Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0365%/8h= −39.9% APRpaid last 24h −0.015%

Price spread now: Hyperliquid against Phemex−0.030%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 3 days (all we have)−0.056%−$6 · spread now −0.030%, 7d avg −0.011%

Together, before fees−0.243%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.187% in total (about -9.7% 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	Phemex LINKUSDT	13.217	0.0465	pay 0.0465% / 8h	1h 01m	$20.5M	$11.6M	50x
Short	Hyperliquid LINK	13.213	0.0100	get 0.0013% / 1h	1m 16s	$78.1M	$24.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$76.55
Price spread: −0.030% → −0.011%: −$1.95
Slippage, 4 orders: −$9.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$108.78
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Phemex: 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 Phemex live order book, 3 min ago	0.76 bp	9.5 bp −$9	16.7 bp −$167	doesn't fit	doesn't fit
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	−0.109%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.203	−0.103%	$488K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.207	−0.078%	$724K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.202	−0.116%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.181%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.203	−0.105%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.201	−0.121%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0052%	1h	13.203	−0.109%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.202	−0.112%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.197	−0.150%	$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	−0.148%	$404K	$313K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.213	−0.030%	$78.1M	$24.1M	10x
Aster LINKUSDT	+0.0100%	8h	13.206	−0.082%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.201	−0.121%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.208	−0.068%	$122.9M	$303.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.222	+0.038%	$85.4M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.223	+0.045%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.214	−0.023%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.200	−0.129%	$130.8M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.223	+0.045%	$36.4M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.204	−0.098%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.222	+0.038%	$55.0M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.221	+0.030%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.189	−0.214%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	−0.095%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.144%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.207	−0.076%	$154K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.199	−0.136%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.199	−0.135%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.218	+0.008%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.203	−0.106%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.186	−0.235%	$648K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.200	−0.126%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.211	−0.046%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.212	−0.038%	$995K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	−0.083%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0220%	1h	13.231	+0.106%	$365K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.195	−0.168%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0465%	8h	13.217	long leg	$20.5M	$11.6M	50x
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.213	−0.033%	$7.0M	$8.1M	50x	as long as short