LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0450%/8h= +49.3% APRnext payment +$0.56 per $10,000 · paid last 24h +0.092%

Price spread now: Hyperliquid against Phoenix+0.004%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.256%+$26 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), 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 7 days it paid 0.256% in total (about 13.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.56 per $10,000. 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	Phoenix LINK	12.998	0.0049	pay 0.0006% / 1h	51m 24s	$3K	$86K	10x
Short	Hyperliquid LINK	12.998	0.0499	get 0.0062% / 1h	51m 24s	$79.8M	$29.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phoenix. 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 PhoenixbpFee HyperliquidbpOrdersPrice spread, now +0.004%Rate

Funding earned: $94.45
Price spread: +0.004% → 0.000%: $0.38
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $78.84
Costs to cover: 0.160%
Break-even: 1.2 days

Slippage unknown: Phoenix: no order-book sample; Hyperliquid: live order book, 12 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 Phoenix no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 12 min ago	0.38 bp	4.9 bp −$5	9.7 bp −$97	doesn't fit	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0091% / S +0.0167%	1h	12.986	−0.087%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.992	−0.042%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.993	−0.034%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.597%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0040%	1h	12.984	−0.102%	$344K	$48K	10x	as long as short
Phoenix LINKlong	+0.0049%	1h	12.998	long leg	$3K	$86K	10x
Orderly PERP_LINK_USDC	+0.0070%	8h	12.993	−0.035%	$124K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.003	+0.042%	$955K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	12.994	−0.028%	$772K	$212K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.980	−0.135%	$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	13.038	+0.314%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.979	−0.138%	$392K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.988	−0.075%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.981	−0.125%	$272K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.995	−0.016%	$120.8M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.994	−0.027%	$83.7M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.997	−0.004%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.001	+0.027%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.985	−0.096%	$128.6M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.990	−0.058%	$35.8M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.992	−0.042%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.982	−0.119%	$53.7M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.995	−0.019%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.004	+0.050%	$342K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.000	+0.023%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.980	−0.133%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.984	−0.107%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	−0.096%	$134K	$681K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.989	−0.065%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	−0.090%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	+0.048%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.042%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.982	−0.117%	$640K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.980	−0.137%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.057%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.150%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.982	−0.119%	$4K	—	20x	as long as short
Hyperliquid LINKshort	+0.0499%	1h	12.998	+0.004%	$79.8M	$29.6M	10x
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.998	+0.002%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0671%	8h	13.012	+0.112%	$20.1M	$11.5M	50x	as long as short