Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.037%

Price spread now: Gate against Hyperliquid−0.051%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 7 days+0.047%+$5 · spread now −0.051%, 7d avg −0.043%

Together, before fees−0.062%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,837	0.0100	pay 0.0013% / 1h	51m 28s	$3.76B	$5.02B	40x
Short	Gate BTC_USDT	85,793.6	0.0080	get 0.0080% / 8h	6h 51m	$5.66B	$10.35B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. 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 HyperliquidbpFee GatebpOrdersPrice spread, now −0.051%Rate

Funding earned: −$4.2
Price spread: −0.051% → −0.043%: −$0.77
Slippage, 4 orders: −$0.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$29.1
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Gate: live order book, 3 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, 13 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.5 bp −$2,771
Sell Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	8.0 bp −$80	9.1 bp −$908	10.8 bp −$5,403

BTC on 56 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
Phoenix BTC	−0.0144%	1h	85,641	−0.228%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,779	−0.068%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.5	−0.076%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0008%	1h	85,747.6	−0.104%	$140.2M	$320.8M	100x	as long as short
BloFin BTC-USDT	−0.0001%	8h	85,768.6	−0.080%	$415.3M	$656.7M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,786.3	−0.059%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,794.1	−0.050%	$512K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796	−0.048%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.031%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0030%	8h	85,758.1	−0.092%	$497.6M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	85,756.1	−0.094%	$890.9M	$755.9M	125x	as long as short
HTX BTC-USDT	+0.0043%	8h	85,756.5	−0.094%	$2.28B	$967.2M	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,783	−0.063%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,789.2	−0.056%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0052%	1h	85,760.9	−0.089%	$6.7M	$146.0M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,766.5	−0.082%	$2.94B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0079%	8h	85,767.4	−0.081%	$5.08B	$5.65B	500x	as long as short
Gate BTC_USDTshort	+0.0080%	8h	85,793.6	−0.051%	$5.66B	$10.35B	200x
Aevo BTC-PERP	+0.0080%	1h	85,763.7	−0.085%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,780.7	−0.066%	$9.33B	$24.58B	150x	as long as short
Nado BTC-PERP	+0.0085%	1h	85,774.3	−0.073%	$22.5M	$228.7M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,810.4	−0.031%	$896.6M	$1.53B	50x	as long as short
SoDEX BTC-USD	+0.0096%	1h	85,771	−0.077%	$60.0M	$338.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,766.7	−0.082%	$170.8M	$976.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,792.3	−0.052%	$23.3M	$145.0M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.093%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,780	−0.066%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,756	−0.094%	$201K	$7.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,779.7	−0.067%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,837	long leg	$3.76B	$5.02B	40x
Pacifica BTC	+0.0100%	1h	85,787.8	−0.057%	$40.8M	$566.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,799.9	−0.043%	$5.25B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,799.9	−0.043%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	−0.078%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,766.6	−0.082%	$7.3M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.060%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,790.6	−0.054%	$35.1M	$162.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,711.3	−0.146%	$155.5M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.174%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.7	−0.123%	$30.3M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,823.4	−0.016%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,770	−0.078%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,781.9	−0.064%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,790.6	−0.054%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,806.8	−0.035%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,780	−0.066%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,721.2	−0.135%	$3.1M	$6.2M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,783	−0.063%	$153.7M	$476.1M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,751.9	−0.099%	$45.0M	$225.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,800.1	−0.043%	—	$101.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,815.2	−0.025%	$131.7M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	85,813.4	−0.027%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,805.3	−0.037%	$189.5M	$968.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0154%	1h	85,819	−0.021%	$77K	$217K	20x	as long as short
Kalshi KXBTCPERP	+0.0203%	8h	85,828	−0.010%	$9.9M	$768.3M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0195%	1h	85,788	−0.057%	$13.8M	—	200x	as long as short