERPETUAL | +0.0373% | 1h | 0.06425 | +0.090% | $10K | $10K | 10x | as long as short |
Lighter PYTH
Paradex PYTH-USD-PERP
Aster PYTHUSDT
OKX PYTH-USDT-SWAP
KuCoin PYTHUSDTM
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Reya PYTHRUSDPERP
Deribit PYTH_USDC-PERPETUAL