Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate+0.021%7-day average +0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs−$721as in the Funding arb table

Net, price: spread back to 7d avg − costs−$735as in the Price arb table

costs, in and out, $10k−$7257.248% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now +0.021%, 7d avg +0.122%

Together, before fees+0.219%+ Points / potential airdropHyperliquid: Season 2 · farm board+$22 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: Hyperliquid is 0.101% cheaper against Gate than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.122%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate LAYER_USDT	0.07637	0.0100	pay 0.0050% / 4h	1h 25m	$136K	$55K	20x
Short	Hyperliquid LAYER	0.07639	0.0100	get 0.0013% / 1h	25m 04s	$589K	$165K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → +0.122%: −$10.1
Slippage, 4 orders: −$700.76
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$734.85
Costs to cover: 7.248%
Break-even: never at this rate

Slippage from Gate: live order book, 50 min ago; Hyperliquid: live order book, 55 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 Gate live order book, 50 min ago	13.07 bp	540.8 bp −$541	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 55 min ago	2.68 bp	56.3 bp −$56	doesn't fit	doesn't fit	doesn't fit

LAYER 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
Kraken Futures PF_LAYERUSD	−0.0448%	1h	0.07640	+0.038%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.753%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0093%	4h	0.07635	−0.026%	$113K	$12K	50x	as long as short
Hyperliquid LAYERshort	+0.0100%	1h	0.07639	+0.021%	$589K	$165K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07631	−0.078%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07636	−0.007%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07632	−0.065%	$702K	$661K	20x	as long as short
Gate LAYER_USDTlong	+0.0100%	4h	0.07637	long leg	$136K	$55K	20x
MEXC LAYER_USDT	+0.0100%	4h	0.07635	−0.026%	$352K	$114K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07633	−0.052%	$1.1M	$167K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07620	−0.223%	$26K	$185K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07631	−0.084%	$2K	$174K	5x	as long as short
BingX LAYER-USDT	+0.0176%	4h	0.07642	+0.065%	—	$1.6M	—	as long as short