S

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0329%/8h= +36.0% APRnext payment +$0.41 per $10,000 · paid last 24h +0.019%

Price spread now: Backpack against Hyperliquid+0.204%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

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

Long on Hyperliquid Short on Backpack

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)−0.414%−$41 · spread now +0.204%, 7d avg +0.048%

Together, before fees−0.741%+ Points / potential airdropHyperliquid: Season 2 · farm board−$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.156% dearer against Hyperliquid than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.048%. Mind the row above: over the last 7 days funding on this pair cost −0.327%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.03922	0.0034	pay 0.0004% / 1h	54m 30s	$984K	$787K	5x
Short	Backpack S_USDC_PERP	0.03930	0.0363	get 0.0045% / 1h	54m 30s	$114K	$298K	5x

Funding 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 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.204%Rate

Funding earned: $69.11
Price spread: +0.204% → +0.048%: $15.62
Slippage, 4 orders: −$65.67
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $0.07
Costs to cover: 0.847%
Break-even: 7.0 days

Slippage from Hyperliquid: live order book, 56 min ago; Backpack: live order book, 29 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, 56 min ago	1.40 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 29 min ago	12.71 bp	32.3 bp −$32	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	+0.019%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.448%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0793%	4h	0.03918	−0.098%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0187%	1h	0.03924	+0.054%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0192%	1h	0.03920	−0.051%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03920	−0.058%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	−0.0004%	1h	0.03931	+0.229%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03925	+0.086%	$605	—	150x	as long as short
Orderly PERP_S_USDC	+0.0020%	4h	0.03920	−0.051%	$100K	$349K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.539%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0034%	1h	0.03922	long leg	$984K	$787K	5x
Aster SUSDT	+0.0043%	4h	0.03926	+0.100%	$43K	$212K	10x	as long as short
Lighter S	+0.0096%	1h	0.03929	+0.178%	$165K	$222K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03922	+0.010%	$5.4M	$22.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03915	−0.178%	$5.6M	$6.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03919	−0.076%	$979K	$7.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03917	−0.127%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03922	0.000%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03922	0.000%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03923	+0.025%	$1.2M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03921	−0.025%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	−0.051%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03923	+0.034%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	−0.102%	$268K	$132K	75x	as long as short
Backpack S_USDC_PERPshort	+0.0363%	1h	0.03930	+0.204%	$114K	$298K	5x