Funding arb · Price arb /

SKR

all SKR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.001%

Price spread now: Gate against Hyperliquid+0.078%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$209as in the Funding arb table

Net, price: spread back to 7d avg − costs−$204as in the Price arb table

costs, in and out, $10k−$2122.121% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 7 days+0.048%+$5 · spread now +0.078%, 7d avg +0.002%

Together, before fees+0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Gate is 0.077% dearer against Hyperliquid than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.035% in total (about 1.8% 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 SKR	0.02174	0.0100	pay 0.0013% / 1h	0m 36s	$1.4M	$812K	3x
Short	Gate SKR_USDT	0.02176	0.0424	get 0.0212% / 4h	3h 00m	$1.1M	$583K	20x

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 +0.078%Rate

Funding earned: $68.04
Price spread: +0.078% → +0.002%: $7.65
Slippage, 4 orders: −$188.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$136.42
Costs to cover: 2.121%
Break-even: 21.0 days

Slippage from Hyperliquid: live order book, 10 min ago; Gate: live order book, 2 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, 10 min ago	0.70 bp	21.1 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	7.57 bp	86.6 bp −$87	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	0.02175	+0.046%	$243K	$162K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02171	−0.143%	$9K	$20K	3x	as long as short
Hyperliquid SKRlong	+0.0100%	1h	0.02174	long leg	$1.4M	$812K	3x
Aster SKRUSDT	+0.0100%	4h	0.02172	−0.097%	$30K	$38K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02173	−0.057%	$3.8M	$14.0M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02174	−0.009%	$4.6M	$5.4M	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02173	−0.037%	$4.5M	$482K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02177	+0.138%	$669K	$738K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02175	+0.037%	$1.6M	$1.4M	20x	as long as short
BingX SKR-USDT	+0.0100%	4h	0.02176	+0.083%	—	$2.4M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SKR-USDT	+0.0100%	4h	0.02173	−0.069%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02180	+0.276%	$14K	$34K	20x	as long as short
Gate SKR_USDTshort	+0.0424%	4h	0.02176	+0.078%	$1.1M	$583K	20x
Backpack SKR_USDC_PERP	+0.0702%	1h	0.02175	+0.037%	$51K	$165K	5x	as long as short
Phoenix SKR	+0.0747%	1h	0.02171	−0.161%	$4K	$10K	3x	as long as short