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% APRpaid last 24h +0.051%

Price spread now: Hyperliquid against BingX+0.023%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.023%, 7d avg +0.064%

Together, before fees+0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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 0.041% cheaper against BingX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LINK-USDT	13.069	0.0100	pay 0.0100% / 8h	2h 50m	—	$21.8M	—
Short	Hyperliquid LINK	13.072	0.0100	get 0.0013% / 1h	50m 45s	$77.4M	$23.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → +0.064%: −$4.15
Slippage, 4 orders: −$8.48
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$31.63
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Hyperliquid: live order book, 13 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 BingX live order book, 3 min ago	1.15 bp	6.1 bp −$6	6.9 bp −$69	17.4 bp −$1,742	39.0 bp −$19.5K
Sell Hyperliquid live order book, 13 min ago	0.38 bp	8.4 bp −$8	11.5 bp −$115	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 +0.0165%	1h	13.062	−0.057%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.070	+0.005%	$455K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.063	−0.043%	$696K	$107K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.062	−0.052%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.082	+0.099%	$3K	$84K	10x	as long as short
Variational Omni LINK	+0.0031%	8h	13.109	+0.309%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.119%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0056%	8h	13.054	−0.115%	$134K	$1.6M	20x	as long as short
dYdX LINK-USD	+0.0079%	1h	13.068	−0.011%	$346K	$60K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.071	+0.012%	$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	13.070	+0.009%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.056	−0.099%	$396K	$319K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.072	+0.023%	$77.4M	$23.4M	10x
Aster LINKUSDT	+0.0100%	8h	13.070	+0.007%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.067	−0.018%	$274K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.067	−0.012%	$120.9M	$301.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.071	+0.015%	$84.3M	$69.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.072	+0.023%	$27.6M	$84.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.081	+0.092%	$183K	$170K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.067	−0.015%	$130.3M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.071	+0.015%	$35.3M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.071	+0.015%	$21.9M	$16.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.064	−0.038%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDTlong	+0.0100%	8h	13.069	long leg	—	$21.8M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	13.074	+0.038%	$362K	$371K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.089	+0.155%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.133	+0.490%	$591K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.089	+0.153%	$152K	$661K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.059	−0.077%	$79K	$62K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.060	−0.072%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.073	+0.031%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.059	−0.077%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.037	−0.243%	$638K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.066	−0.023%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.064	−0.038%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.063	−0.046%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.049	−0.153%	$5.2M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.057	−0.088%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.070	+0.005%	$6.9M	$7.7M	50x	as long as short
Phemex LINKUSDT	+0.0517%	8h	13.073	+0.031%	$20.2M	$11.5M	50x	as long as short