Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.052%

Price spread now: Gate against Hyperliquid−0.093%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.137%−$14 on $10k

Price spread, last 7 days+0.082%+$8 · spread now −0.093%, 7d avg −0.041%

Together, before fees−0.055%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.052% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ETH	2,775.5	0.0100	pay 0.0013% / 1h	16m 44s	$3.17B	$2.36B	25x
Short	Gate ETH_USDT	2,772.9	0.0068	get 0.0068% / 8h	16m 44s	$3.29B	$9.68B	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 −0.093%Rate

Funding earned: −$6.72
Price spread: −0.093% → −0.041%: −$5.2
Slippage, 4 orders: −$1.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.52
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Gate: live order book, 2 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, 7 min ago	0.18 bp	5.7 bp −$6	6.3 bp −$63	6.6 bp −$662	8.2 bp −$4,108
Sell Gate live order book, 2 min ago	0.02 bp	7.7 bp −$8	8.7 bp −$87	11.9 bp −$1,193	20.0 bp −$10.0K

ETH on 55 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
Perpl ETH	−0.0223%	43m	2,772.4	−0.111%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,773	−0.092%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.483%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.9	−0.094%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0026%	1h	2,773	−0.090%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.4	−0.076%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.5	−0.073%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,769.9	−0.202%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.5	−0.143%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.6	−0.106%	$1.70B	$11.89B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0025%	1h	2,772	−0.127%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,771.4	−0.149%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0032%	8h	2,772.2	−0.121%	$270.3M	$68.9M	150x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,773	−0.090%	$256.0M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,772.1	−0.123%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USD	+0.0044%	1h	2,770.6	−0.175%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.8	−0.132%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,772.8	−0.098%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,773	−0.090%	$6.46B	$17.31B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,772.8	−0.097%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDTshort	+0.0068%	8h	2,772.9	−0.093%	$3.29B	$9.68B	200x
Deribit ETH-PERPETUAL	+0.0075%	1h	2,773.8	−0.062%	$259.0M	$222.5M	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,773.3	−0.081%	$421.3M	$739.1M	100x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,772.8	−0.097%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,773.3	−0.079%	$60.2M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,773	−0.092%	$2.51B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,771.8	−0.132%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,771.2	−0.155%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.4	−0.074%	$115.2M	$500.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	−0.015%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.3	−0.080%	—	$43.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773	−0.089%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.6	−0.104%	$476K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.1	−0.160%	$14.3M	$118.3M	50x	as long as short
Hyperliquid ETHlong	+0.0100%	1h	2,775.5	long leg	$3.17B	$2.36B	25x
Pacifica ETH	+0.0100%	1h	2,773.6	−0.070%	$31.3M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.8	−0.097%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.9	−0.058%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,773	−0.092%	$170.1M	$265.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.1	−0.122%	$15.1M	$44.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769	−0.235%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.2	−0.156%	$181.9M	$784.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773	−0.091%	$161.2M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	−0.090%	$21.5M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771	−0.162%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	−0.125%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772	−0.126%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	−0.082%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.1	−0.122%	$32.5M	$78.2M	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,773	−0.090%	$8.3M	$687.6M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.5	−0.072%	$89.1M	$337.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0142%	8h	2,773.4	−0.076%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,772.1	−0.123%	$286.4M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0204%	1h	2,770.5	−0.180%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,774.4	−0.040%	$252K	$1.6M	20x	as long as short