Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.055%

Price spread now: Hyperliquid against MEXC+0.098%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$130.132% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 7 days−0.087%−$9 · spread now +0.098%, 7d avg +0.055%

Together, before fees−0.008%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.043% dearer against MEXC than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC LINK_USDT	13.200	0.0100	pay 0.0100% / 8h	1h 01m	$36.4M	$57.2M	300x
Short	Hyperliquid LINK	13.213	0.0100	get 0.0013% / 1h	1m 19s	$78.1M	$24.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.098%Rate

Funding earned: $0
Price spread: +0.098% → +0.055%: $4.34
Slippage, 4 orders: −$4.2
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$8.86
Costs to cover: 0.132%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Hyperliquid: live order book, 12 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 MEXC live order book, 3 min ago	0.38 bp	0.4 bp $0	3.0 bp −$30	23.2 bp −$2,322	43.4 bp −$21.7K
Sell Hyperliquid live order book, 12 min ago	0.38 bp	7.0 bp −$7	11.6 bp −$116	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	13.203	+0.019%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.203	+0.019%	$493K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.202	+0.018%	$724K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.202	+0.013%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.061%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.203	+0.023%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.201	+0.008%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0052%	1h	13.203	+0.020%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.199	−0.011%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.197	−0.021%	$32K	$3K	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	13.197	−0.019%	$404K	$313K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.213	+0.098%	$78.1M	$24.1M	10x
Aster LINKUSDT	+0.0100%	8h	13.201	+0.011%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.201	+0.008%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.203	+0.023%	$122.8M	$303.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.201	+0.008%	$85.2M	$70.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.203	+0.023%	$27.8M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.214	+0.106%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.200	0.000%	$130.8M	$12.9M	75x	as long as short
MEXC LINK_USDTlong	+0.0100%	8h	13.200	long leg	$36.4M	$57.2M	300x
KuCoin LINKUSDTM	+0.0100%	8h	13.201	+0.008%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.201	+0.008%	$55.0M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.203	+0.023%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.189	−0.085%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	+0.034%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.015%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.207	+0.053%	$154K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.199	−0.008%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.199	−0.006%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.214	+0.104%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.198	−0.015%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.192	−0.058%	$649K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.193	−0.054%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.211	+0.083%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.212	+0.091%	$995K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	+0.045%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0221%	1h	13.207	+0.053%	$364K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.195	−0.039%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0464%	8h	13.213	+0.098%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.207	+0.053%	$7.0M	$8.1M	50x	as long as short