Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.018%

Price spread now: Gate against Hyperliquid−0.091%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1881.876% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.226%+$23 on $10k

Price spread, last 4 days (all we have)−0.095%−$9 · spread now −0.091%, 7d avg −0.063%

Together, before fees+0.131%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 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 0.028% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid S	0.04078	0.0100	pay 0.0013% / 1h	29m 45s	$1.0M	$572K	5x
Short	Gate S_USDT	0.04074	0.0100	get 0.0050% / 4h	2h 29m	$337K	$203K	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 −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.063%: −$2.77
Slippage, 4 orders: −$163.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$190.42
Costs to cover: 1.876%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, just now; Gate: live order book, 35 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, just now	1.59 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 35 min ago	8.76 bp	91.4 bp −$91	doesn't fit	doesn't fit	doesn't fit

S on 24 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
01 Exchange SUSD	−0.7640%	1h	0.03950	−3.132%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.366%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1243%	1h	0.04078	−0.004%	$35K	$16K	10x	as long as short
Variational Omni S	−0.0504%	4h	0.04066	−0.290%	$633K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04078	+0.017%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04074	−0.094%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04078	+0.013%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.547%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0042%	4h	0.04078	+0.007%	$103K	$336K	10x	as long as short
Lighter S	+0.0096%	1h	0.04083	+0.130%	$168K	$166K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0100%	1h	0.04078	long leg	$1.0M	$572K	5x
Aster SUSDT	+0.0100%	4h	0.04081	+0.084%	$45K	$135K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04077	−0.013%	$5.6M	$14.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04071	−0.164%	$5.8M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04076	−0.042%	$1.0M	$4.3M	20x	as long as short
Gate S_USDTshort	+0.0100%	4h	0.04074	−0.091%	$337K	$203K	50x
MEXC S_USDT	+0.0100%	4h	0.04080	+0.056%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04078	+0.007%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04077	−0.017%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04074	−0.091%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	−0.434%	$26K	$452K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04078	+0.005%	$231K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0730%	1h	0.04084	+0.154%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1074%	1h	0.04080	+0.056%	$122K	$345K	5x	as long as short