Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.067%

Price spread now: Variational Omni against Hyperliquid−0.058%7-day average −0.069% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.087%−$9 on $10k

Price spread, last 7 days+0.014%+$1 · spread now −0.058%, 7d avg −0.069%

Together, before fees−0.073%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.069%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.087% in total (about -9.4% 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	13.008	0.0540	pay 0.0067% / 1h	52m 35s	$79.9M	$29.5M	10x
Short	Variational Omni LINK	13.000	0.0100	get 0.0100% / 8h	6h 52m	$3.4M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.058%Rate

Funding earned: −$92.37
Price spread: −0.058% → −0.069%: $1.17
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$100.2
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 2 min ago. 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	0.38 bp	9.6 bp −$10	15.4 bp −$154	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.12 bp	doesn't fit	10.2 bp −$102	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
ApeX Omni LINKUSDT	−0.0265%	1h	13.058	+0.384%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.983	−0.191%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.128%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	12.984	−0.187%	$131K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.674%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.000	−0.058%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	−0.081%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.985	−0.177%	$125K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	−0.115%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.998	−0.076%	$1.9M	$2.7M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0099%	8h	13.058	+0.382%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	−0.073%	$397K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.995	−0.097%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	−0.066%	$272K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.008	−0.002%	$120.9M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.002	−0.046%	$83.8M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.999	−0.069%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	−0.008%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.998	−0.077%	$128.7M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.001	−0.054%	$35.7M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.002	−0.046%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	−0.077%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.001	−0.054%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.998	−0.077%	$342K	$387K	15x	as long as short
Variational Omni LINKshort	+0.0100%	8h	13.000	−0.058%	$3.4M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.356%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	−0.042%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.008	0.000%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.984	−0.186%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.996	−0.090%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.986	−0.169%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.961	−0.364%	$639K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.997	−0.083%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.140%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0112%	1h	12.993	−0.117%	$772K	$212K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.231%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.993	−0.118%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.992	−0.127%	$6.8M	$8.0M	50x	as long as short
Hyperliquid LINKlong	+0.0540%	1h	13.008	long leg	$79.9M	$29.5M	10x
Phemex LINKUSDT	+0.0709%	8h	13.005	−0.023%	$20.1M	$11.5M	50x	as long as short