Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0597%/8h= −65.3% APRpaid last 24h −0.001%

Price spread now: Gate against Hyperliquid−0.443%7-day average −0.339% · you buy dearer than you sell

Net, funding: paid 7d − costs−$231as in the Funding arb table

Net, price: spread back to 7d avg − costs−$240as in the Price arb table

costs, in and out, $10k−$2292.295% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.443%, 7d avg −0.339%

Together, before fees−0.089%+ Points / potential airdropHyperliquid: Season 2 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Gate is 0.104% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.339%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% 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 IMX	0.1512	0.0697	pay 0.0087% / 1h	58m 15s	$3.5M	$283K	5x
Short	Gate IMX_USDT	0.1505	0.0100	get 0.0050% / 4h	58m 15s	$645K	$81K	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 −0.443%Rate

Funding earned: −$125.32
Price spread: −0.443% → −0.339%: −$10.42
Slippage, 4 orders: −$205.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$365.2
Costs to cover: 2.295%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Gate: live order book, 63 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, 3 min ago	0.99 bp	12.9 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 63 min ago	6.61 bp	96.7 bp −$97	218.2 bp −$2,182	doesn't fit	doesn't fit

IMX on 15 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
Variational Omni IMX	−0.0681%	4h	0.1506	−0.397%	$94K	$131K	—	as long as short
dYdX IMX-USD	0.0000%	1h	0.1510	−0.129%	$26K	$2K	5x	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1508	−0.265%	$2K	—	150x	as long as short
OKX IMX-USDT-SWAP	+0.0017%	4h	0.1505	−0.423%	$945K	$1.6M	20x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.218%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1505	−0.446%	$3.6M	$5.7M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1504	−0.496%	$3.8M	$2.2M	75x	as long as short
Gate IMX_USDTshort	+0.0100%	4h	0.1505	−0.443%	$645K	$81K	50x
MEXC IMX_USDT	+0.0100%	4h	0.1506	−0.377%	$2.6M	$570K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1506	−0.377%	$375K	$161K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1507	−0.311%	$1.3M	$400K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1507	−0.311%	—	$2.9M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1509	−0.179%	$191K	$124K	75x	as long as short
Hyperliquid IMXlong	+0.0697%	1h	0.1512	long leg	$3.5M	$283K	5x
Kraken Futures PF_IMXUSD	+0.1077%	1h	0.1512	−0.010%	$115K	$10K	20x	as long as short