Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against edgeX+0.434%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

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

costs, in and out, $10k−$260.261% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 3 days (all we have)−0.486%−$49 · spread now +0.434%, 7d avg +0.100%

Together, before fees−0.474%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$47 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 0.333% dearer against edgeX than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of +0.100%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% 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	edgeX LINKUSDC	13.097	0.0100	pay 0.0050% / 4h	3m 26s	$43K	$309K	20x
Short	Hyperliquid LINK	13.154	0.0289	get 0.0036% / 1h	3m 26s	$78.0M	$24.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.434%Rate

Funding earned: $39.66
Price spread: +0.434% → +0.100%: $33.32
Slippage, 4 orders: −$8.06
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $46.91
Costs to cover: 0.261%
Break-even: from the start

Slippage from edgeX: live order book, 10 min ago; Hyperliquid: live order book, 10 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 edgeX live order book, 10 min ago	2.67 bp	7.2 bp −$7	10.9 bp −$109	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.38 bp	6.0 bp −$6	11.1 bp −$111	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	13.129	+0.240%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.128	+0.238%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.134	+0.283%	$727K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.128	+0.235%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.093	−0.031%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.323%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.125	+0.212%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.137	+0.305%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.136	+0.299%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.136	+0.300%	$400K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.140	+0.329%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.140	+0.330%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.138	+0.310%	$122.1M	$305.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.137	+0.304%	$84.7M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.143	+0.350%	$27.6M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.149	+0.395%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.139	+0.319%	$130.3M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.137	+0.304%	$36.3M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.143	+0.350%	$22.8M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.137	+0.304%	$54.7M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.138	+0.311%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.086	−0.088%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	13.097	long leg	$43K	$309K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.096	−0.009%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.099	+0.014%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.142	+0.342%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.128	+0.235%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.136	+0.296%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.128	+0.235%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.104	+0.055%	$645K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.135	+0.285%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.132	+0.268%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.125	+0.212%	$1.0M	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.146	+0.373%	$363K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.096	−0.009%	$5.2M	$16.2M	75x	as long as short
Hyperliquid LINKshort	+0.0289%	1h	13.154	+0.434%	$78.0M	$24.0M	10x
Reya LINKRUSDPERP	+0.0380%	1h	13.135	+0.287%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.138	+0.312%	$6.9M	$8.3M	50x	as long as short
Phemex LINKUSDT	+0.0483%	8h	13.147	+0.380%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0509%	1h	13.135	+0.286%	$348K	$48K	10x	as long as short