Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: Hyperliquid against Gate+0.248%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1761.762% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.248%, 7d avg +0.063%

Together, before fees−0.222%+ 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 0.186% dearer against Gate than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of +0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate S_USDT	0.03989	0.0100	pay 0.0050% / 4h	2h 52m	$329K	$199K	50x
Short	Hyperliquid S	0.03999	0.0100	get 0.0013% / 1h	52m 55s	$1.0M	$609K	5x

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 +0.248%Rate

Funding earned: $0
Price spread: +0.248% → +0.063%: $18.57
Slippage, 4 orders: −$152.22
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$157.66
Costs to cover: 1.762%
Break-even: never at this rate

Slippage from Gate: live order book, 12 min ago; Hyperliquid: live order book, 7 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, 12 min ago	8.76 bp	57.9 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.63 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit

S on 25 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
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.078%	$49K	$5K	25x	as long as short
01 Exchange SUSD	−0.1368%	1h	0.03840	−3.735%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1271%	1h	0.03988	−0.031%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0631%	4h	0.03947	−1.043%	$614K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03989	−0.008%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03986	−0.065%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03991	+0.056%	$615	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.783%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.03991	+0.050%	$102K	$332K	10x	as long as short
Lighter S	+0.0096%	1h	0.03995	+0.150%	$164K	$164K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Sshort	+0.0100%	1h	0.03999	+0.248%	$1.0M	$609K	5x
Aster SUSDT	+0.0100%	4h	0.03995	+0.140%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03997	+0.203%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03991	+0.050%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03994	+0.125%	$973K	$4.4M	20x	as long as short
Gate S_USDTlong	+0.0100%	4h	0.03989	long leg	$329K	$199K	50x
MEXC S_USDT	+0.0100%	4h	0.03995	+0.150%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03995	+0.150%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03995	+0.150%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03993	+0.100%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	−0.226%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03993	+0.100%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03981	−0.201%	$272K	$120K	75x	as long as short
Backpack S_USDC_PERP	+0.0659%	1h	0.04000	+0.276%	$116K	$331K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.1002%	1h	0.03999	+0.251%	$67K	$10K	10x	as long as short