LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0085%/8h= +9.3% APRnext payment +$0.11 per $10,000 · paid last 24h −0.074%

Price spread now: Deribit against Hyperliquid−0.058%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

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

Long on Hyperliquid Short on Deribit

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)+0.055%+$5 · spread now −0.058%, 7d avg −0.088%

Together, before fees−0.211%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Deribit is 0.030% dearer against Hyperliquid than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.088%. Mind the row above: over the last 7 days funding on this pair cost −0.266%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.941	0.0237	pay 0.0030% / 1h	19m 58s	$80.6M	$27.7M	10x
Short	Deribit LINK_USDC-PERPETUAL	12.934	0.0322	get 0.0040% / 1h	19m 58s	$798K	$244K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.058%Rate

Funding earned: $17.83
Price spread: −0.058% → −0.088%: $3.02
Slippage, 4 orders: −$16.49
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.63
Costs to cover: 0.325%
Break-even: 11.6 days

Slippage from Hyperliquid: live order book, 4 min ago; Deribit: live order book, 29 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, 4 min ago	0.39 bp	6.5 bp −$6	9.1 bp −$91	doesn't fit	doesn't fit
Sell Deribit live order book, 29 min ago	4.25 bp	11.6 bp −$12	16.9 bp −$169	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	12.925	−0.120%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.909	−0.247%	$525K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.925	−0.127%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.181%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0039%	8h	12.918	−0.178%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.881	−0.461%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.927	−0.107%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.922	−0.149%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.912	−0.220%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.935	−0.050%	$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	12.920	−0.159%	$275K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.935	−0.050%	$118.9M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.933	−0.062%	$83.5M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.932	−0.070%	$27.4M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.937	−0.031%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.922	−0.147%	$124.3M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.930	−0.085%	$32.9M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.930	−0.085%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.927	−0.108%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.932	−0.070%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.887	−0.415%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.844	−0.747%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.703%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.711%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.928	−0.100%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.924	−0.135%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.941	+0.004%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.927	−0.108%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.379%	$633K	$675K	75x	as long as short
Backpack LINK_USDC_PERP	+0.0103%	1h	12.940	−0.008%	$337K	$390K	15x	as long as short
Extended LINK-USD	+0.0104%	1h	12.921	−0.152%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	−0.154%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.925	−0.124%	$920K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.355%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINKlong	+0.0237%	1h	12.941	long leg	$80.6M	$27.7M	10x
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.929	−0.096%	$6.6M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0322%	1h	12.934	−0.058%	$798K	$244K	50x
Reya LINKRUSDPERP	+0.0395%	1h	12.920	−0.159%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0560%	8h	12.940	−0.008%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0732%	1h	12.918	−0.179%	$344K	$33K	10x	as long as short