LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0195%/8h= −21.3% APRnext payment −$0.24 per $10,000 · paid last 24h −0.051%

Price spread now: Lighter against Hyperliquid−0.150%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 7 days+0.212%+$21 · spread now −0.150%, 7d avg −0.073%

Together, before fees+0.045%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$5 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 Lighter is 0.077% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.145	0.0291	pay 0.0036% / 1h	15m 59s	$78.0M	$24.1M	10x
Short	Lighter LINK	13.125	0.0096	get 0.0012% / 1h	15m 59s	$2.0M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$40.85
Price spread: −0.150% → −0.073%: −$7.68
Slippage, 4 orders: −$8.63
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$66.16
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Lighter: live order book, 6 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, 8 min ago	1.14 bp	6.6 bp −$7	11.0 bp −$110	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	1.74 bp	2.0 bp −$2	10.6 bp −$106	77.3 bp −$7,726	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	13.125	−0.152%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.135	−0.075%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.128	−0.129%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.125	−0.152%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.123	−0.164%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.668%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.124	−0.160%	$133K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.125	−0.150%	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.126	−0.142%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.127	−0.133%	$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	13.127	−0.137%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.131	−0.110%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.121	−0.182%	$121.9M	$305.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.123	−0.167%	$84.6M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.118	−0.205%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.137	−0.061%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.126	−0.145%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.121	−0.183%	$36.5M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.127	−0.137%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.122	−0.175%	$54.6M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.122	−0.175%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.125	−0.155%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	−0.204%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.119	−0.196%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.123	−0.167%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.127	−0.137%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.122	−0.173%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.139	−0.043%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.124	−0.160%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.114	−0.237%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.118	−0.209%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.127	−0.133%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.129	−0.122%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0220%	1h	13.138	−0.053%	$363K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.101	−0.335%	$5.2M	$17.3M	75x	as long as short
Hyperliquid LINKlong	+0.0291%	1h	13.145	long leg	$78.0M	$24.1M	10x
Reya LINKRUSDPERP	+0.0379%	1h	13.122	−0.177%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.133	−0.088%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0484%	8h	13.143	−0.015%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0546%	1h	13.128	−0.132%	$348K	$48K	10x	as long as short