Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.060%

Price spread now: Orderly against Hyperliquid−0.247%55s7-day average −0.065% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.243%+$24 · spread now −0.247%, 7d avg −0.065%

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 −$9 a day on $10k at the current rate, and Orderly is 0.182% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.065%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.045% in total (about -2.3% 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	12.946	0.0374	pay 0.0047% / 1h	32m 27s	$81.1M	$27.4M	10x
Short	Orderly PERP_LINK_USDC	12.914	0.0058	get 0.0058% / 8h	4h 32m	$116K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.247%Rate

Funding earned: −$66.39
Price spread: −0.247% → −0.065%: −$18.24
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$99.63
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Orderly: no order-book sample. Net counts fees only.

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, 11 min ago	0.39 bp	5.1 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	12.912	−0.261%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.930	−0.127%	$488K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.913	−0.252%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.218%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0058%	8h	12.914	−0.247%	$116K	$1.3M	20x
Lighter LINK	+0.0096%	1h	12.932	−0.105%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.904	−0.324%	$940K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.882	−0.497%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.934	−0.093%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	−0.143%	$391K	$311K	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	12.929	−0.133%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.932	−0.106%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.933	−0.102%	$119.6M	$297.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.926	−0.154%	$83.4M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.930	−0.124%	$27.3M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.946	0.000%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.928	−0.139%	$127.8M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.933	−0.100%	$32.2M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.934	−0.093%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.934	−0.093%	$53.8M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.930	−0.124%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.931	−0.116%	$338K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.860	−0.662%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.884	−0.478%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	−0.458%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.894	−0.402%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.942	−0.031%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.914	−0.249%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.936	−0.079%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.918	−0.216%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.873	−0.564%	$630K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.925	−0.165%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	−0.197%	$542K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.921	−0.193%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0276%	1h	12.924	−0.171%	$772K	$197K	50x	as long as short
Hyperliquid LINKlong	+0.0374%	1h	12.946	long leg	$81.1M	$27.4M	10x
Reya LINKRUSDPERP	+0.0389%	1h	12.931	−0.113%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.922	−0.189%	$6.7M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0557%	8h	12.924	−0.170%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0567%	1h	12.926	−0.151%	$342K	$30K	10x	as long as short