Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0545%/8h= +59.6% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against Gate+0.209%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$196as in the Price arb table

costs, in and out, $10k−$2072.072% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.244%−$24 · spread now +0.209%, 7d avg +0.099%

Together, before fees−0.154%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Hyperliquid is 0.110% dearer against Gate than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.099%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.090% in total (about 4.7% 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	Gate BIO_USDT	0.02871	0.0100	pay 0.0100% / 8h	2h 34m	$1.4M	$265K	50x
Short	Hyperliquid BIO	0.02877	0.0645	get 0.0081% / 1h	34m 10s	$754K	$217K	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

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 +0.209%Rate

Funding earned: $114.38
Price spread: +0.209% → +0.099%: $11.03
Slippage, 4 orders: −$183.22
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$81.81
Costs to cover: 2.072%
Break-even: 12.0 days

Slippage from Gate: live order book, 3 min ago; Hyperliquid: live order book, 50 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, 3 min ago	6.97 bp	112.5 bp −$113	18565.5 bp −$185.7K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 50 min ago	2.25 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit

BIO on 15 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
Kraken Futures PF_BIOUSD	−0.0668%	1h	0.02873	+0.081%	$11K	$6K	20x	as long as short
BloFin BIO-USDT	+0.0086%	4h	0.02869	−0.070%	$262K	$9K	50x	as long as short
Lighter BIO	+0.0096%	1h	0.02875	+0.132%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02871	0.000%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02872	+0.035%	$19K	$93K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02872	+0.052%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02874	+0.104%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02872	+0.035%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDTlong	+0.0100%	8h	0.02871	long leg	$1.4M	$265K	50x
MEXC BIO_USDT	+0.0100%	4h	0.02871	0.000%	$380K	$124K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BIOUSDTM	+0.0100%	4h	0.02875	+0.139%	$547K	$125K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02873	+0.070%	$1.3M	$520K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02873	+0.070%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02867	−0.143%	$33K	$70K	—	as long as short
Hyperliquid BIOshort	+0.0645%	1h	0.02877	+0.209%	$754K	$217K	3x