Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.044%

Price spread now: edgeX against Hyperliquid+0.123%7-day average −0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.604%+$60 · spread now +0.123%, 7d avg −0.100%

Together, before fees+0.561%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$56 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.223% dearer against Hyperliquid than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.100%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.917	0.0100	pay 0.0013% / 1h	43m 39s	$80.9M	$28.0M	10x
Short	edgeX LINKUSDC	12.933	0.0100	get 0.0050% / 4h	43m 39s	$43K	$308K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.123%Rate

Funding earned: $0
Price spread: +0.123% → −0.100%: $22.34
Slippage, 4 orders: −$10.29
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$5.95
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; edgeX: live order book, 59 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, 10 min ago	0.39 bp	6.0 bp −$6	10.3 bp −$103	doesn't fit	doesn't fit
Sell edgeX live order book, 59 min ago	2.33 bp	6.9 bp −$7	10.5 bp −$105	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 −0.0087% / S +0.0165%	1h	12.917	+0.004%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0061%	8h	12.909	−0.059%	$91K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.921	+0.033%	$507K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.924	+0.059%	$808K	$268K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.917	+0.003%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.999%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.904	−0.094%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.912	−0.038%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.916	−0.002%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.915	−0.016%	$354K	$340K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINKlong	+0.0100%	1h	12.917	long leg	$80.9M	$28.0M	10x
Aster LINKUSDT	+0.0100%	8h	12.918	+0.009%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.912	−0.035%	$275K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.917	0.000%	$119.3M	$298.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.912	−0.035%	$83.4M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.914	−0.020%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.934	+0.135%	$181K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.910	−0.051%	$133.5M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.915	−0.012%	$34.5M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.910	−0.051%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.914	−0.020%	$54.0M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.916	−0.004%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.915	−0.012%	$335K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.924	+0.057%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	12.933	+0.123%	$43K	$308K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.917	+0.003%	$587K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.921	+0.034%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.918	+0.011%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.904	−0.097%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.931	+0.112%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.913	−0.028%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.904	−0.099%	$630K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.916	−0.002%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.915	−0.012%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.920	+0.023%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.919	+0.019%	$930K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	+0.073%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0400%	1h	12.910	−0.048%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0464%	1h	12.911	−0.041%	$344K	$45K	10x	as long as short
Phemex LINKUSDT	+0.0551%	8h	12.932	+0.120%	$20.0M	$11.3M	50x	as long as short