Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1444%/8h= −158.1% APRpaid last 24h −0.324%

Price spread now: Gate against Hyperliquid+0.019%7-day average −0.237% · you sell dearer than you buy

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$1151.151% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.537%−$54 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now +0.019%, 7d avg −0.237%

Together, before fees−0.724%+ Points / potential airdropHyperliquid: Season 2 · farm board−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.256% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.237%): +$26 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.537% in total) that is about 3.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.537% in total (about -28.0% 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 NIL	0.06812	0.1544	pay 0.0193% / 1h	16m 27s	$4.0M	$4.5M	3x
Short	Gate NIL_USDT	0.06813	0.0100	get 0.0050% / 4h	16m 27s	$437K	$2.0M	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

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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 +0.019%Rate

Funding earned: −$303.29
Price spread: +0.019% → −0.237%: $25.62
Slippage, 4 orders: −$91.1
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$392.76
Costs to cover: 1.151%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 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, 5 min ago	2.26 bp	26.6 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	5.87 bp	47.3 bp −$47	239.4 bp −$2,394	doesn't fit	doesn't fit

NIL on 12 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
BloFin NIL-USDT	+0.0095%	4h	0.06809	−0.040%	$346K	$142K	50x	as long as short
Aster NILUSDT	+0.0100%	4h	0.06808	−0.054%	$20K	$361K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06798	−0.202%	$5.2M	$79.2M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06808	−0.054%	$3.7M	$14.1M	20x	as long as short
Gate NIL_USDTshort	+0.0100%	4h	0.06813	+0.019%	$437K	$2.0M	50x
MEXC NIL_USDT	+0.0100%	4h	0.06821	+0.137%	$2.4M	$5.0M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06813	+0.019%	$510K	$687K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06805	−0.098%	$1.7M	$8.6M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06801	−0.157%	—	$8.5M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06847	+0.512%	$175K	$266K	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NIL-USD	+0.0104%	1h	0.06802	−0.147%	$16K	$94K	5x	as long as short
Hyperliquid NILlong	+0.1544%	1h	0.06812	long leg	$4.0M	$4.5M	3x