Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0216%/8h= +23.6% APRpaid last 24h +0.032%

Price spread now: Hyperliquid against Gate+0.231%7-day average +0.177% · you sell dearer than you buy

Net, funding: paid 7d − costs−$216as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2342.337% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days−0.029%−$3 · spread now +0.231%, 7d avg +0.177%

Together, before fees+0.150%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.053% dearer against Gate than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.177%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SPX_USDT	0.5162	0.0100	pay 0.0050% / 4h	3h 32m	$1.0M	$583K	50x
Short	Hyperliquid SPX	0.5174	0.0316	get 0.0039% / 1h	32m 01s	$10.6M	$7.8M	5x

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 +0.231%Rate

Funding earned: $45.35
Price spread: +0.231% → +0.177%: $5.31
Slippage, 4 orders: −$209.73
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$183.07
Costs to cover: 2.337%
Break-even: 35.3 days

Slippage from Gate: live order book, 5 min ago; Hyperliquid: live order book, 10 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, 5 min ago	7.72 bp	103.7 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.03 bp	18.7 bp −$19	doesn't fit	doesn't fit	doesn't fit

SPX on 19 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 SPX/USDC PERP	+0.0033%	1h	0.4979	−3.545%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5172	+0.196%	$141K	$359K	5x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5166	+0.074%	$5.2M	$22.1M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5159	−0.058%	$11.8M	$16.9M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5161	−0.019%	$942K	$3.1M	20x	as long as short
Gate SPX_USDTlong	+0.0100%	4h	0.5162	long leg	$1.0M	$583K	50x
MEXC SPX_USDT	+0.0100%	4h	0.5167	+0.097%	$11.9M	$5.0M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5166	+0.077%	$3.7M	$5.3M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5171	+0.174%	$2.7M	$1.5M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5162	0.000%	—	$6.9M	—	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SPX	+0.0100%	4h	0.5168	+0.108%	$964K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5201	+0.756%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5162	0.000%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5164	+0.038%	$36K	$250K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0208%	4h	0.5173	+0.213%	$21K	$599	10x	as long as short
Aster SPXUSDT	+0.0233%	4h	0.5167	+0.106%	$138K	$129K	10x	as long as short
Hyperliquid SPXshort	+0.0316%	1h	0.5174	+0.231%	$10.6M	$7.8M	5x
BloFin SPX-USDT	+0.0340%	4h	0.5166	+0.077%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1216%	1h	0.5174	+0.234%	$253K	$558K	20x	as long as short