Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Gate against Hyperliquid−0.147%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$610.607% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 7 days+0.145%+$14 · spread now −0.147%, 7d avg −0.037%

Together, before fees+0.080%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 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 0.110% cheaper against Hyperliquid than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7189	0.0100	pay 0.0013% / 1h	54m 19s	$8.7M	$3.7M	5x
Short	Gate VIRTUAL_USDT	0.7178	0.0100	get 0.0050% / 4h	1h 54m	$1.5M	$2.8M	75x

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 −0.147%Rate

Funding earned: $0
Price spread: −0.147% → −0.037%: −$11.03
Slippage, 4 orders: −$36.66
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$71.69
Costs to cover: 0.607%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Gate: live order book, 4 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, 8 min ago	0.49 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	1.40 bp	20.6 bp −$21	95.0 bp −$950	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	−0.0447%	1h	0.7173	−0.217%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.141%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7170	−0.263%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7180	−0.120%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7176	−0.177%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7167	−0.298%	$326K	$414K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.996%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7173	−0.217%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7189	long leg	$8.7M	$3.7M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7182	−0.093%	$194K	$82K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7189	+0.006%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7168	−0.285%	$16.4M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7169	−0.273%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7165	−0.328%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7178	−0.147%	$1.5M	$2.8M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	−0.328%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7185	−0.050%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7178	−0.147%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7175	−0.189%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7191	+0.033%	$236K	$157K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	−0.142%	$526K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7160	−0.404%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7174	−0.210%	$635K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7168	−0.287%	$40K	$246K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7185	−0.056%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7172	−0.231%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7169	−0.266%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7169	−0.275%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7174	−0.210%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7179	−0.132%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7187	−0.022%	$813K	$794K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	−0.175%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0511%	1h	0.7183	−0.085%	$537K	$544K	50x	as long as short