LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0224%/8h= −24.6% APRnext payment −$0.28 per $10,000 · paid last 24h −0.055%

Price spread now: Derive against Hyperliquid−0.143%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Derive is 0.143% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.265	0.0324	pay 0.0041% / 1h	55m 03s	$78.4M	$24.1M	10x
Short	Derive LINK-PERP	13.246	0.0100	get 0.0013% / 1h	55m 03s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.143%Rate

Funding earned: −$47.09
Price spread: −0.143% → 0.000%: −$14.27
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$76.36
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 min ago; Derive: no order-book sample. Net counts fees only.

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	5.3 bp −$5	11.1 bp −$111	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0090% / S +0.0167%	1h	13.251	−0.109%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.261	−0.029%	$484K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.251	−0.108%	$135K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0022%	1h	13.255	−0.074%	$727K	$128K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.521%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.224	−0.310%	$4K	$84K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.249	−0.121%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0058%	1h	13.251	−0.108%	$351K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.250	−0.115%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.250	−0.115%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.252	−0.098%	$405K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.251	−0.104%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.253	−0.090%	$278K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.252	−0.098%	$123.4M	$303.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.248	−0.128%	$85.6M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.250	−0.113%	$28.0M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.263	−0.015%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.250	−0.113%	$131.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.251	−0.106%	$36.8M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.254	−0.083%	$22.6M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.247	−0.136%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.249	−0.121%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.231	−0.258%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.228	−0.278%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.231	−0.256%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.228	−0.279%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.260	−0.038%	$82K	$69K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.246	−0.143%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.264	−0.006%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.250	−0.113%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.229	−0.273%	$651K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.248	−0.132%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.253	−0.094%	$556K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.239	−0.196%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.247	−0.136%	$5.3M	$17.2M	75x	as long as short
Hyperliquid LINKlong	+0.0324%	1h	13.265	long leg	$78.4M	$24.1M	10x
Reya LINKRUSDPERP	+0.0377%	1h	13.253	−0.091%	$5K	—	20x	as long as short
Backpack LINK_USDC_PERP	+0.0396%	1h	13.260	−0.038%	$366K	$380K	15x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.264	−0.008%	$20.5M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0474%	1h	13.256	−0.071%	$7.0M	$8.2M	50x	as long as short