Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0282%/8h= +30.9% APRpaid last 24h +0.060%

Price spread now: Hyperliquid against Binance+0.112%7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$260.264% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 7 days−0.092%−$9 · spread now +0.112%, 7d avg +0.058%

Together, before fees−0.001%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.054% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.058%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.091% in total (about 4.7% 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	Binance LINKUSDT	12.944	0.0100	pay 0.0100% / 8h	4h 06m	$119.7M	$297.4M	75x
Short	Hyperliquid LINK	12.958	0.0382	get 0.0048% / 1h	6m 05s	$81.1M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.112%Rate

Funding earned: $59.31
Price spread: +0.112% → +0.058%: $5.41
Slippage, 4 orders: −$7.37
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $38.35
Costs to cover: 0.264%
Break-even: 2.5 days

Slippage from Binance: live order book, 7 min ago; Hyperliquid: live order book, 8 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 Binance live order book, 7 min ago	0.38 bp	7.7 bp −$8	12.2 bp −$122	28.9 bp −$2,892	109.6 bp −$54.8K
Sell Hyperliquid live order book, 8 min ago	0.38 bp	6.3 bp −$6	10.9 bp −$109	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 −0.0089% / S +0.0166%	1h	12.947	+0.030%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.954	+0.083%	$521K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.950	+0.046%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.199%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.948	+0.035%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.948	+0.037%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	+0.089%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.978	+0.267%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.947	+0.025%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.947	+0.027%	$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 LINKUSDT	+0.0100%	8h	12.952	+0.065%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.949	+0.039%	$275K	$178K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	12.944	long leg	$119.7M	$297.4M	75x
Bybit LINKUSDT	+0.0100%	8h	12.941	−0.019%	$83.5M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.943	−0.004%	$27.4M	$80.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.964	+0.158%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.947	+0.027%	$128.3M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.944	+0.004%	$32.7M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.954	+0.081%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.942	−0.012%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.943	−0.004%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.950	+0.050%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.943	−0.002%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.973	+0.228%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.966	+0.174%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.981	+0.290%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.952	+0.066%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.949	+0.040%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.966	+0.178%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.948	+0.035%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.936	−0.056%	$635K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.945	+0.010%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.951	+0.062%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0136%	1h	12.955	+0.090%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.964	+0.158%	$5.2M	$15.7M	75x	as long as short
dYdX LINK-USD	+0.0372%	1h	12.950	+0.049%	$343K	$30K	10x	as long as short
Hyperliquid LINKshort	+0.0382%	1h	12.958	+0.112%	$81.1M	$27.4M	10x
Reya LINKRUSDPERP	+0.0391%	1h	12.945	+0.011%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	+0.053%	$6.7M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0542%	8h	12.963	+0.151%	$20.0M	$11.4M	50x	as long as short