Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against Hyperliquid−0.151%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$405as in the Funding arb table

Net, price: spread back to 7d avg − costs−$437as in the Price arb table

costs, in and out, $10k−$4214.205% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 4 days (all we have)+0.211%+$21 · spread now −0.151%, 7d avg +0.008%

Together, before fees+0.368%+ Points / potential airdropHyperliquid: Season 2 · farm board+$37 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 0.160% cheaper against Hyperliquid than usual: you would sell low and buy high, −$16 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	Hyperliquid IO	0.1522	0.0100	pay 0.0013% / 1h	17m 36s	$1.0M	$383K	3x
Short	Gate IO_USDT	0.1519	0.0100	get 0.0050% / 4h	3h 17m	$241K	$550K	50x

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 −0.151%Rate

Funding earned: $0
Price spread: −0.151% → +0.008%: −$15.96
Slippage, 4 orders: −$396.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$436.51
Costs to cover: 4.205%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Gate: live order book, 53 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, 3 min ago	1.64 bp	26.2 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 53 min ago	5.61 bp	194.0 bp −$194	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
BloFin IO-USDT	+0.0057%	4h	0.1525	+0.223%	$194K	$32K	50x	as long as short
Hyperliquid IOlong	+0.0100%	1h	0.1522	long leg	$1.0M	$383K	3x
Aster IOUSDT	+0.0100%	4h	0.1522	−0.001%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1522	+0.019%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1521	−0.039%	$1.1M	$896K	25x	as long as short
Gate IO_USDTshort	+0.0100%	4h	0.1519	−0.151%	$241K	$550K	50x
MEXC IO_USDT	+0.0100%	4h	0.1520	−0.105%	$1.2M	$231K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1521	−0.039%	$365K	$676K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1521	−0.039%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1520	−0.105%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1523	+0.108%	$33K	$8K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1521	−0.047%	$910	$124K	5x	as long as short
Injective IO/USDC PERP	+0.0414%	1h	0.1517	−0.302%	$2K	$202	5.5x	as long as short
Kraken Futures PF_IOUSD	+0.0618%	1h	0.1526	+0.291%	$40K	$18K	10x	as long as short