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: Gate against Hyperliquid−0.277%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$156as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.384%+$38 · spread now −0.277%, 7d avg +0.022%

Together, before fees+0.613%+ Points / potential airdropHyperliquid: Season 2 · farm board+$61 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 0.299% cheaper against Hyperliquid than usual: you would sell low and buy high, −$30 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005050	0.0100	pay 0.0013% / 1h	47m 42s	$369K	$50K	3x
Short	Gate NOT_USDT	0.0005036	0.0100	get 0.0050% / 4h	2h 47m	$140K	$76K	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 −0.277%Rate

Funding earned: $0
Price spread: −0.277% → +0.022%: −$29.92
Slippage, 4 orders: −$102.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$155.94
Costs to cover: 1.260%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 36 min ago; Gate: live order book, 35 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, 36 min ago	9.89 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 35 min ago	6.94 bp	40.0 bp −$40	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	+0.0023%	4h	0.0005034	−0.326%	$66K	$34K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.485%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0070%	4h	0.0005040	−0.198%	$112K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005054	+0.083%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005050	long leg	$369K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005045	−0.099%	$14K	$13K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005041	−0.168%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005038	−0.238%	$2.1M	$808K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005040	−0.198%	$610K	$579K	20x	as long as short
Gate NOT_USDTshort	+0.0100%	4h	0.0005036	−0.277%	$140K	$76K	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005042	−0.158%	$1.4M	$484K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005040	−0.198%	$489K	$116K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005046	−0.079%	$664K	$380K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005042	−0.158%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005041	−0.178%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7070%	1h	0.0005082	+0.625%	$49K	$9K	10x	as long as short