Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate+0.122%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$237as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2362.360% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.122%, 7d avg +0.038%

Together, before fees−0.094%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 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: Hyperliquid is 0.083% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate AXS_USDT	1.0691	0.0100	pay 0.0100% / 8h	6h 11m	$852K	$996K	50x
Short	Hyperliquid AXS	1.0704	0.0100	get 0.0013% / 1h	11m 58s	$258K	$314K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.122%Rate

Funding earned: $0
Price spread: +0.122% → +0.038%: $8.32
Slippage, 4 orders: −$211.98
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$227.66
Costs to cover: 2.360%
Break-even: never at this rate

Slippage from Gate: live order book, 40 min ago; Hyperliquid: live order book, 28 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 Gate live order book, 40 min ago	9.83 bp	78.8 bp −$79	267.9 bp −$2,679	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 28 min ago	3.28 bp	31.8 bp −$32	doesn't fit	doesn't fit	doesn't fit

AXS on 19 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
Injective AXS/USDC PERP	+0.0033%	1h	1.0720	+0.271%	$5	$47K	5.5x	as long as short
Orderly PERP_AXS_USDC	+0.0080%	4h	1.0700	+0.084%	$3K	—	10x	as long as short
Lighter AXS	+0.0096%	1h	1.0726	+0.327%	$33K	$41K	5x	as long as short
Hyperliquid AXSshort	+0.0100%	1h	1.0704	+0.122%	$258K	$314K	5x
Aster AXSUSDT	+0.0100%	4h	1.0705	+0.133%	$73K	$14K	10x	as long as short
Binance AXSUSDT	+0.0100%	4h	1.0704	+0.117%	$6.0M	$10.1M	75x	as long as short
Bybit AXSUSDT	+0.0100%	8h	1.0701	+0.094%	$3.7M	$4.3M	75x	as long as short
OKX AXS-USDT-SWAP	+0.0100%	4h	1.0694	+0.028%	$1.4M	$2.9M	20x	as long as short
Gate AXS_USDTlong	+0.0100%	8h	1.0691	long leg	$852K	$996K	50x
MEXC AXS_USDT	+0.0100%	4h	1.0702	+0.103%	$11.4M	$731K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin AXSUSDTM	+0.0100%	4h	1.0710	+0.178%	$600K	$304K	50x	as long as short
Bitget AXSUSDT	+0.0100%	4h	1.0700	+0.084%	$3.1M	$1.2M	50x	as long as short
BingX AXS-USDT	+0.0100%	4h	1.0700	+0.084%	—	$2.6M	—	as long as short
Variational Omni AXS	+0.0100%	8h	1.0700	+0.084%	$36K	$4K	—	as long as short
GRVT AXS_USDT_Perp	+0.0100%	4h	1.0699	+0.077%	$758K	$909K	10x	as long as short
SunX AXS-USDT	+0.0100%	4h	1.0691	0.000%	$1K	$1.3M	20x	as long as short
SoDEX AXS-USD	+0.0100%	1h	1.0703	+0.112%	$724	$3K	5x	as long as short
Extended AXS-USD	+0.0104%	1h	1.0702	+0.099%	$9K	$240K	10x	as long as short
Kraken Futures PF_AXSUSD	+0.0357%	1h	1.0715	+0.223%	$145K	$337K	20x	as long as short