Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.024%

Price spread now: Phemex against Hyperliquid−0.054%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.054%, 7d avg +0.009%

Together, before fees+0.287%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.062% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.009%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.210%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.064	0.0663	pay 0.0083% / 1h	20m 14s	$82.2M	$27.3M	10x
Short	Phemex LINKUSDT	13.057	0.0587	get 0.0587% / 8h	5h 20m	$20.1M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$15.95
Price spread: −0.054% → +0.009%: −$6.22
Slippage, 4 orders: −$10.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.57
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Phemex: live order book, 4 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, 3 min ago	1.15 bp	6.4 bp −$6	11.7 bp −$117	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.76 bp	9.0 bp −$9	15.4 bp −$154	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 −0.0090% / S +0.0167%	1h	13.045	−0.143%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.061	−0.025%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.046	−0.139%	$161K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.083%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.077	+0.100%	$968K	$2.8M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0065%	8h	13.044	−0.153%	$118K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.044	−0.154%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.061	−0.021%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.056	−0.061%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.057	−0.054%	$395K	$314K	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	13.058	−0.042%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.061	−0.025%	$275K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.040	−0.181%	$120.5M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.046	−0.138%	$84.3M	$71.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.044	−0.153%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.070	+0.046%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.050	−0.107%	$128.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.049	−0.115%	$32.1M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.055	−0.069%	$23.0M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.040	−0.184%	$54.2M	$29.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.050	−0.107%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.074	+0.077%	$346K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.062	−0.015%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.027	−0.281%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.051	−0.103%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.050	−0.107%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.056	−0.061%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.041	−0.178%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.066	+0.012%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.044	−0.153%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.040	−0.181%	$643K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.040	−0.186%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.046	−0.139%	$547K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0179%	1h	13.049	−0.116%	$775K	$174K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.067	+0.023%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.044	−0.157%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0412%	1h	13.058	−0.048%	$346K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0552%	1h	13.046	−0.135%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTshort	+0.0587%	8h	13.057	−0.054%	$20.1M	$11.5M	50x
Hyperliquid LINKlong	+0.0663%	1h	13.064	long leg	$82.2M	$27.3M	10x