LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0280%/8h= −30.7% APRnext payment −$0.35 per $10,000 · paid last 24h −0.078%

Price spread now: Deribit against Hyperliquid−0.039%50s7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as 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−$320.321% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now −0.039%, 7d avg −0.084%

Together, before fees−0.214%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.046% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.039% now, against its 7-day average of −0.084%): +$5 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.249% in total) that is about 31 hours. The two prices were read 50 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	13.206	0.0280	pay 0.0035% / 1h	37m 24s	$78.1M	$24.0M	10x
Short	Deribit LINK_USDC-PERPETUAL	13.201	0	get 0.0000% / 1h	37m 24s	$724K	$128K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$58.85
Price spread: −0.039% → −0.084%: $4.57
Slippage, 4 orders: −$16.08
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.37
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Deribit: live order book, 41 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	0.75 bp	6.1 bp −$6	12.9 bp −$129	doesn't fit	doesn't fit
Sell Deribit live order book, 41 min ago	4.17 bp	10.7 bp −$11	16.2 bp −$162	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	13.198	−0.064%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.209	+0.020%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.201	−0.039%	$724K	$128K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.192	−0.108%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.204	−0.014%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.103%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0042%	8h	13.196	−0.076%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.192	−0.109%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.190	−0.118%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.190	−0.117%	$402K	$312K	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	13.196	−0.076%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.194	−0.092%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.188	−0.134%	$122.7M	$304.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.187	−0.144%	$85.1M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.193	−0.098%	$27.8M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.209	+0.023%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.192	−0.106%	$130.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.192	−0.106%	$36.7M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.195	−0.083%	$22.6M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.188	−0.136%	$54.9M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.189	−0.129%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.218	+0.090%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.202	−0.030%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.213	+0.054%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.209	+0.023%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.194	−0.091%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.196	−0.079%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.209	+0.019%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.196	−0.076%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.188	−0.133%	$649K	$888K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.188	−0.138%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.200	−0.048%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.202	−0.030%	$999K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.205	−0.008%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINKlong	+0.0280%	1h	13.206	long leg	$78.1M	$24.0M	10x
Backpack LINK_USDC_PERP	+0.0314%	1h	13.207	+0.008%	$365K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.188	−0.136%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0474%	8h	13.217	+0.083%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0475%	1h	13.204	−0.013%	$7.0M	$8.2M	50x	as long as short
dYdX LINK-USD	+0.0495%	1h	13.195	−0.080%	$349K	$48K	10x	as long as short