Funding arb · Price arb /

NIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1152%/8h= +126.1% APRpaid last 24h +0.319%

Price spread now: Hyperliquid against Gate+0.276%7-day average +0.236% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1101.096% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.522%+$52 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.276%, 7d avg +0.236%

Together, before fees+0.426%+ Points / potential airdropHyperliquid: Season 2 · farm board+$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$35 a day on $10k at the current rate, and Hyperliquid is 0.040% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.236%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.522% in total (about 27.2% 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 NIL_USDT	0.06731	0.0100	pay 0.0050% / 4h	1h 12m	$429K	$2.1M	50x
Short	Hyperliquid NIL	0.06750	0.1252	get 0.0156% / 1h	12m 53s	$4.0M	$4.6M	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 +0.276%Rate

Funding earned: $241.89
Price spread: +0.276% → +0.236%: $4.04
Slippage, 4 orders: −$85.55
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $136.38
Costs to cover: 1.096%
Break-even: 3.1 days

Slippage from Gate: live order book, 5 min ago; Hyperliquid: live order book, 9 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, 5 min ago	11.10 bp	35.8 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.11 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit

NIL on 12 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
BloFin NIL-USDT	+0.0091%	4h	0.06729	−0.030%	$347K	$148K	50x	as long as short
Aster NILUSDT	+0.0100%	4h	0.06735	+0.052%	$20K	$368K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06730	−0.015%	$5.2M	$81.3M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06739	+0.119%	$3.5M	$14.2M	20x	as long as short
Gate NIL_USDTlong	+0.0100%	4h	0.06731	long leg	$429K	$2.1M	50x
MEXC NIL_USDT	+0.0100%	4h	0.06728	−0.045%	$2.4M	$5.3M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06731	0.000%	$490K	$713K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06736	+0.074%	$1.7M	$9.0M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06736	+0.074%	—	$8.6M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06749	+0.262%	$50K	$141K	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NIL-USD	+0.0104%	1h	0.06732	+0.008%	$16K	$94K	5x	as long as short
Hyperliquid NILshort	+0.1252%	1h	0.06750	+0.276%	$4.0M	$4.6M	3x