Funding arb · Price arb /

SPX

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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 −0.078%

Price spread now: Gate against Hyperliquid−0.219%7-day average −0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$214as in the Funding arb table

Net, price: spread back to 7d avg − costs−$199as in the Price arb table

costs, in and out, $10k−$1951.949% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 7 days+0.137%+$14 · spread now −0.219%, 7d avg −0.176%

Together, before fees−0.050%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 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 0.043% cheaper against Hyperliquid than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.176%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid SPX	0.5021	0.0100	pay 0.0013% / 1h	48m 49s	$9.8M	$7.1M	5x
Short	Gate SPX_USDT	0.5010	0.0100	get 0.0050% / 4h	2h 48m	$1.0M	$476K	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 −0.219%Rate

Funding earned: $0
Price spread: −0.219% → −0.176%: −$4.32
Slippage, 4 orders: −$170.93
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$199.24
Costs to cover: 1.949%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Gate: live order book, 3 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, 4 min ago	1.99 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	6.00 bp	88.0 bp −$88	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
Kraken Futures PF_SPXUSD	−0.0415%	1h	0.5010	−0.216%	$230K	$560K	20x	as long as short
Variational Omni SPX	−0.0022%	4h	0.5000	−0.418%	$844K	$1.3M	—	as long as short
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.836%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5019	−0.046%	$116K	$318K	5x	as long as short
Hyperliquid SPXlong	+0.0100%	1h	0.5021	long leg	$9.8M	$7.1M	5x
Aster SPXUSDT	+0.0100%	4h	0.5017	−0.084%	$123K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5015	−0.117%	$5.0M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5011	−0.199%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5013	−0.159%	$976K	$2.6M	20x	as long as short
Gate SPX_USDTshort	+0.0100%	4h	0.5010	−0.219%	$1.0M	$476K	50x

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5013	−0.159%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5012	−0.179%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5017	−0.080%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5013	−0.159%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5009	−0.239%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5020	−0.020%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5004	−0.339%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5012	−0.188%	$34K	$227K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5013	−0.159%	$254K	$907K	75x	as long as short