Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0151%/8h= −16.6% APRpaid last 24h −0.053%

Price spread now: HTX against Hyperliquid−0.349%7-day average −0.170% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$750.749% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now −0.349%, 7d avg −0.170%

Together, before fees+0.199%+ Points / potential airdropHyperliquid: Season 2 · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and HTX is 0.180% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.170%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.852	0.0251	pay 0.0031% / 1h	40m 48s	$80.2M	$27.5M	10x
Short	HTX LINK-USDT	12.807	0.0100	get 0.0100% / 8h	2h 40m	$629K	$678K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.349%Rate

Funding earned: −$31.81
Price spread: −0.349% → −0.170%: −$17.98
Slippage, 4 orders: −$53.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$124.68
Costs to cover: 0.749%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; HTX: live order book, 8 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, 13 min ago	0.39 bp	7.9 bp −$8	16.4 bp −$164	doesn't fit	doesn't fit
Sell HTX live order book, 8 min ago	17.45 bp	32.1 bp −$32	221.2 bp −$2,212	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 −0.0089% / S +0.0166%	1h	12.849	−0.026%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.844	−0.065%	$499K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.849	−0.026%	$183K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.517%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0046%	1h	12.854	+0.014%	$786K	$228K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.838	−0.109%	$101K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.879	+0.211%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.830	−0.170%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.856	+0.033%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.862	+0.078%	$341K	$340K	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	12.835	−0.132%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.832	−0.153%	$273K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.827	−0.197%	$118.5M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.820	−0.249%	$82.7M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.823	−0.226%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	+0.156%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.832	−0.156%	$123.6M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.840	−0.093%	$32.8M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.843	−0.070%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.839	−0.101%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.839	−0.101%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.850	−0.016%	$337K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.841	−0.083%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	+0.235%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.898	+0.358%	$585K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.884	+0.249%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.859	+0.054%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.845	−0.054%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.863	+0.083%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.848	−0.031%	$10K	$63K	10x	as long as short
HTX LINK-USDTshort	+0.0100%	8h	12.807	−0.349%	$629K	$678K	75x
Extended LINK-USD	+0.0104%	1h	12.834	−0.140%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.851	−0.006%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.856	+0.031%	$914K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.849	−0.023%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINKlong	+0.0251%	1h	12.852	long leg	$80.2M	$27.5M	10x
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.851	−0.006%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.852	+0.001%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0580%	8h	12.865	+0.101%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.1029%	1h	12.828	−0.186%	$342K	$33K	10x	as long as short