Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Hyperliquid against Gate+0.039%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1371.368% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 4 days (all we have)−0.167%−$17 · spread now +0.039%, 7d avg −0.023%

Together, before fees−0.396%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 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 0.062% dearer against Gate than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NOT_USDT	0.0005088	0.0100	pay 0.0050% / 4h	1h 15m	$144K	$68K	50x
Short	Hyperliquid NOT	0.0005090	0.0100	get 0.0013% / 1h	15m 35s	$371K	$51K	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

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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 +0.039%Rate

Funding earned: $0
Price spread: +0.039% → −0.023%: $6.23
Slippage, 4 orders: −$112.76
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$130.53
Costs to cover: 1.368%
Break-even: never at this rate

Slippage from Gate: live order book, 40 min ago; Hyperliquid: live order book, 14 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 Gate live order book, 40 min ago	7.91 bp	37.2 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 14 min ago	9.83 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit

NOT on 16 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
Variational Omni NOT	−0.0365%	4h	0.0005089	+0.010%	$72K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0234%	4h	0.0005085	−0.059%	$468K	$130K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.206%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0052%	4h	0.0005093	+0.098%	$112K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005103	+0.297%	$11K	$4K	3x	as long as short
Hyperliquid NOTshort	+0.0100%	1h	0.0005090	+0.039%	$371K	$51K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005096	+0.151%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005092	+0.083%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005088	0.000%	$2.1M	$858K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005089	+0.020%	$637K	$656K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDTlong	+0.0100%	4h	0.0005088	long leg	$144K	$68K	50x
MEXC NOT_USDT	+0.0100%	4h	0.0005093	+0.098%	$1.3M	$441K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005096	+0.157%	$676K	$411K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005094	+0.118%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005092	+0.071%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.1943%	1h	0.0005093	+0.090%	$50K	$9K	10x	as long as short