Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.061%

Price spread now: Gate against Hyperliquid−0.138%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$420.424% of the position

Long on Hyperliquid Short on Gate

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+0.107%+$11 · spread now −0.138%, 7d avg −0.064%

Together, before fees−0.005%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Gate is 0.074% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.112% in total (about -5.9% 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	13.057	0.0661	pay 0.0083% / 1h	16m 18s	$82.2M	$27.3M	10x
Short	Gate LINK_USDT	13.039	0.0100	get 0.0100% / 8h	5h 16m	$128.7M	$12.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.138%Rate

Funding earned: −$117.73
Price spread: −0.138% → −0.064%: −$7.42
Slippage, 4 orders: −$18.39
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$167.55
Costs to cover: 0.424%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Gate: live order book, 3 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, 7 min ago	1.15 bp	6.4 bp −$6	11.7 bp −$117	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.38 bp	12.8 bp −$13	17.3 bp −$173	30.8 bp −$3,077	74.8 bp −$37.4K

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	13.044	−0.102%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.045	−0.089%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.045	−0.095%	$161K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.032%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	13.041	−0.123%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.043	−0.107%	$966K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.041	−0.123%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.061	+0.032%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.042	−0.113%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.033	−0.180%	$394K	$312K	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	13.043	−0.108%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.041	−0.123%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.042	−0.117%	$120.6M	$296.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.036	−0.161%	$84.2M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.033	−0.184%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.054	−0.023%	$183K	$165K	10x	as long as short
Gate LINK_USDTshort	+0.0100%	8h	13.039	−0.138%	$128.7M	$12.8M	75x
MEXC LINK_USDT	+0.0100%	8h	13.037	−0.153%	$32.5M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.042	−0.115%	$23.0M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.042	−0.115%	$54.2M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.045	−0.092%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.043	−0.107%	$345K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.062	+0.039%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.044	−0.096%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.040	−0.130%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.077	+0.153%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.048	−0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.038	−0.149%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.060	+0.024%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.042	−0.115%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.008	−0.378%	$642K	$689K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.036	−0.164%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.043	−0.110%	$547K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0202%	1h	13.047	−0.080%	$775K	$174K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.040	−0.130%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.038	−0.149%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0433%	1h	13.034	−0.176%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0552%	1h	13.045	−0.093%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0578%	8h	13.055	−0.015%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINKlong	+0.0661%	1h	13.057	long leg	$82.2M	$27.3M	10x