Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0190%/8h= −20.9% APRpaid last 24h −0.054%

Price spread now: Binance against Hyperliquid−0.127%7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 7 days+0.104%+$10 · spread now −0.127%, 7d avg −0.055%

Together, before fees+0.025%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Binance is 0.072% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.055%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.078% in total (about -4.1% 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	Hyperliquid LINK	13.135	0.0290	pay 0.0036% / 1h	4m 45s	$77.9M	$24.0M	10x
Short	Binance LINKUSDT	13.118	0.0100	get 0.0100% / 8h	4m 45s	$121.9M	$305.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.127%Rate

Funding earned: −$39.99
Price spread: −0.127% → −0.055%: −$7.2
Slippage, 4 orders: −$5.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$71.31
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Binance: live order book, 9 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 Hyperliquid live order book, 9 min ago	0.38 bp	5.7 bp −$6	9.5 bp −$95	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.38 bp	5.5 bp −$5	10.6 bp −$106	30.9 bp −$3,094	107.8 bp −$53.9K

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	13.100	−0.264%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.105	−0.225%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.102	−0.248%	$725K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.101	−0.261%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.093	−0.319%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.596%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.095	−0.305%	$132K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.118	−0.130%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.118	−0.131%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.092	−0.327%	$400K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.117	−0.135%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.121	−0.105%	$276K	$150K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	13.118	−0.127%	$121.9M	$305.1M	75x
Bybit LINKUSDT	+0.0100%	8h	13.117	−0.137%	$84.6M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.119	−0.122%	$27.6M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.111	−0.183%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.105	−0.228%	$130.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.117	−0.137%	$36.2M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.102	−0.251%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.117	−0.137%	$54.6M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.114	−0.160%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.086	−0.375%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.097	−0.288%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.107	−0.213%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.100	−0.266%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.102	−0.251%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.096	−0.294%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.109	−0.199%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.097	−0.289%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.079	−0.425%	$643K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.111	−0.183%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.101	−0.257%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.111	−0.183%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0210%	1h	13.109	−0.198%	$362K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.096	−0.297%	$5.2M	$16.2M	75x	as long as short
Hyperliquid LINKlong	+0.0290%	1h	13.135	long leg	$77.9M	$24.0M	10x
Reya LINKRUSDPERP	+0.0380%	1h	13.097	−0.287%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.106	−0.219%	$6.9M	$8.3M	50x	as long as short
Phemex LINKUSDT	+0.0489%	8h	13.116	−0.145%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0518%	1h	13.120	−0.118%	$347K	$48K	10x	as long as short