Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.019%

Price spread now: Hyperliquid against Gate+0.193%7-day average +0.042% · you sell dearer than you buy

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

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 7 days−0.172%−$17 · spread now +0.193%, 7d avg +0.042%

Together, before fees−0.132%+ 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: Hyperliquid is 0.151% dearer against Gate than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate VIRTUAL_USDT	0.7100	0.0100	pay 0.0050% / 4h	2h 42m	$1.4M	$3.3M	75x
Short	Hyperliquid VIRTUAL	0.7114	0.0100	get 0.0013% / 1h	42m 40s	$8.7M	$4.1M	5x

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 +0.193%Rate

Funding earned: $0
Price spread: +0.193% → +0.042%: $15.11
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$8.89
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; Hyperliquid: live order book, 10 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 Gate live order book, 5 min ago	4.21 bp	22.5 bp −$23	99.0 bp −$990	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.84 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0454%	1h	0.7100	0.000%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7099	−0.015%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7100	0.000%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.362%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7095	−0.077%	$322K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7103	+0.036%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.239%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0074%	1h	0.7099	−0.020%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7099	−0.014%	$14K	$1.4M	10x	as long as short
Bybit VIRTUALUSDT	+0.0090%	4h	0.7093	−0.099%	$16.3M	$18.8M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7114	+0.193%	$8.7M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7104	+0.058%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7103	+0.042%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7097	−0.038%	$16.0M	$41.4M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7097	−0.042%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7100	long leg	$1.4M	$3.3M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7095	−0.070%	$15.6M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7102	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7101	+0.014%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7101	+0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7101	+0.014%	$237K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7108	+0.116%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	+0.310%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	+0.206%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	+0.254%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7106	+0.080%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7108	+0.113%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7098	−0.032%	$57K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7100	0.000%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0281%	1h	0.7108	+0.118%	$580K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7101	+0.019%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7101	+0.014%	$788K	$979K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+0.873%	$199K	$104K	50x	as long as short