Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1300%/8h= +142.4% APRpaid last 24h +0.141%

Price spread now: Hyperliquid against Gate−0.168%7-day average −0.057% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.168%, 7d avg −0.057%

Together, before fees−0.189%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.112% cheaper against Gate than usual: you would sell low and buy high (spread −0.168% now, against its 7-day average of −0.057%). If the spread goes back, that is −$11 on $10k: about 7 hours of funding at the current rate (+$39 a day). Mind the row above: over the last 7 days funding on this pair cost −0.218%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.218% in total (about -11.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate ZETA_USDT	0.05940	−0.1648	get 0.0824% / 4h	2h 25m	$617K	$10.6M	25x
Short	Hyperliquid ZETA	0.05930	−0.0348	pay 0.0043% / 1h	25m 36s	$1.6M	$4.0M	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 −0.168%Rate

Funding earned: $273.04
Price spread: −0.168% → −0.057%: −$11.17
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $237.87
Costs to cover: 0.240%
Break-even: 0.9 days

Slippage unknown: Gate: live order book, 3 min ago; Hyperliquid: live order book, 6 min ago. Net counts fees only.

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, 3 min ago	5.98 bp	36.8 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	4.34 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

ZETA on 12 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
KuCoin ZETAUSDTM	−0.2000%	4h	0.05938	−0.034%	$1.2M	$5.6M	20x	as long as short
OKX ZETA-USDT-SWAP	−0.1929%	4h	0.05915	−0.421%	$1.1M	$52.6M	20x	as long as short
Binance ZETAUSDT	−0.1890%	4h	0.05930	−0.161%	$8.2M	$343.2M	50x	as long as short
MEXC ZETA_USDT	−0.1888%	4h	0.05933	−0.118%	$1.1M	$12.3M	50x	as long as short
BingX ZETA-USDT	−0.1820%	4h	0.05933	−0.118%	—	$7.4M	—	as long as short
Gate ZETA_USDTlong	−0.1648%	4h	0.05940	long leg	$617K	$10.6M	25x
Variational Omni ZETA	−0.1413%	4h	0.05930	−0.168%	$115K	$757K	—	as long as short
Kraken Futures PF_ZETAUSD	−0.0954%	1h	0.05921	−0.317%	$49K	$719K	10x	as long as short
Bybit ZETAUSDT	−0.0810%	4h	0.05924	−0.269%	$5.3M	$88.7M	25x	as long as short
Hyperliquid ZETAshort	−0.0348%	1h	0.05930	−0.168%	$1.6M	$4.0M	3x

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+8.754%	$1K	$5K	5.5x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.05926	−0.236%	$2.4M	$66.3M	50x	as long as short