S

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0333%/8h= −36.5% APRnext payment −$0.42 per $10,000 · paid last 24h −0.019%

Price spread now: Hyperliquid against Backpack−0.140%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$850.847% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.327%+$33 on $10k

Price spread, last 4 days (all we have)+0.350%+$35 · spread now −0.140%, 7d avg −0.048%

Together, before fees+0.677%+ Points / potential airdropHyperliquid: Season 2 · farm board+$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Hyperliquid is 0.092% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.048%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.327%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03930	0.0363	pay 0.0045% / 1h	54m 41s	$114K	$298K	5x
Short	Hyperliquid S	0.03925	0.0030	get 0.0004% / 1h	54m 41s	$985K	$787K	5x

Funding 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 it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee HyperliquidbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$70.01
Price spread: −0.140% → −0.048%: −$9.22
Slippage, 4 orders: −$65.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$163.89
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from Backpack: live order book, 29 min ago; Hyperliquid: live order book, 56 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, 29 min ago	12.71 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 56 min ago	1.40 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.1593%	1h	0.03923	−0.184%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.646%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0793%	4h	0.03918	−0.301%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0186%	1h	0.03930	+0.003%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0192%	1h	0.03920	−0.254%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03923	−0.166%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	−0.0004%	1h	0.03931	+0.025%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03930	−0.003%	$606	—	150x	as long as short
Orderly PERP_S_USDC	+0.0020%	4h	0.03926	−0.102%	$100K	$350K	10x	as long as short
Hyperliquid Sshort	+0.0030%	1h	0.03925	−0.140%	$985K	$787K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.326%	$2K	$37K	12x	as long as short
Aster SUSDT	+0.0043%	4h	0.03927	−0.083%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03929	−0.025%	$165K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03924	−0.162%	$5.4M	$22.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03917	−0.331%	$5.6M	$6.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03922	−0.204%	$979K	$7.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03917	−0.331%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03926	−0.102%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03922	−0.204%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03924	−0.153%	$1.2M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03921	−0.229%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	−0.254%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03923	−0.169%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	−0.305%	$268K	$132K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0363%	1h	0.03930	long leg	$114K	$298K	5x