Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.052%

Price spread now: OKX against Hyperliquid−0.101%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Hyperliquid Short on OKX

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+0.090%+$9 · spread now −0.101%, 7d avg −0.068%

Together, before fees−0.021%+ Points / potential airdropHyperliquid: Season 2 · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.033% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.909	0.0100	pay 0.0013% / 1h	54m 13s	$80.6M	$27.9M	10x
Short	OKX LINK-USDT-SWAP	12.896	0.0100	get 0.0100% / 8h	7h 54m	$27.1M	$80.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.101%Rate

Funding earned: $0
Price spread: −0.101% → −0.068%: −$3.28
Slippage, 4 orders: −$7.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$29.53
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; OKX: live order book, 5 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	0.39 bp	5.9 bp −$6	9.3 bp −$93	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.39 bp	6.4 bp −$6	14.2 bp −$142	34.9 bp −$3,486	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
Orderly PERP_LINK_USDC	−0.0104%	8h	12.891	−0.139%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.898	−0.087%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.912	+0.021%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.899	−0.081%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.943%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.898	−0.082%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0074%	1h	12.910	+0.006%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.897	−0.090%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.896	−0.101%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.896	−0.101%	$349K	$336K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINKlong	+0.0100%	1h	12.909	long leg	$80.6M	$27.9M	10x
Aster LINKUSDT	+0.0100%	8h	12.903	−0.045%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.903	−0.043%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.897	−0.091%	$119.1M	$297.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.892	−0.132%	$83.6M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.896	−0.101%	$27.1M	$80.0M	50x
Arcus LINK-USD	+0.0100%	1h	12.915	+0.046%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.906	−0.023%	$133.9M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.897	−0.093%	$34.8M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.906	−0.023%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.896	−0.101%	$53.8M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.898	−0.085%	—	$23.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.891	−0.137%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.910	+0.009%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.889	−0.152%	$578K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	−0.077%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.905	−0.031%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.919	+0.080%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.912	+0.026%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.897	−0.093%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.866	−0.334%	$629K	$745K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.892	−0.133%	$616K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.901	−0.062%	$541K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0127%	1h	12.905	−0.031%	$335K	$385K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0184%	1h	12.904	−0.038%	$807K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.941	+0.248%	$930K	$3.1M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.878	−0.240%	$5.3M	$15.8M	75x	as long as short
dYdX LINK-USD	+0.0378%	1h	12.901	−0.065%	$344K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.900	−0.073%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0457%	8h	12.915	+0.046%	$20.0M	$11.5M	50x	as long as short