Funding arb · Price arb /

FOGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against Hyperliquid−0.216%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$238as in the Funding arb table

Net, price: spread back to 7d avg − costs−$270as in the Price arb table

costs, in and out, $10k−$2452.453% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.216%, 7d avg +0.029%

Together, before fees+0.135%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 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: Gate is 0.245% cheaper against Hyperliquid than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid FOGO	0.006945	0.0100	pay 0.0013% / 1h	18m 40s	$708K	$306K	3x
Short	Gate FOGO_USDT	0.006930	0.0100	get 0.0050% / 4h	1h 18m	$111K	$51K	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 −0.216%Rate

Funding earned: $0
Price spread: −0.216% → +0.029%: −$24.47
Slippage, 4 orders: −$221.3
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$269.77
Costs to cover: 2.453%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 21 min ago; Gate: live order book, 36 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, 21 min ago	2.89 bp	41.9 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 36 min ago	14.43 bp	91.5 bp −$92	doesn't fit	doesn't fit	doesn't fit

FOGO on 13 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
Lighter FOGO	+0.0096%	1h	0.006960	+0.216%	$11K	$9K	3x	as long as short
Hyperliquid FOGOlong	+0.0100%	1h	0.006945	long leg	$708K	$306K	3x
Aster FOGOUSDT	+0.0100%	4h	0.006946	+0.015%	$13K	$13K	5x	as long as short
Binance FOGOUSDT	+0.0100%	4h	0.006955	+0.144%	$1.8M	$2.1M	50x	as long as short
Bybit FOGOUSDT	+0.0100%	4h	0.006942	−0.043%	$778K	$190K	50x	as long as short
OKX FOGO-USDT-SWAP	+0.0100%	4h	0.006945	0.000%	$523K	$857K	10x	as long as short
Gate FOGO_USDTshort	+0.0100%	4h	0.006930	−0.216%	$111K	$51K	50x
MEXC FOGO_USDT	+0.0100%	4h	0.006950	+0.072%	$320K	$124K	50x	as long as short
KuCoin FOGOUSDTM	+0.0100%	4h	0.006960	+0.216%	$286K	$94K	50x	as long as short
Bitget FOGOUSDT	+0.0100%	4h	0.006950	+0.072%	$131K	$90K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX FOGO-USDT	+0.0100%	4h	0.006951	+0.086%	—	$1.3M	—	as long as short
Variational Omni FOGO	+0.0100%	4h	0.006953	+0.111%	$97K	$2K	—	as long as short
SunX FOGO-USDT	+0.0100%	4h	0.006940	−0.072%	$1K	$1.2M	20x	as long as short