Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0890%/8h= −97.5% APRpaid last 24h −0.168%

Price spread now: Gate against Hyperliquid−0.209%7-day average −0.223% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$670.666% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.346%−$35 on $10k

Price spread, last 7 days+0.053%+$5 · spread now −0.209%, 7d avg −0.223%

Together, before fees−0.292%+ Points / potential airdropHyperliquid: Season 2 · farm board−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.223%, so right now this pair is about funding alone: −$27 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.346% in total (about -18.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid CFX	0.05368	0.0990	pay 0.0124% / 1h	47m 10s	$3.2M	$347K	5x
Short	Gate CFX_USDT	0.05357	0.0100	get 0.0100% / 8h	5h 47m	$1.1M	$2.5M	50x

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 −0.209%Rate

Funding earned: −$186.93
Price spread: −0.209% → −0.223%: $1.39
Slippage, 4 orders: −$42.58
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$252.11
Costs to cover: 0.666%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Gate: live order book, 1 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, 4 min ago	0.93 bp	24.5 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.80 bp	15.7 bp −$16	32.0 bp −$320	doesn't fit	doesn't fit

CFX on 16 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
Aster CFXUSDT	+0.0100%	8h	0.05360	−0.157%	$5K	$43K	5x	as long as short
Binance CFXUSDT	+0.0100%	8h	0.05359	−0.171%	$5.4M	$10.2M	75x	as long as short
Bybit CFXUSDT	+0.0100%	8h	0.05360	−0.153%	$2.4M	$1.4M	25x	as long as short
OKX CFX-USDT-SWAP	+0.0100%	8h	0.05353	−0.283%	$2.5M	$5.7M	20x	as long as short
Gate CFX_USDTshort	+0.0100%	8h	0.05357	−0.209%	$1.1M	$2.5M	50x
MEXC CFX_USDT	+0.0100%	8h	0.05356	−0.227%	$3.1M	$1.7M	125x	as long as short
KuCoin CFXUSDTM	+0.0100%	8h	0.05361	−0.134%	$878K	$283K	75x	as long as short
Bitget CFXUSDT	+0.0100%	8h	0.05356	−0.227%	$1.6M	$1.4M	75x	as long as short
BingX CFX-USDT	+0.0100%	8h	0.05358	−0.190%	—	$20.2M	—	as long as short
Variational Omni CFX	+0.0100%	8h	0.05384	+0.293%	$42K	$45K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CFX_USDT_Perp	+0.0100%	8h	0.05387	+0.353%	$511K	$1.7M	10x	as long as short
Extended CFX-USD	+0.0104%	1h	0.05357	−0.216%	$4K	$266K	10x	as long as short
Coinbase International CFX-PERP-INTX	+0.0248%	1h	0.05394	+0.481%	$44K	$125K	50x	as long as short
Hyperliquid CFXlong	+0.0990%	1h	0.05368	long leg	$3.2M	$347K	5x
Kraken Futures PF_CFXUSD	+0.1436%	1h	0.05361	−0.131%	$33K	$19K	20x	as long as short
Deribit CFX_USDC-PERPETUAL	+0.3111%	1h	0.05373	+0.089%	$142	$29	10x	as long as short