Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0440%/8h= +48.2% APRpaid last 24h +0.052%

Price spread now: Hyperliquid against BingX+0.054%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.054%, 7d avg +0.065%

Together, before fees+0.022%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.065%, so right now this pair is about funding alone: +$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.043% in total (about 2.2% 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	BingX LINK-USDC	13.001	0.0100	pay 0.0100% / 8h	6h 52m	—	$6.6M	—
Short	Hyperliquid LINK	13.008	0.0540	get 0.0067% / 1h	52m 35s	$79.9M	$29.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.054%Rate

Funding earned: $92.37
Price spread: +0.054% → +0.065%: −$1.13
Slippage, 4 orders: −$18.09
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $54.14
Costs to cover: 0.371%
Break-even: 2.9 days

Slippage from BingX: live order book, 14 min ago; Hyperliquid: live order book, 11 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 BingX live order book, 14 min ago	0.76 bp	11.7 bp −$12	24.9 bp −$249	89.8 bp −$8,978	464.9 bp −$232.5K
Sell Hyperliquid live order book, 11 min ago	0.38 bp	4.9 bp −$5	9.7 bp −$97	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
ApeX Omni LINKUSDT	−0.0265%	1h	13.058	+0.438%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.983	−0.137%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.074%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	12.984	−0.133%	$131K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.623%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.000	−0.004%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	−0.027%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.985	−0.123%	$125K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	−0.062%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.998	−0.022%	$1.9M	$2.7M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0099%	8h	13.058	+0.436%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	−0.019%	$397K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.995	−0.043%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	−0.012%	$272K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.008	+0.052%	$120.9M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.002	+0.008%	$83.8M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.999	−0.015%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	+0.046%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.998	−0.023%	$128.7M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.001	0.000%	$35.7M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.002	+0.008%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	−0.023%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDClong	+0.0100%	8h	13.001	long leg	—	$6.6M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	12.998	−0.023%	$342K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.000	−0.004%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.410%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.012%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.008	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.984	−0.132%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.996	−0.036%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.986	−0.115%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.961	−0.310%	$639K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.997	−0.029%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.086%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0112%	1h	12.993	−0.063%	$772K	$212K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.177%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.993	−0.065%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.992	−0.073%	$6.8M	$8.0M	50x	as long as short
Hyperliquid LINKshort	+0.0540%	1h	13.008	+0.054%	$79.9M	$29.5M	10x
Phemex LINKUSDT	+0.0709%	8h	13.005	+0.031%	$20.1M	$11.5M	50x	as long as short