Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.058%

Price spread now: OKX against Hyperliquid−0.091%7-day average −0.062% · 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−$32as in the Price arb table

costs, in and out, $10k−$300.295% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days+0.087%+$9 · spread now −0.091%, 7d avg −0.062%

Together, before fees−0.004%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 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: OKX is 0.029% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.167	0.0100	pay 0.0013% / 1h	56m 02s	$77.6M	$23.6M	10x
Short	OKX LINK-USDT-SWAP	13.155	0.0100	get 0.0100% / 8h	1h 56m	$27.7M	$85.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → −0.062%: −$2.89
Slippage, 4 orders: −$10.5
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$32.4
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; OKX: live order book, 3 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	0.38 bp	6.4 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.38 bp	8.8 bp −$9	15.3 bp −$153	28.4 bp −$2,839	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	13.144	−0.173%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.158	−0.066%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.154	−0.099%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.148	−0.142%	$718K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.147	−0.152%	$133K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.128	−0.298%	$3K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.825%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.143	−0.182%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.152	−0.114%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.158	−0.067%	$32K	$3K	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	13.160	−0.049%	$400K	$316K	10x	as long as short
Hyperliquid LINKlong	+0.0100%	1h	13.167	long leg	$77.6M	$23.6M	10x
Aster LINKUSDT	+0.0100%	8h	13.152	−0.112%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.162	−0.036%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.154	−0.099%	$121.9M	$302.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.154	−0.099%	$84.8M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	13.155	−0.091%	$27.7M	$85.9M	50x
Arcus LINK-USD	+0.0100%	1h	13.172	+0.038%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.147	−0.152%	$130.5M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.152	−0.114%	$36.8M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.151	−0.122%	$22.2M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.152	−0.114%	$54.5M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.151	−0.122%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.143	−0.182%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.127	−0.302%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	−0.233%	$589K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	−0.144%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	−0.099%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.140	−0.205%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.178	+0.086%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.148	−0.144%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.116%	$647K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.152	−0.111%	$667K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.149	−0.138%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.150	−0.129%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0211%	1h	13.160	−0.053%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.143	−0.182%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.146	−0.158%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0479%	8h	13.164	−0.023%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0695%	1h	13.153	−0.107%	$6.9M	$8.0M	50x	as long as short