LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0111%/8h= −12.2% APRnext payment −$0.14 per $10,000 · paid last 24h +0.050%

Price spread now: Hyperliquid against Backpack+0.084%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now +0.084%, 7d avg +0.052%

Together, before fees+0.028%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.032% dearer against Backpack than usual: you sell high and buy low (spread +0.084% now, against its 7-day average of +0.052%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.160	0.0211	pay 0.0026% / 1h	55m 40s	$366K	$374K	15x
Short	Hyperliquid LINK	13.171	0.0100	get 0.0013% / 1h	55m 40s	$77.6M	$23.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Backpack. 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 BackpackbpFee HyperliquidbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$23.37
Price spread: +0.084% → +0.052%: $3.19
Slippage, 4 orders: −$7.96
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.15
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; Hyperliquid: live order book, 8 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 Backpack live order book, 28 min ago	0.38 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.38 bp	6.1 bp −$6	9.6 bp −$96	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 −0.0090% / S +0.0167%	1h	13.144	−0.120%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.163	+0.023%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.154	−0.046%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.148	−0.089%	$718K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.147	−0.099%	$133K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.128	−0.245%	$3K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.775%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.143	−0.129%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.167	+0.050%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.160	−0.002%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.160	+0.004%	$400K	$316K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.171	+0.084%	$77.6M	$23.6M	10x
Aster LINKUSDT	+0.0100%	8h	13.161	+0.006%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.163	+0.026%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.163	+0.023%	$122.0M	$302.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.162	+0.015%	$84.8M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.163	+0.023%	$27.7M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.176	+0.122%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.162	+0.015%	$130.6M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.163	+0.023%	$36.8M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.165	+0.038%	$22.3M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.162	+0.015%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.162	+0.015%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.143	−0.129%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.127	−0.249%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	−0.180%	$589K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	−0.091%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	−0.046%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.140	−0.152%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.178	+0.139%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.148	−0.091%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.063%	$647K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.161	+0.007%	$667K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.149	−0.085%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.150	−0.076%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0211%	1h	13.160	long leg	$366K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.143	−0.129%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.146	−0.105%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0479%	8h	13.164	+0.030%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0695%	1h	13.153	−0.054%	$6.9M	$8.0M	50x	as long as short