Funding arb · Price arb /

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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+0.033%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$522as in the Funding arb table

Net, price: spread back to 7d avg − costs−$503as in the Price arb table

costs, in and out, $10k−$5085.075% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 4 days (all we have)−0.191%−$19 · spread now +0.033%, 7d avg −0.008%

Together, before fees−0.338%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 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 0.041% dearer against Gate than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IO_USDT	0.1501	0.0100	pay 0.0050% / 4h	2h 49m	$229K	$542K	50x
Short	Hyperliquid IO	0.1501	0.0100	get 0.0013% / 1h	49m 57s	$1.0M	$392K	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

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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.033%Rate

Funding earned: $0
Price spread: +0.033% → −0.008%: $4.14
Slippage, 4 orders: −$483.52
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$503.38
Costs to cover: 5.075%
Break-even: never at this rate

Slippage from Gate: live order book, 35 min ago; Hyperliquid: live order book, just now.

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, 35 min ago	4.32 bp	248.1 bp −$248	17295.5 bp −$173.0K	doesn't fit	doesn't fit
Sell Hyperliquid live order book, just now	1.66 bp	22.2 bp −$22	doesn't fit	doesn't fit	doesn't fit

IO on 14 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
Injective IO/USDC PERP	−0.0157%	1h	0.1503	+0.160%	$2K	$101	5.5x	as long as short
BloFin IO-USDT	+0.0095%	4h	0.1499	−0.107%	$191K	$30K	50x	as long as short
Hyperliquid IOshort	+0.0100%	1h	0.1501	+0.033%	$1.0M	$392K	3x
Aster IOUSDT	+0.0100%	4h	0.1501	+0.045%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1503	+0.143%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1501	+0.007%	$1.1M	$867K	25x	as long as short
Gate IO_USDTlong	+0.0100%	4h	0.1501	long leg	$229K	$542K	50x
MEXC IO_USDT	+0.0100%	4h	0.1500	−0.040%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1499	−0.107%	$380K	$650K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1502	+0.093%	$1.4M	$1.1M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1501	+0.027%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1498	−0.206%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1501	+0.053%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSD	+0.5472%	1h	0.1502	+0.123%	$39K	$21K	10x	as long as short