Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0135%/8h= +14.8% APRpaid last 24h +0.053%

Price spread now: Hyperliquid against edgeX+0.400%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs+$3as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.452%−$45 · spread now +0.400%, 7d avg +0.102%

Together, before fees−0.412%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 0.298% dearer against edgeX than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of +0.102%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX LINKUSDC	12.895	0.0100	pay 0.0050% / 4h	2h 18m	$43K	$307K	20x
Short	Hyperliquid LINK	12.947	0.0235	get 0.0029% / 1h	18m 58s	$80.6M	$27.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.400%Rate

Funding earned: $28.38
Price spread: +0.400% → +0.102%: $29.8
Slippage, 4 orders: −$8.92
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $31.26
Costs to cover: 0.269%
Break-even: from the start

Slippage from edgeX: live order book, 29 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 edgeX live order book, 29 min ago	2.32 bp	6.8 bp −$7	10.2 bp −$102	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	+0.293%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.926	+0.237%	$526K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.932	+0.285%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.842%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0038%	8h	12.924	+0.221%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.881	−0.110%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.931	+0.277%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.931	+0.274%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	+0.256%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.935	+0.305%	$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	12.932	+0.284%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.933	+0.292%	$118.9M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.931	+0.276%	$83.5M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.930	+0.268%	$27.4M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.945	+0.384%	$181K	$154K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.927	+0.245%	$124.4M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.929	+0.260%	$32.8M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.935	+0.307%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.931	+0.276%	$54.0M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.933	+0.291%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.887	−0.064%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	12.895	long leg	$43K	$307K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.353%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.360%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	+0.330%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.929	+0.260%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.947	+0.400%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.930	+0.268%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.893	−0.022%	$618K	$733K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.927	+0.244%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.916	+0.161%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0107%	1h	12.940	+0.345%	$337K	$390K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.925	+0.229%	$920K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.932	+0.283%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINKshort	+0.0235%	1h	12.947	+0.400%	$80.6M	$27.7M	10x
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.932	+0.284%	$6.6M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0284%	1h	12.938	+0.327%	$801K	$246K	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.932	+0.283%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0559%	8h	12.939	+0.338%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0714%	1h	12.932	+0.281%	$344K	$33K	10x	as long as short