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 HTX+0.092%7-day average +0.163% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$580.579% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now +0.092%, 7d avg +0.163%

Together, before fees+0.062%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 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 0.071% cheaper against HTX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.163%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX LINK-USDT	13.084	0.0100	pay 0.0100% / 8h	2h 47m	$640K	$908K	75x
Short	Hyperliquid LINK	13.096	0.0100	get 0.0013% / 1h	47m 39s	$77.3M	$23.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now +0.092%Rate

Funding earned: $0
Price spread: +0.092% → +0.163%: −$7.13
Slippage, 4 orders: −$36.94
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$65.07
Costs to cover: 0.579%
Break-even: never at this rate

Slippage from HTX: live order book, 41 min ago; Hyperliquid: live order book, 6 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 HTX live order book, 41 min ago	5.79 bp	13.3 bp −$13	34.0 bp −$340	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.38 bp	7.2 bp −$7	11.7 bp −$117	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	13.092	+0.062%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.099	+0.112%	$456K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.095	+0.082%	$702K	$111K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.095	+0.081%	$82K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.073	−0.083%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.228%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0037%	8h	13.058	−0.202%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0055%	8h	13.084	0.000%	$134K	$1.6M	20x	as long as short
dYdX LINK-USD	+0.0059%	1h	13.092	+0.061%	$347K	$60K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.094	+0.075%	$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	13.090	+0.044%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.089	+0.038%	$397K	$319K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	13.096	+0.092%	$77.3M	$23.6M	10x
Aster LINKUSDT	+0.0100%	8h	13.089	+0.041%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.090	+0.049%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.088	+0.034%	$121.0M	$300.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.089	+0.038%	$84.5M	$69.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.090	+0.046%	$27.6M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.103	+0.145%	$184K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.090	+0.046%	$130.5M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.089	+0.038%	$35.6M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.093	+0.069%	$21.9M	$16.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.090	+0.046%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.090	+0.046%	—	$21.9M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.101	+0.130%	$363K	$369K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.089	+0.040%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.062	−0.169%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.060	−0.183%	$152K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.091	+0.054%	$80K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.090	+0.045%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.106	+0.171%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.091	+0.054%	$5K	$40K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	13.084	long leg	$640K	$908K	75x
Extended LINK-USD	+0.0104%	1h	13.088	+0.030%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.093	+0.072%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.099	+0.115%	$988K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.081	−0.023%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.089	+0.042%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0503%	8h	13.108	+0.183%	$20.2M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.103	+0.148%	$7.0M	$7.7M	50x	as long as short