LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0308%/8h= −33.7% APRnext payment −$0.38 per $10,000 · paid last 24h −0.080%

Price spread now: Deribit against Hyperliquid−0.080%7-day average −0.085% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.265%−$27 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.080%, 7d avg −0.085%

Together, before fees−0.188%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.085%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.923	0.0399	pay 0.0050% / 1h	51m 08s	$81.0M	$27.4M	10x
Short	Deribit LINK_USDC-PERPETUAL	12.913	0.0091	get 0.0011% / 1h	51m 08s	$771K	$189K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$64.68
Price spread: −0.080% → −0.085%: $0.49
Slippage, 4 orders: −$13.19
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$93.38
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Deribit: live order book, 8 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, 13 min ago	0.39 bp	6.9 bp −$7	11.2 bp −$112	doesn't fit	doesn't fit
Sell Deribit live order book, 8 min ago	4.64 bp	8.1 bp −$8	doesn't fit	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 −0.0090% / S +0.0167%	1h	12.911	−0.092%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.917	−0.044%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.910	−0.104%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.047%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.908	−0.116%	$116K	$1.3M	20x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0091%	1h	12.913	−0.080%	$771K	$189K	50x
Lighter LINK	+0.0096%	1h	12.908	−0.114%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.240%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.947	+0.184%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.910	−0.104%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.905	−0.137%	$390K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.912	−0.081%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.909	−0.105%	$272K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.921	−0.015%	$119.5M	$296.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.908	−0.116%	$83.3M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.909	−0.108%	$27.2M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.928	+0.039%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.912	−0.085%	$127.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.913	−0.077%	$32.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.912	−0.085%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.912	−0.085%	$53.7M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.909	−0.108%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.920	−0.023%	$338K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.903	−0.153%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	+0.158%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.939	+0.120%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	+0.170%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.919	−0.031%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.907	−0.122%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.925	+0.017%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	−0.108%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.894	−0.223%	$631K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.901	−0.170%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.911	−0.095%	$541K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.917	−0.046%	$5.2M	$15.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.909	−0.105%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0396%	1h	12.912	−0.085%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINKlong	+0.0399%	1h	12.923	long leg	$81.0M	$27.4M	10x
Phemex LINKUSDT	+0.0621%	8h	12.926	+0.023%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0727%	1h	12.907	−0.126%	$342K	$30K	10x	as long as short