Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against Hyperliquid−0.162%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1111.114% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)+0.175%+$18 · spread now −0.162%, 7d avg −0.049%

Together, before fees+0.214%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 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 0.113% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid ZK	0.01171	0.0100	pay 0.0013% / 1h	9m 11s	$585K	$188K	5x
Short	Gate ZK_USDT	0.01169	0.0100	get 0.0100% / 8h	3h 09m	$300K	$262K	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 −0.162%Rate

Funding earned: $0
Price spread: −0.162% → −0.049%: −$11.3
Slippage, 4 orders: −$87.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$122.66
Costs to cover: 1.114%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Gate: 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 Hyperliquid live order book, 11 min ago	0.85 bp	19.5 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 41 min ago	4.23 bp	31.5 bp −$32	doesn't fit	doesn't fit	doesn't fit

ZK on 17 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
OKX ZK-USDT-SWAP	−0.0050%	4h	0.01167	−0.316%	$993K	$2.2M	20x	as long as short
Injective ZK/USDC PERP	+0.0033%	1h	0.01170	−0.077%	$2K	$31K	5.5x	as long as short
Lighter ZK	+0.0096%	1h	0.01171	−0.026%	$127K	$189K	8x	as long as short
Hyperliquid ZKlong	+0.0100%	1h	0.01171	long leg	$585K	$188K	5x
Aster ZKUSDT	+0.0100%	4h	0.01172	+0.068%	$31K	$20K	10x	as long as short
Pacifica ZK	+0.0100%	1h	0.01171	+0.009%	$29K	$3K	5x	as long as short
Binance ZKUSDT	+0.0100%	4h	0.01169	−0.121%	$4.8M	$8.1M	75x	as long as short
Bybit ZKUSDT	+0.0100%	4h	0.01169	−0.171%	$5.1M	$2.4M	25x	as long as short
Gate ZK_USDTshort	+0.0100%	8h	0.01169	−0.162%	$300K	$262K	50x
KuCoin ZKUSDTM	+0.0100%	4h	0.01169	−0.162%	$961K	$1.4M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ZKUSDT	+0.0100%	4h	0.01170	−0.077%	$1.5M	$846K	75x	as long as short
BingX ZK-USDT	+0.0100%	4h	0.01169	−0.128%	—	$6.7M	—	as long as short
Variational Omni ZK	+0.0100%	4h	0.01171	+0.020%	$57K	$15K	—	as long as short
GRVT ZK_USDT_Perp	+0.0100%	4h	0.01174	+0.265%	$159K	$2.3M	10x	as long as short
ApeX Omni ZKUSDT	+0.0100%	1h	0.01176	+0.436%	$8K	$619K	50x	as long as short
BloFin ZK-USDT	+0.0114%	4h	0.01172	+0.111%	$214K	$20K	75x	as long as short
Kraken Futures PF_ZKUSD	+0.1338%	1h	0.01174	+0.297%	$193K	$36K	25x	as long as short