Funding arb · Price arb /

LINK

all LINK markets

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: Hyperliquid against Phemex−0.172%48s7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as 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 Phemex Short on Hyperliquid

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−0.084%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hyperliquid is 0.161% cheaper against Phemex than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.010%). Swap the legs. 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	Phemex LINKUSDT	13.191	0.0466	pay 0.0466% / 8h	7h 58m	$20.4M	$11.6M	50x
Short	Hyperliquid LINK	13.168	0.0381	get 0.0048% / 1h	58m 30s	$78.8M	$24.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$17.85
Price spread: −0.172% → −0.010%: −$16.14
Slippage, 4 orders: −$11.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$66.43
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Hyperliquid: 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 Phemex live order book, 6 min ago	0.76 bp	9.5 bp −$10	14.8 bp −$148	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.76 bp	7.3 bp −$7	10.3 bp −$103	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	−0.216%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.152	−0.299%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.187	−0.030%	$478K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.185	−0.047%	$730K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.163	−0.215%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.136	−0.414%	$4K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.997%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.177	−0.106%	$133K	$1.5M	20x	as long as short
HTX LINK-USDT	+0.0056%	8h	13.169	−0.165%	$648K	$875K	75x	as long as short
SoDEX LINK-USD	+0.0086%	1h	13.181	−0.076%	$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	−0.298%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.156	−0.263%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.159	−0.246%	$401K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.163	−0.214%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.159	−0.240%	$277K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.161	−0.227%	$122.3M	$306.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.153	−0.288%	$85.0M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.153	−0.288%	$27.9M	$86.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.171	−0.152%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.155	−0.273%	$130.4M	$12.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.157	−0.258%	$36.6M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.157	−0.258%	$22.8M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	−0.280%	$54.8M	$30.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.161	−0.227%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.177	−0.108%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.172	−0.141%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.183	−0.058%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.185	−0.045%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.156	−0.265%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.178	−0.097%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.198	+0.052%	$34K	$1.6M	30x	as long as short
Extended LINK-USD	+0.0104%	1h	13.157	−0.258%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.182	−0.066%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.189	−0.015%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.181	−0.076%	$5.2M	$16.4M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0273%	1h	13.184	−0.053%	$364K	$375K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.188	−0.025%	$6.9M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.150	−0.309%	$5K	—	20x	as long as short
Hyperliquid LINKshort	+0.0381%	1h	13.168	−0.172%	$78.8M	$24.4M	10x
Phemex LINKUSDTlong	+0.0466%	8h	13.191	long leg	$20.4M	$11.6M	50x