Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.052%

Price spread now: Hyperliquid against GRVT−0.251%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 7 days+0.269%+$27 · spread now −0.251%, 7d avg +0.056%

Together, before fees+0.378%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.307% cheaper against GRVT than usual: you would sell low and buy high (spread −0.251% now, against its 7-day average of +0.056%). If the spread goes back, that is −$31 on $10k: about 4.5 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.108% in total) that is about 20 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% 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	GRVT LINK_USDT_Perp	12.947	0.0100	pay 0.0100% / 8h	4h 57m	$583K	$2.7M	10x
Short	Hyperliquid LINK	12.915	0.0329	get 0.0041% / 1h	57m 38s	$81.2M	$27.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. 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 GRVTbpFee HyperliquidbpOrdersPrice spread, now −0.251%Rate

Funding earned: $48.09
Price spread: −0.251% → +0.056%: −$30.68
Slippage, 4 orders: −$9.01
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.6
Costs to cover: 0.270%
Break-even: 8.4 days

Slippage from GRVT: live order book, 6 min ago; Hyperliquid: live order book, 6 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 GRVT live order book, 6 min ago	1.55 bp	7.3 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 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	12.923	−0.187%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.948	+0.007%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.924	−0.178%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.228%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.919	−0.220%	$116K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.901	−0.358%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.938	−0.073%	$942K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.926	−0.164%	$771K	$181K	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.941	−0.050%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.899	−0.377%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.913	−0.264%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.901	−0.357%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.901	−0.362%	$272K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.913	−0.265%	$119.6M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.914	−0.258%	$83.4M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.917	−0.235%	$27.2M	$81.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.919	−0.220%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.899	−0.374%	$127.5M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.899	−0.374%	$32.2M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.903	−0.343%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.899	−0.374%	$53.6M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.901	−0.359%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.941	−0.051%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.037%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perplong	+0.0100%	8h	12.947	long leg	$583K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	−0.019%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	−0.073%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.920	−0.213%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.937	−0.081%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.921	−0.204%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.931	−0.128%	$633K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.897	−0.393%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	−0.204%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0119%	1h	12.917	−0.235%	$339K	$388K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.931	−0.127%	$5.3M	$15.7M	75x	as long as short
Hyperliquid LINKshort	+0.0329%	1h	12.915	−0.251%	$81.2M	$27.3M	10x
Reya LINKRUSDPERP	+0.0388%	1h	12.927	−0.157%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.922	−0.195%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0442%	1h	12.905	−0.328%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0608%	8h	12.934	−0.104%	$19.9M	$11.4M	50x	as long as short