Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.061%
Price spread now: Backpack against Hyperliquid0.000%7-day average −0.069% · you sell dearer than you buy
Net, funding: paid 7d − costs−$68as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$390.386% of the position
Funding, last 7 days−0.297%−$30 on $10k
+Price spread, last 4 days (all we have)−0.214%−$21 · spread now 0.000%, 7d avg −0.069%
=Together, before fees−0.512%+ Points / potential airdropHyperliquid: Season 2 · farm board−$51 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 0.069% dearer against Hyperliquid than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.069%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid ZRO | 1.1834 | 0.0100 | pay 0.0013% / 1h | 37m 08s | $37.6M | $6.9M | 5x |
| Short | Backpack ZRO_USDC_PERP | 1.1834 | 0.0100 | get 0.0013% / 1h | 37m 08s | $92K | $204K | 20x |
Hyperliquid ZRO
Backpack ZRO_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: 0.000% → −0.069%
- $6.89
- Slippage, 4 orders
- −$19.6
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$31.71
- Costs to cover
- 0.386%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 6 min ago; Backpack: live order book, 51 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, 6 min ago | 1.27 bp | 13.6 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 51 min ago | 0.42 bp | 6.8 bp −$7 | doesn't fit | doesn't fit | doesn't fit |
ZRO on 26 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0384% | 1h | 1.1822 | −0.101% | $7K | $3K | 5x | as long as short |
| Orderly PERP_ZRO_USDC | −0.0054% | 4h | 1.1834 | 0.000% | $21K | $7K | 10x | as long as short |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1838 | +0.034% | $21K | $2K | 5x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0034% | 4h | 1.1826 | −0.068% | $3.2M | $9.1M | 20x | as long as short |
| Bybit ZROUSDT | +0.0071% | 4h | 1.1814 | −0.169% | $18.1M | $15.9M | 50x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1833 | −0.006% | $4.6M | $1.2M | 5x | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1802 | −0.274% | $2.3M | $879K | — | as long as short |
| Hyperliquid ZROlong | +0.0100% | 1h | 1.1834 | long leg | $37.6M | $6.9M | 5x | |
| Aster ZROUSDT | +0.0100% | 4h | 1.1841 | +0.059% | $158K | $161K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1829 | −0.042% | $144K | $195K | 5x | as long as short |
01 Exchange ZROUSD
Orderly PERP_ZRO_USDC
dYdX ZRO-USD
OKX ZRO-USDT-SWAP
Bybit ZROUSDT
Lighter ZRO
Variational Omni ZRO
Aster ZROUSDT
Pacifica ZROShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ZROUSDT | +0.0100% | 4h | 1.1826 | −0.068% | $22.4M | $33.9M | 75x | as long as short |
| Gate ZRO_USDT | +0.0100% | 4h | 1.1820 | −0.118% | $1.3M | $2.0M | 75x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1820 | −0.118% | $19.1M | $3.5M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1835 | +0.008% | $2.6M | $1.5M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1826 | −0.068% | $2.7M | $2.5M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1823 | −0.093% | — | $10.9M | — | as long as short |
| Backpack ZRO_USDC_PERPshort | +0.0100% | 1h | 1.1834 | 0.000% | $92K | $204K | 20x | |
| ApeX Omni ZROUSDT | +0.0100% | 1h | 1.1810 | −0.203% | $37K | $681K | 50x | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1839 | +0.042% | $87K | $990K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1829 | −0.046% | $21K | — | 3x | as long as short |
| BloFin ZRO-USDT | +0.0114% | 4h | 1.1826 | −0.068% | $1.1M | $266K | 75x | as long as short |
| Nado ZRO-PERP | +0.0172% | 1h | 1.1835 | +0.006% | $1.3M | $130K | 5x | as long as short |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1842 | +0.067% | $3K | — | 100x | as long as short |
| Kraken Futures PF_ZROUSD | +0.0317% | 1h | 1.1841 | +0.058% | $251K | $577K | 25x | as long as short |
| Extended ZRO-USD | +0.0776% | 1h | 1.1821 | −0.112% | $780K | $560K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1237% | 1h | 1.1850 | +0.135% | $12K | $145K | 12x | as long as short |
Binance ZROUSDT
Gate ZRO_USDT
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
ApeX Omni ZROUSDT
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
BloFin ZRO-USDT
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Kraken Futures PF_ZROUSD
Extended ZRO-USD
Injective ZRO/USDC PERP