Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.052%

Price spread now: KuCoin against Hyperliquid−0.108%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.068%+$7 · spread now −0.108%, 7d avg −0.062%

Together, before fees−0.036%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and KuCoin is 0.045% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	13.015	0.0448	pay 0.0056% / 1h	20m 47s	$80.4M	$26.3M	10x
Short	KuCoin LINKUSDTM	13.001	0.0100	get 0.0100% / 8h	6h 20m	$22.5M	$14.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$73.05
Price spread: −0.108% → −0.062%: −$4.52
Slippage, 4 orders: −$19.56
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$118.13
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; KuCoin: 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, 3 min ago	0.38 bp	10.3 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	1.92 bp	9.9 bp −$10	15.2 bp −$152	doesn't fit	doesn't fit

LINK on 39 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	13.009	−0.043%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.024	+0.067%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.010	−0.041%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.725%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0042%	1h	13.012	−0.025%	$773K	$212K	50x	as long as short
Phoenix LINK	+0.0049%	1h	13.024	+0.069%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.003	−0.092%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.049	+0.261%	$957K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.005	−0.078%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.012	−0.027%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.013	−0.012%	$396K	$322K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.006	−0.069%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.018	+0.022%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.997	−0.138%	$119.4M	$303.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.992	−0.177%	$83.9M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.993	−0.169%	$27.4M	$84.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.030	+0.115%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.001	−0.108%	$128.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.997	−0.138%	$33.0M	$59.3M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	13.001	−0.108%	$22.5M	$14.4M	75x
Bitget LINKUSDT	+0.0100%	8h	12.997	−0.138%	$54.1M	$31.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.997	−0.138%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.005	−0.076%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.033	+0.142%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.032	+0.131%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.038	+0.177%	$134K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.018	+0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.006	−0.070%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.026	+0.085%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.005	−0.077%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.004	−0.086%	$641K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.991	−0.181%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.009	−0.046%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0115%	1h	13.007	−0.061%	$338K	$386K	15x	as long as short
dYdX LINK-USD	+0.0261%	1h	13.016	+0.007%	$345K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.010	−0.040%	$4K	—	20x	as long as short
Hyperliquid LINKlong	+0.0448%	1h	13.015	long leg	$80.4M	$26.3M	10x
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.009	−0.046%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0608%	8h	13.019	+0.031%	$20.1M	$11.5M	50x	as long as short