Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h −0.020%

Price spread now: BloFin against Hyperliquid−0.212%87s7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.278% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 3 days (all we have)+0.148%+$15 · spread now −0.212%, 7d avg −0.082%

Together, before fees+0.308%+ Points / potential airdropHyperliquid: Season 2 · farm board+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.130% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.212% now, against its 7-day average of −0.082%). If the spread goes back, that is −$13 on $10k: about 3.6 days of funding at the current rate (+$4 a day). The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.192	0.0100	pay 0.0013% / 1h	17m 39s	$78.0M	$23.5M	10x
Short	BloFin LINK-USDT	13.164	0.0220	get 0.0220% / 8h	2h 17m	$5.2M	$16.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hyperliquid. 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 HyperliquidbpFee BloFinbpOrdersPrice spread, now −0.212%Rate

Funding earned: $25.2
Price spread: −0.212% → −0.082%: −$13.04
Slippage, 4 orders: −$6.78
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.62
Costs to cover: 0.278%
Break-even: 11.3 days

Slippage from Hyperliquid: live order book, 6 min ago; BloFin: 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 Hyperliquid live order book, 6 min ago	0.38 bp	5.3 bp −$5	9.4 bp −$94	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.76 bp	7.2 bp −$7	12.2 bp −$122	25.9 bp −$2,591	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 −0.0092% / S +0.0166%	1h	13.181	−0.081%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.191	−0.005%	$493K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.185	−0.054%	$717K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.182	−0.079%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0017%	1h	13.194	+0.013%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.159	−0.251%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.004%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0042%	8h	13.175	−0.129%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0087%	8h	13.164	−0.214%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.196	+0.033%	$2.1M	$2.4M	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	+0.0100%	8h	13.192	−0.002%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.181	−0.083%	$401K	$317K	10x	as long as short
Hyperliquid LINKlong	+0.0100%	1h	13.192	long leg	$78.0M	$23.5M	10x
Aster LINKUSDT	+0.0100%	8h	13.196	+0.034%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.192	−0.001%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.194	+0.015%	$122.2M	$301.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.194	+0.015%	$85.0M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.195	+0.023%	$27.9M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.205	+0.099%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.194	+0.015%	$131.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.193	+0.008%	$37.5M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.195	+0.023%	$22.1M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.191	−0.008%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.193	+0.008%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.167	−0.189%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.164	−0.212%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	−0.182%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.184	−0.061%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.176	−0.121%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.196	+0.030%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.179	−0.099%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.157	−0.265%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.192	+0.003%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.182	−0.072%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.181	−0.083%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.186	−0.045%	$365K	$372K	15x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	13.164	−0.212%	$5.2M	$16.9M	75x
Reya LINKRUSDPERP	+0.0374%	1h	13.180	−0.088%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0462%	8h	13.189	−0.023%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	13.189	−0.020%	$7.0M	$7.8M	50x	as long as short