Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Hyperliquid against Backpack−0.187%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 4 days (all we have)+0.409%+$41 · spread now −0.187%, 7d avg +0.060%

Together, before fees+0.573%+ Points / potential airdropHyperliquid: Season 2 · farm board+$57 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 0.247% cheaper against Backpack than usual: you would sell low and buy high, −$25 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7150	0.0100	pay 0.0013% / 1h	29m 22s	$235K	$162K	10x
Short	Hyperliquid VIRTUAL	0.7137	0.0100	get 0.0013% / 1h	29m 22s	$8.8M	$3.7M	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 −0.187%Rate

Funding earned: $0
Price spread: −0.187% → +0.060%: −$24.7
Slippage, 4 orders: −$21.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$64.83
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from Backpack: live order book, 19 min ago; Hyperliquid: live order book, 4 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, 19 min ago	2.13 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.91 bp	10.5 bp −$10	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7128	−0.311%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7128	−0.308%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7141	−0.123%	$11K	$45K	5x	as long as short
Injective VIRTUAL/USDC PERP	−0.0043%	1h	0.7117	−0.462%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	−0.0040%	4h	0.7137	−0.183%	$517K	$869K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0030%	1h	0.7146	−0.056%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7135	−0.216%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0032%	1h	0.7134	−0.225%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0071%	4h	0.7130	−0.280%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7137	−0.187%	$8.8M	$3.7M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7142	−0.117%	$194K	$77K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7141	−0.130%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7127	−0.322%	$16.3M	$36.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7126	−0.336%	$15.4M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7129	−0.294%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7138	−0.168%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7122	−0.392%	$16.8M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7137	−0.182%	$3.0M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7134	−0.224%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7131	−0.266%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7150	long leg	$235K	$162K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7138	−0.167%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7142	−0.112%	$631K	$954K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7133	−0.238%	$40K	$241K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7132	−0.257%	$33K	$787K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7139	−0.154%	$1K	$1.2M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7143	−0.098%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7128	−0.303%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7129	−0.289%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7133	−0.235%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7138	−0.168%	$809K	$795K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0456%	1h	0.7152	+0.028%	$195K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0616%	1h	0.7154	+0.061%	$525K	$512K	50x	as long as short