Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0419%/8h= +45.9% APRpaid last 24h +0.052%

Price spread now: Hyperliquid against HTX+0.167%7-day average +0.165% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$700.696% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)−0.052%−$5 · spread now +0.167%, 7d avg +0.165%

Together, before fees−0.028%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.165%, 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 0.024% in total (about 1.2% 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	HTX LINK-USDT	12.982	0.0100	pay 0.0100% / 8h	6h 52m	$640K	$870K	75x
Short	Hyperliquid LINK	13.004	0.0519	get 0.0065% / 1h	52m 14s	$79.8M	$29.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now +0.167%Rate

Funding earned: $88.07
Price spread: +0.167% → +0.165%: $0.22
Slippage, 4 orders: −$48.64
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $18.65
Costs to cover: 0.696%
Break-even: 5.5 days

Slippage from HTX: live order book, 16 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 HTX live order book, 16 min ago	20.97 bp	28.1 bp −$28	85.3 bp −$853	doesn't fit	doesn't fit
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	+0.583%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.986	+0.030%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.992	+0.075%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.985	+0.019%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.485%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.000	+0.140%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	+0.117%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.983	+0.005%	$124K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.003	+0.159%	$955K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	12.994	+0.089%	$772K	$212K	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter LINK	+0.0096%	1h	12.993	+0.079%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.058	+0.581%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	+0.125%	$397K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.995	+0.099%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	+0.132%	$272K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.995	+0.098%	$120.8M	$301.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.996	+0.106%	$83.7M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.998	+0.121%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	+0.190%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.996	+0.106%	$128.7M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.997	+0.113%	$36.2M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.994	+0.090%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.997	+0.113%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.997	+0.113%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.004	+0.167%	$342K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.000	+0.140%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.555%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.156%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.008	+0.198%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	+0.027%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	+0.165%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	+0.075%	$24K	$37K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	12.982	long leg	$640K	$870K	75x
Extended LINK-USD	+0.0104%	1h	12.986	+0.026%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	+0.060%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.033%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.993	+0.079%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.998	+0.119%	$6.8M	$8.1M	50x	as long as short
Hyperliquid LINKshort	+0.0519%	1h	13.004	+0.167%	$79.8M	$29.6M	10x
Phemex LINKUSDT	+0.0671%	8h	13.012	+0.229%	$20.1M	$11.5M	50x	as long as short