Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0367%/8h= −40.2% APRpaid last 24h −0.064%

Price spread now: Bybit against Hyperliquid−0.162%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 7 days+0.127%+$13 · spread now −0.162%, 7d avg −0.077%

Together, before fees+0.009%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bybit is 0.085% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.118% in total (about -6.1% 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	12.998	0.0467	pay 0.0058% / 1h	6m 56s	$80.8M	$26.2M	10x
Short	Bybit LINKUSDT	12.977	0.0100	get 0.0100% / 8h	6h 06m	$83.8M	$71.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.162%Rate

Funding earned: −$77.15
Price spread: −0.162% → −0.077%: −$8.46
Slippage, 4 orders: −$4.95
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$110.55
Costs to cover: 0.249%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	0.38 bp	5.6 bp −$6	13.0 bp −$130	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.39 bp	6.5 bp −$6	11.7 bp −$117	36.2 bp −$3,618	doesn't fit

LINK on 39 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	12.975	−0.177%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.980	−0.139%	$468K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.976	−0.169%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.601%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.992	−0.045%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.975	−0.177%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.978	−0.154%	$950K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.983	−0.117%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.974	−0.182%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.966	−0.242%	$394K	$318K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.985	−0.102%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.981	−0.134%	$275K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.986	−0.092%	$119.4M	$300.5M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.977	−0.162%	$83.8M	$71.8M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.989	−0.069%	$27.4M	$82.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.990	−0.062%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.982	−0.123%	$128.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.985	−0.100%	$33.1M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.986	−0.092%	$23.0M	$14.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.980	−0.138%	$53.9M	$30.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.986	−0.092%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	−0.144%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.957	−0.312%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.959	−0.300%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.308%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	−0.138%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.977	−0.164%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.980	−0.138%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.983	−0.115%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.914	−0.648%	$637K	$691K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.976	−0.166%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.982	−0.124%	$544K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0131%	1h	12.990	−0.062%	$338K	$379K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0197%	1h	12.985	−0.100%	$771K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.972	−0.197%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0448%	1h	12.983	−0.117%	$344K	$31K	10x	as long as short
Hyperliquid LINKlong	+0.0467%	1h	12.998	long leg	$80.8M	$26.2M	10x
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.990	−0.065%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0638%	8h	12.997	−0.008%	$20.1M	$11.5M	50x	as long as short