Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against Bitget+0.126%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days−0.081%−$8 · spread now +0.126%, 7d avg +0.076%

Together, before fees−0.024%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.050% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.076%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.057% in total (about 3.0% 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	Bitget LINKUSDT	13.124	0.0100	pay 0.0100% / 8h	16m 32s	$54.6M	$30.6M	75x
Short	Hyperliquid LINK	13.141	0.0289	get 0.0036% / 1h	16m 32s	$77.9M	$24.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.126%Rate

Funding earned: $39.79
Price spread: +0.126% → +0.076%: $5.02
Slippage, 4 orders: −$9.14
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $14.68
Costs to cover: 0.301%
Break-even: 4.4 days

Slippage from Bitget: live order book, 2 min ago; Hyperliquid: live order book, 7 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 Bitget live order book, 2 min ago	0.76 bp	7.7 bp −$8	14.7 bp −$147	26.2 bp −$2,617	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.14 bp	7.2 bp −$7	12.2 bp −$122	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 −0.0091% / S +0.0167%	1h	13.103	−0.161%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.117	−0.051%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.112	−0.091%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.125	+0.008%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.123	−0.005%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.517%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.101	−0.175%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.127	+0.023%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.126	+0.018%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.127	+0.027%	$401K	$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	13.128	+0.032%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.131	+0.050%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.124	+0.001%	$121.9M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.123	−0.008%	$84.6M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.123	−0.008%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.137	+0.099%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.127	+0.023%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.124	0.000%	$36.5M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.128	+0.030%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDTlong	+0.0100%	8h	13.124	long leg	$54.6M	$30.6M	75x
BingX LINK-USDT	+0.0100%	8h	13.125	+0.008%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.071%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	−0.044%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.119	−0.036%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.123	−0.008%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.127	+0.023%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.102	−0.166%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.123	−0.010%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.120	−0.030%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.088	−0.272%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.120	−0.034%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.112	−0.092%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.129	+0.038%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0218%	1h	13.132	+0.061%	$362K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.101	−0.175%	$5.2M	$17.3M	75x	as long as short
Hyperliquid LINKshort	+0.0289%	1h	13.141	+0.126%	$77.9M	$24.1M	10x
Reya LINKRUSDPERP	+0.0379%	1h	13.122	−0.018%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.133	+0.068%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0486%	8h	13.140	+0.122%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0546%	1h	13.128	+0.028%	$348K	$48K	10x	as long as short