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: Backpack against Hyperliquid+0.188%7-day average — · you sell dearer than you buy
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: Backpack is 0.188% dearer against Hyperliquid than usual: you sell high and buy low, +$19 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 | Hyperliquid W | 0.01169 | 0.0100 | pay 0.0013% / 1h | 57m 20s | $2.0M | $473K | 5x |
| Short | Backpack W_USDC_PERP | 0.01171 | 0.0100 | get 0.0013% / 1h | 57m 20s | $43K | $50K | 15x |
Hyperliquid W
Backpack W_USDC_PERPFunding 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 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: +0.188% → 0.000%
- $18.82
- Slippage, 4 orders
- no order book: not counted
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$0.18
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: Hyperliquid: live order book, 4 min ago; Backpack: no order-book sample. 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 Hyperliquid live order book, 4 min ago | 4.26 bp | 19.5 bp −$20 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
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 | −0.0007% | 1h | 0.01169 | −0.009% | $17K | $790 | 10x | as long as short |
| OKX W-USDT-SWAP | +0.0033% | 4h | 0.01167 | −0.154% | $1.3M | $2.2M | 20x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +3.422% | $1K | $1K | 12x | as long as short |
| Hyperliquid Wlong | +0.0100% | 1h | 0.01169 | long leg | $2.0M | $473K | 5x | |
| Binance WUSDT | +0.0100% | 4h | 0.01168 | −0.055% | $2.9M | $7.7M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01167 | −0.197% | $4.1M | $2.1M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01167 | −0.128% | $442K | $300K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01169 | −0.034% | $12.8M | $1.7M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01167 | −0.171% | $419K | $231K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01171 | +0.171% | $1.2M | $553K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
OKX W-USDT-SWAP
Injective W/USDC PERP
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 | −0.017% | — | $6.9M | — | as long as short |
| Backpack W_USDC_PERPshort | +0.0100% | 1h | 0.01171 | +0.188% | $43K | $50K | 15x | |
| Variational Omni W | +0.0100% | 4h | 0.01172 | +0.258% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01170 | +0.086% | $133K | $412K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01169 | +0.022% | $59K | $276K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0296% | 1h | 0.01179 | +0.821% | $14K | $18K | 50x | as long as short |
| Kraken Futures PF_WUSD | +0.0621% | 1h | 0.01172 | +0.292% | $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