Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0099%/8hnext payment +$0.12 per $10,000 · paid last 24h +0.003%

Price spread now: Hyperliquid against gTrade (Gains Network)−0.078%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding pays, the price is against you. Hyperliquid is 0.078% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) S/USD	0.03944	L +0.0001% / S +0.0006%	pay 0.0000% / 1h	6m 51s	$608	—	150x
Short	Hyperliquid S	0.03941	0.0100	get 0.0013% / 1h	6m 51s	$1.0M	$1.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee HyperliquidbpOrdersPrice spread, now −0.078%Rate

Funding earned: $20.88
Price spread: −0.078% → 0.000%: −$7.81
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$5.92
Costs to cover: 0.190%
Break-even: 9.0 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Hyperliquid: live order book, 8 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 8 min ago	1.28 bp	15.0 bp −$15	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 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_SUSD	−0.2112%	1h	0.03937	−0.195%	$33K	$38K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1488%	1h	0.03826	−3.001%	$47K	$9K	25x	as long as short
Variational Omni S	−0.1440%	4h	0.03917	−0.682%	$608K	$116K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03944	+0.001%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03934	−0.258%	$4	—	15x	as long as short
Aster SUSDT	−0.0096%	4h	0.03942	−0.061%	$43K	$241K	10x	as long as short
OKX S-USDT-SWAP	−0.0062%	4h	0.03939	−0.136%	$988K	$11.2M	20x	as long as short
Orderly PERP_S_USDC	−0.0025%	4h	0.03944	−0.010%	$107K	$326K	10x	as long as short
gTrade (Gains Network) S/USDlong	L +0.0001% / S +0.0006%	1h	0.03944	long leg	$608	—	150x
01 Exchange SUSD	+0.0016%	1h	0.03930	−0.365%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.945%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03945	+0.016%	$166K	$278K	5x	as long as short
Hyperliquid Sshort	+0.0100%	1h	0.03941	−0.078%	$1.0M	$1.2M	5x
Binance SUSDT	+0.0100%	4h	0.03943	−0.032%	$5.4M	$34.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03937	−0.187%	$5.6M	$8.3M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03937	−0.187%	$322K	$347K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03943	−0.035%	$3.8M	$3.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03941	−0.086%	$1.8M	$3.5M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03940	−0.111%	$1.2M	$4.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03941	−0.086%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.365%	$26K	$482K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03942	−0.068%	$221K	$904K	10x	as long as short
Backpack S_USDC_PERP	+0.0309%	1h	0.03950	+0.142%	$115K	$264K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	−0.238%	$273K	$257K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0510%	1h	0.03948	+0.092%	$66K	$10K	10x	as long as short