Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.060%

Price spread now: Hyperliquid against Gate+0.038%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days−0.029%−$3 · spread now +0.038%, 7d avg +0.060%

Together, before fees+0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 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 0.022% cheaper against Gate than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate LINK_USDT	13.107	0.0100	pay 0.0100% / 8h	2h 37m	$130.6M	$12.7M	75x
Short	Hyperliquid LINK	13.112	0.0100	get 0.0013% / 1h	37m 37s	$77.5M	$23.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.038%Rate

Funding earned: $0
Price spread: +0.038% → +0.060%: −$2.15
Slippage, 4 orders: −$17.61
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$43.77
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Hyperliquid: live order book, 6 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 Gate live order book, 1 min ago	0.38 bp	13.6 bp −$14	22.4 bp −$224	33.3 bp −$3,332	75.5 bp −$37.7K
Sell Hyperliquid live order book, 6 min ago	0.76 bp	5.6 bp −$6	8.2 bp −$82	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 −0.0091% / S +0.0165%	1h	13.087	−0.152%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.085	−0.172%	$465K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.090	−0.131%	$709K	$119K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.088	−0.146%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.082	−0.187%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0032%	1h	13.103	−0.029%	$347K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.394%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0049%	8h	13.085	−0.171%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0050%	8h	13.080	−0.206%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.110	+0.023%	$2.1M	$2.4M	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	+0.0100%	8h	13.107	−0.003%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.075	−0.244%	$397K	$318K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.112	+0.038%	$77.5M	$23.6M	10x
Aster LINKUSDT	+0.0100%	8h	13.102	−0.040%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.106	−0.006%	$275K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.105	−0.016%	$121.1M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.106	−0.008%	$84.4M	$69.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.111	+0.031%	$27.6M	$84.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.115	+0.061%	$184K	$172K	10x	as long as short
Gate LINK_USDTlong	+0.0100%	8h	13.107	long leg	$130.6M	$12.7M	75x
MEXC LINK_USDT	+0.0100%	8h	13.106	−0.008%	$35.7M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.105	−0.015%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.110	+0.023%	$54.2M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.112	+0.038%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.103	−0.031%	$362K	$369K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.083	−0.184%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.084	−0.175%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.086	−0.160%	$152K	$662K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.083	−0.183%	$80K	$65K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.084	−0.176%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.086	−0.162%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.086	−0.160%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.043	−0.490%	$638K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.109	+0.015%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.089	−0.135%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.081	−0.198%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.065	−0.320%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.080	−0.208%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0501%	8h	13.102	−0.038%	$20.2M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.096	−0.081%	$7.0M	$7.7M	50x	as long as short