Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Gate against Hyperliquid0.000%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1201.200% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now 0.000%, 7d avg +0.022%

Together, before fees+0.288%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 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 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005110	0.0100	pay 0.0013% / 1h	2m 35s	$374K	$50K	3x
Short	Gate NOT_USDT	0.0005110	0.0100	get 0.0050% / 4h	2m 35s	$142K	$79K	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 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.022%: −$2.17
Slippage, 4 orders: −$95.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$122.14
Costs to cover: 1.200%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 57 min ago; Gate: live order book, 3 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, 57 min ago	9.83 bp	21.7 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	6.86 bp	36.7 bp −$37	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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
Variational Omni NOT	−0.0012%	4h	0.0005092	−0.356%	$72K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.618%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0062%	4h	0.0005111	+0.020%	$111K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005124	+0.272%	$12K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005110	long leg	$374K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005117	+0.129%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005114	+0.086%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005113	+0.059%	$2.2M	$827K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005116	+0.117%	$638K	$628K	20x	as long as short
Gate NOT_USDTshort	+0.0100%	4h	0.0005110	0.000%	$142K	$79K	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005115	+0.098%	$1.4M	$463K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005108	−0.039%	$466K	$137K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005120	+0.196%	$672K	$383K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005114	+0.078%	—	$7.4M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005113	+0.057%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.4167%	1h	0.0005119	+0.175%	$50K	$10K	10x	as long as short