Funding you earn now, next payment 06:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h +0.059%
Price spread now: Hyperliquid against Orderly+0.232%55s7-day average +0.069% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.052%+$5 on $10k
+Price spread, last 4 days (all we have)−0.218%−$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 for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.163% dearer against Orderly than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.069%. 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 | Orderly PERP_LINK_USDC | 12.918 | 0.0039 | pay 0.0039% / 8h | 2h 19m | $95K | $1.2M | 20x |
| Short | Hyperliquid LINK | 12.948 | 0.0236 | get 0.0030% / 1h | 19m 26s | $80.6M | $27.7M | 10x |
Orderly PERP_LINK_USDC
Hyperliquid LINKFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $41.43
- Price spread: +0.232% → +0.069%
- $16.31
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $42.74
- Costs to cover
- 0.150%
- Break-even
- from the start
Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 4 min ago. 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Hyperliquid live order book, 4 min ago | 0.39 bp | 6.7 bp −$7 | 10.7 bp −$107 | doesn't fit | doesn't fit |
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 | +0.057% | $1.8M | — | 200x | as long as short |
| Kalshi KXLINKPERP | 0.0000% | 8h | 12.909 | −0.070% | $525K | $2.3M | 3.7x | as long as short |
| gTrade (Gains Network) LINK/USD | L +0.0004% / S −0.0005% | 1h | 12.925 | +0.051% | $157K | — | 150x | as long as short |
| Injective LINK/USDC PERP | +0.0033% | 1h | 12.400 | −4.010% | $4K | $48K | 12x | as long as short |
| Orderly PERP_LINK_USDClong | +0.0039% | 8h | 12.918 | long leg | $95K | $1.2M | 20x | |
| Phoenix LINK | +0.0074% | 1h | 12.881 | −0.284% | $3K | $82K | 10x | as long as short |
| Lighter LINK | +0.0096% | 1h | 12.929 | +0.088% | $1.9M | $2.8M | 10x | as long as short |
| Paradex LINK-USD-PERP | +0.0100% | 8h | 12.931 | +0.099% | $31K | $2K | 20x | as long as short |
| Nado LINK-PERP | +0.0100% | 1h | 12.928 | +0.081% | $346K | $343K | 10x | as long as short |
| Aster LINKUSDT | +0.0100% | 8h | 12.934 | +0.122% | $1.2M | $2.4M | 50x | as long as short |
GMX LINK/USD [LINK-USDC]
Kalshi KXLINKPERP
gTrade (Gains Network) LINK/USD
Injective LINK/USDC PERP
Phoenix LINK
Lighter LINK
Paradex LINK-USD-PERP
Nado LINK-PERP
Aster LINKUSDTShow all 40 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica LINK | +0.0100% | 1h | 12.932 | +0.109% | $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 | +0.108% | $83.5M | $73.4M | 75x | as long as short |
| OKX LINK-USDT-SWAP | +0.0100% | 8h | 12.934 | +0.124% | $27.4M | $80.5M | 50x | as long as short |
| Arcus LINK-USD | +0.0100% | 1h | 12.945 | +0.209% | $181K | $154K | 10x | as long as short |
| Gate LINK_USDT | +0.0100% | 8h | 12.926 | +0.062% | $124.4M | $15.2M | 75x | as long as short |
| MEXC LINK_USDT | +0.0100% | 8h | 12.932 | +0.108% | $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 | +0.101% | $54.0M | $30.4M | 75x | as long as short |
| BingX LINK-USDC | +0.0100% | 8h | 12.930 | +0.093% | — | $6.6M | — | as long as short |
| Variational Omni LINK | +0.0100% | 8h | 12.887 | −0.238% | $3.3M | $1.7M | — | as long as short |
| edgeX LINKUSDC | +0.0100% | 4h | 12.895 | −0.174% | $43K | $307K | 20x | as long as short |
| GRVT LINK_USDT_Perp | +0.0100% | 8h | 12.850 | −0.526% | $582K | $2.9M | 10x | as long as short |
| ApeX Omni LINKUSDT | +0.0100% | 1h | 12.849 | −0.534% | $131K | $675K | 50x | as long as short |
| Polymarket Perps LINK-USD | +0.0100% | 1h | 12.938 | +0.155% | $81K | $70K | 10x | as long as short |
| Derive LINK-PERP | +0.0100% | 1h | 12.924 | +0.043% | $16K | $22K | 10x | as long as short |
| SunX LINK-USDT | +0.0100% | 8h | 12.941 | +0.182% | $33K | $1.5M | 30x | as long as short |
| SoDEX LINK-USD | +0.0100% | 1h | 12.927 | +0.070% | $10K | $62K | 10x | as long as short |
| HTX LINK-USDT | +0.0100% | 8h | 12.892 | −0.201% | $633K | $675K | 75x | as long as short |
| Backpack LINK_USDC_PERP | +0.0103% | 1h | 12.940 | +0.170% | $337K | $390K | 15x | as long as short |
| Extended LINK-USD | +0.0104% | 1h | 12.927 | +0.068% | $628K | $2.0M | 25x | as long as short |
| Aevo LINK-PERP | +0.0104% | 1h | 12.921 | +0.024% | $542K | $2K | 3x | as long as short |
| Coinbase International LINK-PERP-INTX | +0.0128% | 1h | 12.925 | +0.054% | $920K | $2.8M | 50x | as long as short |
| BloFin LINK-USDT | +0.0220% | 8h | 12.895 | −0.178% | $5.2M | $15.8M | 75x | as long as short |
| Hyperliquid LINKshort | +0.0236% | 1h | 12.948 | +0.232% | $80.6M | $27.7M | 10x | |
| Kraken Futures PF_LINKUSD | +0.0277% | 1h | 12.929 | +0.082% | $6.6M | $8.3M | 50x | as long as short |
| Deribit LINK_USDC-PERPETUAL | +0.0322% | 1h | 12.934 | +0.120% | $798K | $244K | 50x | as long as short |
| Reya LINKRUSDPERP | +0.0395% | 1h | 12.932 | +0.108% | $4K | — | 20x | as long as short |
| Phemex LINKUSDT | +0.0560% | 8h | 12.940 | +0.170% | $20.0M | $11.3M | 50x | as long as short |
| dYdX LINK-USD | +0.0714% | 1h | 12.932 | +0.106% | $344K | $33K | 10x | as long as short |
Pacifica LINK
Binance LINKUSDT
Bybit LINKUSDT
OKX LINK-USDT-SWAP
Arcus LINK-USD
Gate LINK_USDT
MEXC LINK_USDT
KuCoin LINKUSDTM
Bitget LINKUSDT
BingX LINK-USDC
Variational Omni LINK
edgeX LINKUSDC
GRVT LINK_USDT_Perp
ApeX Omni LINKUSDT
Polymarket Perps LINK-USD
Derive LINK-PERP
SunX LINK-USDT
SoDEX LINK-USD
HTX LINK-USDT
Backpack LINK_USDC_PERP
Extended LINK-USD
Aevo LINK-PERP
Coinbase International LINK-PERP-INTX
BloFin LINK-USDT
Kraken Futures PF_LINKUSD
Deribit LINK_USDC-PERPETUAL
Reya LINKRUSDPERP
Phemex LINKUSDT
dYdX LINK-USD