Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h −0.060%

Price spread now: Binance against Hyperliquid−0.173%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 7 days+0.145%+$14 · spread now −0.173%, 7d avg −0.058%

Together, before fees+0.050%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Binance is 0.114% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.094% in total (about -4.9% 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	Hyperliquid LINK	12.941	0.0306	pay 0.0038% / 1h	12m 39s	$80.8M	$27.5M	10x
Short	Binance LINKUSDT	12.919	0.0100	get 0.0100% / 8h	3h 12m	$119.9M	$300.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.173%Rate

Funding earned: −$43.35
Price spread: −0.173% → −0.058%: −$11.41
Slippage, 4 orders: −$6.08
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$79.84
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Binance: live order book, 16 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 Hyperliquid live order book, 11 min ago	0.39 bp	7.2 bp −$7	11.2 bp −$112	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	0.39 bp	6.0 bp −$6	11.4 bp −$114	31.3 bp −$3,129	107.0 bp −$53.5K

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 −0.0089% / S +0.0166%	1h	12.936	−0.041%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.940	−0.007%	$491K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.935	−0.045%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.183%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.931	−0.080%	$116K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.950	+0.069%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.926	−0.116%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.921	−0.154%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.935	−0.049%	$391K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.927	−0.112%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.929	−0.095%	$277K	$182K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	12.919	−0.173%	$119.9M	$300.0M	75x
Bybit LINKUSDT	+0.0100%	8h	12.915	−0.203%	$83.4M	$73.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.923	−0.142%	$27.3M	$80.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.941	−0.003%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.928	−0.103%	$128.1M	$13.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.927	−0.111%	$33.2M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.931	−0.080%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.926	−0.118%	$53.9M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.925	−0.126%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.938	−0.026%	$339K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.933	−0.063%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.942	+0.009%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.939	−0.018%	$581K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.962	+0.160%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.940	−0.010%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.929	−0.093%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.948	+0.048%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.934	−0.057%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.910	−0.244%	$633K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.919	−0.176%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.935	−0.052%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.953	+0.090%	$924K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0106%	1h	12.939	−0.018%	$785K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.937	−0.033%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.937	−0.033%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINKlong	+0.0306%	1h	12.941	long leg	$80.8M	$27.5M	10x
Reya LINKRUSDPERP	+0.0393%	1h	12.933	−0.065%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0560%	8h	12.950	+0.067%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0841%	1h	12.933	−0.064%	$344K	$32K	10x	as long as short