Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0444%/8h= +48.6% APRpaid last 24h +0.052%

Price spread now: Hyperliquid against Aster+0.117%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Aster Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 7 days−0.139%−$14 · spread now +0.117%, 7d avg +0.021%

Together, before fees−0.113%+ Points / potential airdropAster: Stage 5 · Hyperliquid: Season 2 · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Hyperliquid is 0.097% dearer against Aster than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.021%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.026% in total (about 1.4% 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	Aster LINKUSDT	12.956	0.0100	pay 0.0100% / 8h	4h 58m	$1.3M	$2.3M	50x
Short	Hyperliquid LINK	12.971	0.0544	get 0.0068% / 1h	58m 36s	$81.6M	$27.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Aster. 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 AsterbpFee HyperliquidbpOrdersPrice spread, now +0.117%Rate

Funding earned: $93.26
Price spread: +0.117% → +0.021%: $9.69
Slippage, 4 orders: −$15.39
Fee Aster: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $70.57
Costs to cover: 0.324%
Break-even: 1.7 days

Slippage from Aster: live order book, 5 min ago; Hyperliquid: live order book, 5 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 Aster live order book, 5 min ago	1.55 bp	8.5 bp −$8	19.2 bp −$192	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.39 bp	6.0 bp −$6	11.4 bp −$114	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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.933	−0.179%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.930	−0.203%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.934	−0.170%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.290%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.944	−0.091%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.953	−0.023%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.957	+0.009%	$944K	$2.7M	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.941	−0.114%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.954	−0.017%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	−0.218%	$391K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDTlong	+0.0100%	8h	12.956	long leg	$1.3M	$2.3M	50x
Pacifica LINK	+0.0100%	1h	12.955	−0.007%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.954	−0.014%	$119.9M	$296.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.944	−0.091%	$83.6M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.942	−0.106%	$27.4M	$81.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.959	+0.025%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.951	−0.037%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.948	−0.060%	$32.3M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.958	+0.017%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.946	−0.076%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.942	−0.106%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.955	−0.006%	$340K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.941	−0.115%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.101%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.946	−0.076%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	−0.083%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.934	−0.168%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.945	−0.082%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.943	−0.100%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.947	−0.068%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.932	−0.187%	$633K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.938	−0.135%	$644K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.947	−0.068%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0128%	1h	12.951	−0.038%	$772K	$181K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.931	−0.191%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.925	−0.235%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.954	−0.010%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0408%	1h	12.949	−0.050%	$343K	$30K	10x	as long as short
Hyperliquid LINKshort	+0.0544%	1h	12.971	+0.117%	$81.6M	$27.3M	10x
Phemex LINKUSDT	+0.0615%	8h	12.953	−0.021%	$20.0M	$11.5M	50x	as long as short