Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against Hyperliquid−0.093%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$406as in the Funding arb table

Net, price: spread back to 7d avg − costs−$400as in the Price arb table

costs, in and out, $10k−$4034.029% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.093%, 7d avg −0.123%

Together, before fees−0.095%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 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 0.029% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.123%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LAYER	0.07724	0.0100	pay 0.0013% / 1h	20m 47s	$599K	$164K	3x
Short	Gate LAYER_USDT	0.07717	0.0100	get 0.0050% / 4h	3h 20m	$137K	$53K	20x

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 −0.093%Rate

Funding earned: $0
Price spread: −0.093% → −0.123%: $2.94
Slippage, 4 orders: −$378.88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$399.93
Costs to cover: 4.029%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 39 min ago; Gate: live order book, 45 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, 39 min ago	1.43 bp	43.7 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 45 min ago	10.38 bp	102.1 bp −$102	doesn't fit	doesn't fit	doesn't fit

LAYER on 13 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_LAYERUSD	−0.0783%	1h	0.07712	−0.152%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.828%	—	$18K	5.5x	as long as short
Hyperliquid LAYERlong	+0.0100%	1h	0.07724	long leg	$599K	$164K	3x
Aster LAYERUSDT	+0.0100%	4h	0.07713	−0.147%	$10K	$3K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07711	−0.171%	$2.1M	$2.5M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07706	−0.236%	$712K	$697K	20x	as long as short
Gate LAYER_USDTshort	+0.0100%	4h	0.07717	−0.093%	$137K	$53K	20x
MEXC LAYER_USDT	+0.0100%	4h	0.07711	−0.171%	$345K	$118K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07711	−0.171%	$1.1M	$166K	50x	as long as short
BingX LAYER-USDT	+0.0100%	4h	0.07714	−0.132%	—	$1.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07720	−0.054%	$26K	$182K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07710	−0.181%	$2K	$176K	5x	as long as short
BloFin LAYER-USDT	+0.0140%	4h	0.07706	−0.236%	$113K	$14K	50x	as long as short