Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0189%/8h= −20.7% APRpaid last 24h −0.058%

Price spread now: Gate against Hyperliquid−0.103%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.103%, 7d avg −0.061%

Together, before fees−0.040%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Gate is 0.042% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.112% in total (about -5.8% 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	Hyperliquid LINK	13.141	0.0289	pay 0.0036% / 1h	16m 33s	$77.9M	$24.1M	10x
Short	Gate LINK_USDT	13.127	0.0100	get 0.0100% / 8h	16m 33s	$130.2M	$12.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.103%Rate

Funding earned: −$39.79
Price spread: −0.103% → −0.061%: −$4.18
Slippage, 4 orders: −$19.31
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$87.29
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Gate: live order book, 2 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, 7 min ago	1.14 bp	6.6 bp −$7	11.0 bp −$110	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.91 bp	17.8 bp −$18	21.2 bp −$212	36.5 bp −$3,650	79.7 bp −$39.8K

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	13.103	−0.286%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.117	−0.177%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.112	−0.216%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.125	−0.118%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.123	−0.130%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.635%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.101	−0.301%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.127	−0.103%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.126	−0.108%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.127	−0.099%	$401K	$310K	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	13.128	−0.094%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.131	−0.076%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.124	−0.124%	$121.9M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.123	−0.133%	$84.6M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.123	−0.133%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.137	−0.027%	$184K	$172K	10x	as long as short
Gate LINK_USDTshort	+0.0100%	8h	13.127	−0.103%	$130.2M	$12.8M	75x
MEXC LINK_USDT	+0.0100%	8h	13.124	−0.126%	$36.5M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.128	−0.095%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.124	−0.126%	$54.6M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.125	−0.118%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.196%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	−0.170%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.119	−0.162%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.123	−0.133%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.127	−0.103%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.102	−0.291%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.123	−0.136%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.120	−0.156%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.088	−0.397%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.120	−0.160%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.112	−0.217%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.129	−0.088%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0218%	1h	13.132	−0.065%	$362K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.101	−0.301%	$5.2M	$17.3M	75x	as long as short
Hyperliquid LINKlong	+0.0289%	1h	13.141	long leg	$77.9M	$24.1M	10x
Reya LINKRUSDPERP	+0.0379%	1h	13.122	−0.143%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.133	−0.058%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0486%	8h	13.140	−0.004%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0546%	1h	13.128	−0.098%	$348K	$48K	10x	as long as short