LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0106%/8h= +11.6% APRnext payment +$0.13 per $10,000 · paid last 24h +0.035%

Price spread now: Hyperliquid against Kraken Futures+0.141%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$350.351% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.141%, 7d avg +0.072%

Together, before fees−0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.069% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	13.032	0.0553	pay 0.0069% / 1h	18m 00s	$6.8M	$8.1M	50x
Short	Hyperliquid LINK	13.050	0.0659	get 0.0082% / 1h	18m 00s	$82.1M	$27.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now +0.141%Rate

Funding earned: $22.27
Price spread: +0.141% → +0.072%: $6.87
Slippage, 4 orders: −$16.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6
Costs to cover: 0.351%
Break-even: 8.9 days

Slippage from Kraken Futures: live order book, 1 min ago; Hyperliquid: live order book, 6 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 Kraken Futures live order book, 1 min ago	3.45 bp	12.6 bp −$13	18.2 bp −$182	48.3 bp −$4,831	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.15 bp	6.5 bp −$7	11.1 bp −$111	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	13.018	−0.108%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.039	+0.054%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.018	−0.102%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.847%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.026	−0.044%	$965K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	13.017	−0.113%	$117K	$1.5M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0065%	1h	13.023	−0.068%	$774K	$174K	50x	as long as short
Lighter LINK	+0.0096%	1h	13.030	−0.017%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.061	+0.227%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.037	+0.043%	$31K	$2K	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	13.036	+0.033%	$394K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.030	−0.015%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.036	+0.034%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.032	+0.002%	$120.5M	$296.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.028	−0.028%	$84.2M	$71.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.029	−0.021%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.052	+0.156%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.027	−0.036%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.033	+0.010%	$32.5M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.035	+0.025%	$23.0M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.028	−0.028%	$54.2M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.026	−0.044%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.034	+0.018%	$345K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.062	+0.233%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.068	+0.280%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.051	+0.145%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.077	+0.348%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.035	+0.025%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.015	−0.125%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.051	+0.147%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.028	−0.028%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.028	−0.024%	$643K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.026	−0.046%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.028	−0.028%	$546K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.041	+0.071%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.023	−0.068%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0405%	1h	13.032	+0.005%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0553%	1h	13.032	long leg	$6.8M	$8.1M	50x
Phemex LINKUSDT	+0.0589%	8h	13.035	+0.025%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINKshort	+0.0659%	1h	13.050	+0.141%	$82.1M	$27.3M	10x