Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.041%

Price spread now: Gate against Hyperliquid+0.096%7-day average −0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs−$312as in the Funding arb table

Net, price: spread back to 7d avg − costs−$267as in the Price arb table

costs, in and out, $10k−$2942.937% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 7 days−0.295%−$29 · spread now +0.096%, 7d avg −0.177%

Together, before fees−0.476%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 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: Gate is 0.272% dearer against Hyperliquid than usual: you sell high and buy low, +$27 on $10k if it goes back to its 7-day average of −0.177%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5016	0.0100	pay 0.0013% / 1h	58m 12s	$10.1M	$7.4M	5x
Short	Gate SPX_USDT	0.5021	0.0100	get 0.0050% / 4h	58m 12s	$999K	$557K	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 +0.096%Rate

Funding earned: $0
Price spread: +0.096% → −0.177%: $27.23
Slippage, 4 orders: −$269.75
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$266.52
Costs to cover: 2.937%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Gate: live order book, 4 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, 4 min ago	3.49 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	7.01 bp	152.5 bp −$153	doesn't fit	doesn't fit	doesn't fit

SPX on 19 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
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.742%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5006	−0.205%	$134K	$357K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5016	long leg	$10.1M	$7.4M	5x
Binance SPXUSDT	+0.0100%	4h	0.5015	−0.021%	$5.0M	$21.3M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.4998	−0.363%	$11.3M	$16.3M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.4992	−0.482%	$935K	$2.8M	20x	as long as short
Gate SPX_USDTshort	+0.0100%	4h	0.5021	+0.096%	$999K	$557K	50x
MEXC SPX_USDT	+0.0100%	4h	0.5020	+0.076%	$11.9M	$4.8M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5021	+0.096%	$3.7M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5014	−0.044%	$2.6M	$1.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SPX-USDT	+0.0100%	4h	0.5006	−0.203%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.4995	−0.432%	$841K	$1.4M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5004	−0.243%	$25K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.4996	−0.403%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5000	−0.316%	$33K	$248K	10x	as long as short
Aster SPXUSDT	+0.0130%	4h	0.5022	+0.113%	$134K	$122K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0152%	4h	0.5011	−0.104%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5027	+0.215%	$255K	$995K	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1289%	1h	0.5008	−0.159%	$249K	$544K	20x	as long as short