LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0049%/8h= −5.4% APRnext payment −$0.06 per $10,000 · paid last 24h +0.074%

Price spread now: Hyperliquid against Deribit+0.026%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on Deribit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.266%+$27 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now +0.026%, 7d avg +0.088%

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hyperliquid is 0.063% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.088%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.266%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	12.938	0.0284	pay 0.0036% / 1h	18m 33s	$801K	$246K	50x
Short	Hyperliquid LINK	12.941	0.0235	get 0.0029% / 1h	18m 33s	$80.6M	$27.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Deribit. 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 DeribitbpFee HyperliquidbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$10.35
Price spread: +0.026% → +0.088%: −$6.27
Slippage, 4 orders: −$16.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$49.11
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Deribit: live order book, 30 min ago; Hyperliquid: live order book, 5 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 Deribit live order book, 30 min ago	4.25 bp	7.7 bp −$8	13.6 bp −$136	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.39 bp	6.7 bp −$7	10.7 bp −$107	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 −0.0089% / S +0.0166%	1h	12.933	−0.035%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.926	−0.090%	$526K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.932	−0.043%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.156%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0038%	8h	12.924	−0.106%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.881	−0.436%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.928	−0.072%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.927	−0.083%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	−0.071%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.932	−0.041%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.929	−0.066%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.933	−0.036%	$118.9M	$302.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.933	−0.036%	$83.5M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.934	−0.029%	$27.4M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.944	+0.049%	$181K	$116K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.925	−0.098%	$124.3M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.929	−0.067%	$32.8M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.932	−0.044%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.927	−0.083%	$54.0M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.930	−0.060%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.887	−0.390%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.895	−0.326%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.678%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.686%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	+0.002%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.929	−0.068%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.947	+0.073%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.930	−0.060%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.893	−0.349%	$618K	$733K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.924	−0.104%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.916	−0.166%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0107%	1h	12.940	+0.018%	$337K	$390K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.925	−0.098%	$920K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.932	−0.044%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINKshort	+0.0235%	1h	12.941	+0.026%	$80.6M	$27.7M	10x
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.932	−0.043%	$6.6M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0284%	1h	12.938	long leg	$801K	$246K	50x
Reya LINKRUSDPERP	+0.0395%	1h	12.932	−0.044%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0559%	8h	12.939	+0.010%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0696%	1h	12.932	−0.047%	$344K	$33K	10x	as long as short