Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate+0.060%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$149as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now +0.060%, 7d avg −0.022%

Together, before fees−0.395%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 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 0.082% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NOT_USDT	0.0005037	0.0100	pay 0.0050% / 4h	2h 42m	$140K	$76K	50x
Short	Hyperliquid NOT	0.0005040	0.0100	get 0.0013% / 1h	42m 28s	$368K	$50K	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

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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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.060%Rate

Funding earned: $0
Price spread: +0.060% → −0.022%: $8.15
Slippage, 4 orders: −$102.02
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$117.87
Costs to cover: 1.260%
Break-even: never at this rate

Slippage from Gate: live order book, 40 min ago; Hyperliquid: live order book, 41 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, 40 min ago	6.94 bp	33.9 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 41 min ago	9.89 bp	33.0 bp −$33	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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 NOT	+0.0014%	4h	0.0005039	+0.030%	$66K	$34K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.236%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0057%	4h	0.0005041	+0.079%	$113K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005048	+0.216%	$11K	$5K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005040	+0.060%	$368K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005040	+0.052%	$14K	$13K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005036	−0.012%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005031	−0.119%	$2.1M	$803K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005036	−0.020%	$611K	$578K	20x	as long as short
Gate NOT_USDTlong	+0.0100%	4h	0.0005037	long leg	$140K	$76K	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005038	+0.020%	$1.4M	$484K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005039	+0.040%	$489K	$116K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005039	+0.040%	$663K	$379K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005037	0.000%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005035	−0.032%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7053%	1h	0.0005094	+1.128%	$49K	$9K	10x	as long as short