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: Backpack against Hyperliquid+0.188%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

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

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.410%−$41 · spread now +0.188%, 7d avg −0.060%

Together, before fees−0.574%+ 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: Backpack is 0.247% dearer against Hyperliquid than usual: you sell high and buy low, +$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	Hyperliquid VIRTUAL	0.7137	0.0100	pay 0.0013% / 1h	29m 21s	$8.8M	$3.7M	5x
Short	Backpack VIRTUAL_USDC_PERP	0.7150	0.0100	get 0.0013% / 1h	29m 21s	$235K	$162K	10x

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 +0.188%Rate

Funding earned: $0
Price spread: +0.188% → −0.060%: $24.74
Slippage, 4 orders: −$21.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$15.39
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Backpack: live order book, 19 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, 4 min ago	0.91 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	2.13 bp	8.7 bp −$9	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	−0.124%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7128	−0.121%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7141	+0.064%	$11K	$45K	5x	as long as short
Injective VIRTUAL/USDC PERP	−0.0043%	1h	0.7117	−0.275%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	−0.0040%	4h	0.7137	+0.004%	$517K	$869K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0030%	1h	0.7146	+0.132%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7135	−0.028%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0032%	1h	0.7134	−0.038%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0071%	4h	0.7130	−0.092%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7137	long leg	$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	+0.071%	$194K	$77K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7141	+0.058%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7127	−0.135%	$16.3M	$36.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7126	−0.149%	$15.4M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7129	−0.106%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7138	+0.020%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7122	−0.205%	$16.8M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7137	+0.006%	$3.0M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7134	−0.036%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7131	−0.078%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7150	+0.188%	$235K	$162K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7138	+0.021%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7142	+0.076%	$631K	$954K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7133	−0.050%	$40K	$241K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7132	−0.070%	$33K	$787K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7139	+0.034%	$1K	$1.2M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7143	+0.090%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7128	−0.116%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7129	−0.102%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7133	−0.048%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7138	+0.020%	$809K	$795K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0456%	1h	0.7152	+0.216%	$195K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0616%	1h	0.7154	+0.249%	$525K	$512K	50x	as long as short