Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.051%

Price spread now: Hyperliquid against Nado+0.125%7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Nado Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.053%+$5 on $10k

Price spread, last 3 days (all we have)−0.403%−$40 · spread now +0.125%, 7d avg +0.093%

Together, before fees−0.350%+ Points / potential airdropNado: Active · Hyperliquid: Season 2 · farm board−$35 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: Hyperliquid is 0.032% dearer against Nado than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado LINK-PERP	13.148	0.0100	pay 0.0012% / 1h	24m 57s	$400K	$318K	10x
Short	Hyperliquid LINK	13.164	0.0100	get 0.0013% / 1h	24m 57s	$77.8M	$23.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Nado. 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 NadobpFee HyperliquidbpOrdersPrice spread, now +0.125%Rate

Funding earned: $0
Price spread: +0.125% → +0.093%: $3.24
Slippage, 4 orders: −$9.94
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$22.7
Costs to cover: 0.259%
Break-even: 2331856681040267.5 days

Slippage from Nado: live order book, 62 min ago; Hyperliquid: live order book, 9 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 Nado live order book, 62 min ago	1.13 bp	7.6 bp −$8	22.2 bp −$222	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.38 bp	6.1 bp −$6	10.0 bp −$100	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 −0.0092% / S +0.0166%	1h	13.149	+0.011%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.161	+0.104%	$467K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.152	+0.032%	$713K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.150	+0.023%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.152	+0.030%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0021%	1h	13.152	+0.032%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.685%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0045%	8h	13.142	−0.042%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0076%	8h	13.148	+0.004%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.154	+0.047%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.149	+0.013%	$32K	$3K	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	13.148	long leg	$400K	$318K	10x
Hyperliquid LINKshort	+0.0100%	1h	13.164	+0.125%	$77.8M	$23.6M	10x
Aster LINKUSDT	+0.0100%	8h	13.155	+0.058%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.153	+0.039%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.153	+0.043%	$121.6M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.155	+0.057%	$84.7M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.157	+0.072%	$27.8M	$85.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.167	+0.148%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.155	+0.057%	$130.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.153	+0.042%	$36.7M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.155	+0.057%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	+0.049%	$54.4M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.152	+0.034%	—	$6.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.144	−0.023%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.146	−0.008%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.147	−0.004%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.152	+0.034%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.145	−0.018%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.163	+0.118%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.148	+0.004%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.139	−0.065%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.152	+0.037%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.150	+0.023%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.157	+0.072%	$991K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0115%	1h	13.161	+0.103%	$365K	$372K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.154	+0.049%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.149	+0.008%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0468%	8h	13.159	+0.087%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.158	+0.079%	$7.0M	$7.8M	50x	as long as short