Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1460%/8h= −159.8% APRpaid last 24h −0.324%

Price spread now: Gate against Hyperliquid+0.038%7-day average −0.237% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.537%−$54 on $10k

Price spread, last 4 days (all we have)−0.206%−$21 · spread now +0.038%, 7d avg −0.237%

Together, before fees−0.743%+ Points / potential airdropHyperliquid: Season 2 · farm board−$74 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.275% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.237%): +$28 on $10k if it goes back. Holding the pair costs −$44 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.537% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.537% in total (about -28.0% 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	Hyperliquid NIL	0.06850	0.1560	pay 0.0195% / 1h	28m 15s	$4.1M	$4.6M	3x
Short	Gate NIL_USDT	0.06853	0.0100	get 0.0050% / 4h	28m 15s	$440K	$2.0M	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

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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 +0.038%Rate

Funding earned: −$306.5
Price spread: +0.038% → −0.237%: $27.51
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$302.99
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 4 min ago; Gate: live order book, 4 min ago. Net counts fees only.

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	4.30 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	13.93 bp	30.7 bp −$31	250.2 bp −$2,502	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	+0.0090%	4h	0.06862	+0.169%	$349K	$147K	50x	as long as short
Aster NILUSDT	+0.0100%	4h	0.06844	−0.097%	$20K	$361K	5x	as long as short
Binance NILUSDT	+0.0100%	4h	0.06839	−0.171%	$5.3M	$79.9M	50x	as long as short
Bybit NILUSDT	+0.0100%	4h	0.06842	−0.123%	$3.8M	$14.2M	20x	as long as short
Gate NIL_USDTshort	+0.0100%	4h	0.06853	+0.038%	$440K	$2.0M	50x
MEXC NIL_USDT	+0.0100%	4h	0.06855	+0.067%	$2.5M	$5.0M	100x	as long as short
KuCoin NILUSDTM	+0.0100%	4h	0.06852	+0.023%	$513K	$692K	30x	as long as short
Bitget NILUSDT	+0.0100%	4h	0.06839	−0.166%	$1.8M	$8.7M	50x	as long as short
BingX NIL-USDT	+0.0100%	4h	0.06841	−0.137%	—	$8.6M	—	as long as short
Variational Omni NIL	+0.0100%	4h	0.06852	+0.026%	$175K	$266K	—	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	0.06837	−0.197%	$17K	$94K	5x	as long as short
Hyperliquid NILlong	+0.1560%	1h	0.06850	long leg	$4.1M	$4.6M	3x