Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate−0.127%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$265as in the Funding arb table

Net, price: spread back to 7d avg − costs−$277as in the Price arb table

costs, in and out, $10k−$2602.599% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)+0.318%+$32 · spread now −0.127%, 7d avg +0.047%

Together, before fees+0.264%+ Points / potential airdropHyperliquid: Season 2 · farm board+$26 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: Hyperliquid is 0.174% cheaper against Gate than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SKR_USDT	0.02129	0.0100	pay 0.0050% / 4h	2h 22m	$1.0M	$531K	20x
Short	Hyperliquid SKR	0.02126	0.0100	get 0.0013% / 1h	22m 23s	$1.3M	$732K	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

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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 GatebpFee HyperliquidbpOrdersPrice spread, now −0.127%Rate

Funding earned: $0
Price spread: −0.127% → +0.047%: −$17.37
Slippage, 4 orders: −$235.93
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$277.3
Costs to cover: 2.599%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Hyperliquid: live order book, 8 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	11.27 bp	105.5 bp −$105	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.94 bp	21.6 bp −$22	doesn't fit	doesn't fit	doesn't fit

SKR on 15 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 SKR-USDT	−0.0140%	4h	0.02133	+0.169%	$239K	$153K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02121	−0.376%	$14K	$17K	3x	as long as short
Hyperliquid SKRshort	+0.0100%	1h	0.02126	−0.127%	$1.3M	$732K	3x
Aster SKRUSDT	+0.0100%	4h	0.02125	−0.185%	$26K	$33K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02124	−0.229%	$3.6M	$11.8M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02127	−0.103%	$4.6M	$4.8M	20x	as long as short
Gate SKR_USDTlong	+0.0100%	4h	0.02129	long leg	$1.0M	$531K	20x
MEXC SKR_USDT	+0.0100%	4h	0.02125	−0.193%	$4.4M	$490K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02128	−0.061%	$688K	$685K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02127	−0.080%	$1.5M	$1.1M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDT	+0.0100%	4h	0.02126	−0.117%	—	$2.4M	—	as long as short
Backpack SKR_USDC_PERP	+0.0100%	1h	0.02129	−0.005%	$51K	$225K	5x	as long as short
SunX SKR-USDT	+0.0100%	4h	0.02127	−0.089%	$1K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02131	+0.085%	$14K	$37K	20x	as long as short
Phoenix SKR	+0.1507%	1h	0.02135	+0.272%	$4K	$10K	3x	as long as short