Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.052%

Price spread now: SunX against Hyperliquid−0.108%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$530.526% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)+0.149%+$15 · spread now −0.108%, 7d avg +0.012%

Together, before fees+0.128%+ Points / potential airdropHyperliquid: Season 2 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and SunX is 0.120% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% 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	13.007	0.0463	pay 0.0058% / 1h	10m 58s	$80.7M	$26.6M	10x
Short	SunX LINK-USDT	12.993	0.0100	get 0.0100% / 8h	6h 10m	$33K	$1.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$76.15
Price spread: −0.108% → +0.012%: −$12.04
Slippage, 4 orders: −$35.63
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$140.82
Costs to cover: 0.526%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; SunX: 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, 13 min ago	0.38 bp	10.3 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	13.68 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit

LINK on 39 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	12.982	−0.193%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.996	−0.087%	$475K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.982	−0.195%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.667%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.005	−0.018%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.985	−0.169%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	−0.108%	$952K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.992	−0.115%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.984	−0.176%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.981	−0.196%	$395K	$319K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.992	−0.113%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.987	−0.151%	$275K	$172K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.987	−0.154%	$119.4M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.981	−0.200%	$83.8M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.985	−0.169%	$27.3M	$84.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.003	−0.031%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.984	−0.177%	$128.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.987	−0.154%	$33.1M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.990	−0.131%	$23.0M	$14.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.983	−0.185%	$54.0M	$30.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.986	−0.161%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	−0.214%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.991	−0.121%	$43K	$311K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.991	−0.121%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.989	−0.138%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.988	−0.146%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.989	−0.141%	$16K	$22K	10x	as long as short
SunX LINK-USDTshort	+0.0100%	8h	12.993	−0.108%	$33K	$1.5M	30x
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.115%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.919	−0.678%	$637K	$857K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.978	−0.220%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.992	−0.119%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0127%	1h	12.996	−0.085%	$338K	$383K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0150%	1h	12.993	−0.106%	$772K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.980	−0.209%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0390%	1h	12.987	−0.157%	$344K	$35K	10x	as long as short
Hyperliquid LINKlong	+0.0463%	1h	13.007	long leg	$80.7M	$26.6M	10x
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.996	−0.083%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0613%	8h	13.008	+0.008%	$20.1M	$11.5M	50x	as long as short