LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0106%/8h= −11.6% APRnext payment −$0.13 per $10,000 · paid last 24h −0.035%

Price spread now: Kraken Futures against Hyperliquid−0.140%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 4 days (all we have)+0.075%+$8 · spread now −0.140%, 7d avg −0.072%

Together, before fees+0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kraken Futures is 0.069% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.050	0.0659	pay 0.0082% / 1h	18m 02s	$82.1M	$27.3M	10x
Short	Kraken Futures PF_LINKUSD	13.032	0.0553	get 0.0069% / 1h	18m 02s	$6.8M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$22.27
Price spread: −0.140% → −0.072%: −$6.85
Slippage, 4 orders: −$16.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$64.27
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Kraken Futures: live order book, 1 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	1.15 bp	6.4 bp −$6	11.7 bp −$117	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	3.45 bp	9.7 bp −$10	11.3 bp −$113	42.2 bp −$4,217	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 −0.0090% / S +0.0167%	1h	13.018	−0.248%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.039	−0.087%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.018	−0.242%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.981%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.026	−0.184%	$965K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	13.017	−0.253%	$117K	$1.5M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0065%	1h	13.023	−0.208%	$774K	$174K	50x	as long as short
Lighter LINK	+0.0096%	1h	13.030	−0.157%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.061	+0.086%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.037	−0.098%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.036	−0.107%	$394K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.030	−0.156%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.036	−0.106%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.032	−0.138%	$120.5M	$296.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.028	−0.169%	$84.2M	$71.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.029	−0.161%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.052	+0.015%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.027	−0.176%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.033	−0.130%	$32.5M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.035	−0.115%	$23.0M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.028	−0.169%	$54.2M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.026	−0.184%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.034	−0.123%	$345K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.062	+0.093%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.068	+0.140%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.051	+0.005%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.077	+0.207%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.035	−0.115%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.015	−0.266%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.051	+0.006%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.028	−0.169%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.028	−0.165%	$643K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.026	−0.186%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.028	−0.169%	$546K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.041	−0.069%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.023	−0.208%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0405%	1h	13.032	−0.135%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0553%	1h	13.032	−0.140%	$6.8M	$8.1M	50x
Phemex LINKUSDT	+0.0589%	8h	13.035	−0.115%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINKlong	+0.0659%	1h	13.050	long leg	$82.1M	$27.3M	10x