Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.064%
Price spread now: Hyperliquid against Backpack−0.102%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.102% cheaper against Backpack than usual: you would sell low and buy high, −$10 on $10k if it goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack W_USDC_PERP | 0.01171 | 0.0100 | pay 0.0013% / 1h | 57m 45s | $43K | $50K | 15x |
| Short | Hyperliquid W | 0.01170 | 0.0100 | get 0.0013% / 1h | 57m 45s | $2.0M | $473K | 5x |
Backpack W_USDC_PERP
Hyperliquid WFunding 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
- $0
- Price spread: −0.102% → 0.000%
- −$10.25
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$29.25
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Hyperliquid: live order book, 3 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, 3 min ago | 4.26 bp | 26.3 bp −$26 | 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.
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | 0.0000% | 1h | 0.01170 | −0.068% | $17K | $790 | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +3.227% | $1K | $1K | 12x | as long as short |
| OKX W-USDT-SWAP | +0.0039% | 4h | 0.01169 | −0.222% | $1.3M | $2.2M | 20x | as long as short |
| Hyperliquid Wshort | +0.0100% | 1h | 0.01170 | −0.102% | $2.0M | $473K | 5x | |
| Binance WUSDT | +0.0100% | 4h | 0.01169 | −0.154% | $2.9M | $7.7M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01168 | −0.273% | $4.1M | $2.1M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01170 | −0.102% | $443K | $300K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01170 | −0.145% | $12.8M | $1.7M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01168 | −0.273% | $419K | $231K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01171 | −0.017% | $1.2M | $557K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
OKX W-USDT-SWAP
Binance WUSDT
Bybit WUSDT
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01169 | −0.205% | — | $6.9M | — | as long as short |
| Backpack W_USDC_PERPlong | +0.0100% | 1h | 0.01171 | long leg | $43K | $50K | 15x | |
| Variational Omni W | +0.0100% | 4h | 0.01172 | +0.070% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01175 | +0.324% | $133K | $412K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01169 | −0.169% | $59K | $276K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0296% | 1h | 0.01179 | +0.632% | $14K | $18K | 50x | as long as short |
| Kraken Futures PF_WUSD | +0.0621% | 1h | 0.01172 | +0.103% | $145K | $189K | 20x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Kraken Futures PF_WUSD