Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.039%

Price spread now: Hyperliquid against ApeX Omni+0.623%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs+$18as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on ApeX Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.867%−$87 · spread now +0.623%, 7d avg +0.040%

Together, before fees−0.823%+ Points / potential airdropHyperliquid: Season 2 · farm board−$82 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 0.583% dearer against ApeX Omni than usual: you sell high and buy low, +$58 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni LINKUSDT	12.850	0.0100	pay 0.0013% / 1h	23m 16s	$131K	$669K	50x
Short	Hyperliquid LINK	12.930	0.0100	get 0.0013% / 1h	23m 16s	$80.7M	$27.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against ApeX Omni. 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 ApeX OmnibpFee HyperliquidbpOrdersPrice spread, now +0.623%Rate

Funding earned: $0
Price spread: +0.623% → +0.040%: $58.3
Slippage, 4 orders: −$20.96
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $18.34
Costs to cover: 0.400%
Break-even: from the start

Slippage from ApeX Omni: live order book, 10 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 ApeX Omni live order book, 10 min ago	5.06 bp	12.4 bp −$12	58.9 bp −$589	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.78 bp	6.2 bp −$6	8.8 bp −$88	doesn't fit	doesn't fit

LINK on 40 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
Orderly PERP_LINK_USDC	−0.0122%	8h	12.928	+0.607%	$91K	$936K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.934	+0.654%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.921	+0.556%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.931	+0.628%	$106K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.502%	$4K	$48K	12x	as long as short
Bybit LINKUSDT	+0.0040%	8h	12.934	+0.654%	$83.7M	$72.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.939	+0.692%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.845	−0.041%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.937	+0.676%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.916	+0.517%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.912	+0.486%	$348K	$335K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	12.930	+0.623%	$80.7M	$27.6M	10x
Aster LINKUSDT	+0.0100%	8h	12.937	+0.679%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.913	+0.491%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.937	+0.675%	$119.4M	$294.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.935	+0.661%	$27.1M	$79.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.927	+0.599%	$181K	$100K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.915	+0.506%	$134.1M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.935	+0.661%	$35.2M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.938	+0.685%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.934	+0.654%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.936	+0.669%	—	$23.0M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.943	+0.724%	$336K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.835	−0.117%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.860	+0.076%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.865	+0.117%	$588K	$3.1M	10x	as long as short
ApeX Omni LINKUSDTlong	+0.0100%	1h	12.850	long leg	$131K	$669K	50x
Polymarket Perps LINK-USD	+0.0100%	1h	12.922	+0.560%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−0.216%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.952	+0.792%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.936	+0.669%	$11K	$58K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.900	+0.389%	$630K	$698K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.927	+0.599%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.936	+0.669%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.938	+0.685%	$927K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.929	+0.615%	$5.3M	$15.9M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0268%	1h	12.944	+0.730%	$810K	$266K	50x	as long as short
Phemex LINKUSDT	+0.0325%	8h	12.945	+0.739%	$20.0M	$11.4M	50x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.920	+0.549%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1327%	1h	12.868	+0.139%	$346K	$49K	10x	as long as short