Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.017%

Price spread now: Phemex against Hyperliquid+0.172%48s7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.324% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 3 days (all we have)−0.103%−$10 · spread now +0.172%, 7d avg +0.010%

Together, before fees+0.083%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.162% dearer against Hyperliquid than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.010%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.168	0.0381	pay 0.0048% / 1h	58m 22s	$78.8M	$24.4M	10x
Short	Phemex LINKUSDT	13.191	0.0466	get 0.0466% / 8h	7h 58m	$20.4M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.172%Rate

Funding earned: $17.85
Price spread: +0.172% → +0.010%: $16.17
Slippage, 4 orders: −$11.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $1.57
Costs to cover: 0.324%
Break-even: 6.4 days

Slippage from Hyperliquid: live order book, 5 min ago; Phemex: live order book, 6 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, 5 min ago	0.76 bp	7.4 bp −$7	10.3 bp −$103	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.76 bp	8.2 bp −$8	13.2 bp −$132	doesn't fit	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
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	13.162	−0.044%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.152	−0.128%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.187	+0.142%	$478K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.185	+0.125%	$730K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.163	−0.043%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.136	−0.242%	$4K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.835%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.177	+0.066%	$133K	$1.5M	20x	as long as short
HTX LINK-USDT	+0.0056%	8h	13.169	+0.007%	$648K	$875K	75x	as long as short
SoDEX LINK-USD	+0.0086%	1h	13.181	+0.096%	$5K	$35K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter LINK	+0.0096%	1h	13.152	−0.126%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.156	−0.091%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.159	−0.075%	$401K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.163	−0.043%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.159	−0.069%	$277K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.161	−0.056%	$122.3M	$306.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.153	−0.116%	$85.0M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.153	−0.116%	$27.9M	$86.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.171	+0.020%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.155	−0.101%	$130.4M	$12.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.157	−0.086%	$36.6M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.157	−0.086%	$22.8M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	−0.109%	$54.8M	$30.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.161	−0.056%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.177	+0.064%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.172	+0.030%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.183	+0.114%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.185	+0.127%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.156	−0.094%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.178	+0.075%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.198	+0.225%	$34K	$1.6M	30x	as long as short
Extended LINK-USD	+0.0104%	1h	13.157	−0.086%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.182	+0.106%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.189	+0.157%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.181	+0.096%	$5.2M	$16.4M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0273%	1h	13.184	+0.119%	$364K	$375K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.188	+0.147%	$6.9M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.150	−0.137%	$5K	—	20x	as long as short
Hyperliquid LINKlong	+0.0381%	1h	13.168	long leg	$78.8M	$24.4M	10x
Phemex LINKUSDTshort	+0.0466%	8h	13.191	+0.172%	$20.4M	$11.6M	50x