Backpackvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 12 liquid markets shared by Backpack and Hyperliquid, the best funding setup over the past 7 days is $NEAR (long Hyperliquid, short Backpack): it paid 33.0% APR, 23.1% after costs, and held 81% of the time.
12 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs β not by the instantaneous APR.
β7d avgβ is the funding spread the pair actually paid over the last 7 days. βAfter costsβ subtracts taker fees for opening and closing both legs over a 7-day hold. βHoldsβ is the share of hours the spread kept the same sign and at least 5% APR.
| Backpack | Hyperliquid | |
|---|---|---|
| Type | CEX | DEX |
| Taker fee | 0.05% | 0.045%β |
| Maker fee | 0.02% | 0.015%β |
| Open Interest | $104.4M | $11.10Bβ |
| 24h Volume | $76.1M | $2.74Bβ |
| Avg Funding APR | 10.30% | 4.11% |
| Markets | 73 | 175β |
| Airdrop / token | Listed | Listed |
Backpack and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, Hyperliquid is cheaper (0.045% vs 0.05% taker). On liquidity, Hyperliquid is deeper with $11.10B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely βone or the otherβ β you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Backpack and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Backpack and Hyperliquid pays most?
- Across 12 liquid markets shared by Backpack and Hyperliquid, the best funding setup over the past 7 days is $NEAR (long Hyperliquid, short Backpack): it paid 33.0% APR, 23.1% after costs, and held 81% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Backpack or Hyperliquid cheaper?
- Backpack charges 0.05% taker / 0.02% maker; Hyperliquid charges 0.045% taker / 0.015% maker. Hyperliquid has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Backpack or Hyperliquid?
- Backpack has $104.4M open interest across 73 markets; Hyperliquid has $11.10B across 175. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Backpack and Hyperliquid?
- Yes β when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.