Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against Gate+0.187%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 7 days−0.171%−$17 · spread now +0.187%, 7d avg +0.065%

Together, before fees−0.045%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.122% dearer against Gate than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate LINK_USDT	12.842	0.0100	pay 0.0100% / 8h	2h 32m	$123.8M	$14.9M	75x
Short	Hyperliquid LINK	12.866	0.0230	get 0.0029% / 1h	32m 50s	$80.1M	$27.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.187%Rate

Funding earned: $27.28
Price spread: +0.187% → +0.065%: $12.21
Slippage, 4 orders: −$11.86
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $3.63
Costs to cover: 0.359%
Break-even: 6.1 days

Slippage from Gate: live order book, 1 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 Gate live order book, 1 min ago	0.39 bp	7.9 bp −$8	15.2 bp −$152	32.0 bp −$3,200	75.7 bp −$37.9K
Sell Hyperliquid live order book, 11 min ago	0.39 bp	6.7 bp −$7	11.1 bp −$111	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	12.840	−0.018%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.845	+0.020%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.838	−0.033%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.442%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0047%	8h	12.830	−0.093%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.887	+0.354%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.853	+0.085%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.833	−0.070%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.833	−0.066%	$342K	$341K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.854	+0.091%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.839	−0.020%	$273K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.856	+0.107%	$118.5M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.852	+0.078%	$82.9M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.855	+0.101%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.859	+0.132%	$180K	$167K	10x	as long as short
Gate LINK_USDTlong	+0.0100%	8h	12.842	long leg	$123.8M	$14.9M	75x
MEXC LINK_USDT	+0.0100%	8h	12.849	+0.055%	$32.9M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.845	+0.023%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.850	+0.062%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.846	+0.031%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.852	+0.078%	$335K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	+0.238%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.894	+0.404%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	+0.296%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	+0.444%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.844	+0.016%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.834	−0.060%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.852	+0.079%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.838	−0.031%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.825	−0.133%	$629K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.844	+0.012%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.837	−0.038%	$538K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.866	+0.187%	$915K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0186%	1h	12.845	+0.023%	$793K	$239K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.843	+0.008%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINKshort	+0.0230%	1h	12.866	+0.187%	$80.1M	$27.6M	10x
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.842	−0.003%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.838	−0.034%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0594%	8h	12.854	+0.093%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0865%	1h	12.853	+0.089%	$342K	$33K	10x	as long as short