Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h −0.059%

Price spread now: Orderly against Hyperliquid−0.232%55s7-day average −0.069% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.217%+$22 · spread now −0.232%, 7d avg −0.069%

Together, before fees+0.166%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.163% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.069%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% 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	12.948	0.0236	pay 0.0030% / 1h	19m 26s	$80.6M	$27.7M	10x
Short	Orderly PERP_LINK_USDC	12.918	0.0039	get 0.0039% / 8h	2h 19m	$95K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.232%Rate

Funding earned: −$41.43
Price spread: −0.232% → −0.069%: −$16.25
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$72.68
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Orderly: 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, 4 min ago	0.39 bp	6.5 bp −$6	9.1 bp −$91	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 −0.0089% / S +0.0166%	1h	12.925	−0.174%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.909	−0.301%	$525K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.925	−0.181%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.232%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0039%	8h	12.918	−0.232%	$95K	$1.2M	20x
Phoenix LINK	+0.0074%	1h	12.881	−0.515%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.929	−0.143%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.931	−0.133%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	−0.151%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.934	−0.110%	$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	12.932	−0.123%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.933	−0.116%	$118.9M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.932	−0.124%	$83.5M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.934	−0.108%	$27.4M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.945	−0.023%	$181K	$154K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.926	−0.170%	$124.4M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.932	−0.124%	$32.9M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.933	−0.116%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.931	−0.131%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.930	−0.139%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.887	−0.469%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.895	−0.406%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.757%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.765%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	−0.077%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.924	−0.189%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.941	−0.050%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.927	−0.162%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.432%	$633K	$675K	75x	as long as short
Backpack LINK_USDC_PERP	+0.0103%	1h	12.940	−0.062%	$337K	$390K	15x	as long as short
Extended LINK-USD	+0.0104%	1h	12.927	−0.164%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	−0.208%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.925	−0.178%	$920K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.409%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINKlong	+0.0236%	1h	12.948	long leg	$80.6M	$27.7M	10x
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.929	−0.150%	$6.6M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0322%	1h	12.934	−0.112%	$798K	$244K	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.932	−0.124%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0560%	8h	12.940	−0.062%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0714%	1h	12.932	−0.126%	$344K	$33K	10x	as long as short