Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.050%

Price spread now: Hyperliquid against MEXC+0.070%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$140.141% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days−0.060%−$6 · spread now +0.070%, 7d avg +0.060%

Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC LINK_USDT	12.897	0.0100	pay 0.0100% / 8h	7h 58m	$34.8M	$57.8M	300x
Short	Hyperliquid LINK	12.906	0.0100	get 0.0013% / 1h	58m 04s	$80.5M	$27.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.070%Rate

Funding earned: $0
Price spread: +0.070% → +0.060%: $1.02
Slippage, 4 orders: −$5.11
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.09
Costs to cover: 0.141%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 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 MEXC live order book, 1 min ago	0.39 bp	0.5 bp −$1	4.1 bp −$41	25.6 bp −$2,562	46.1 bp −$23.0K
Sell Hyperliquid live order book, 6 min ago	0.39 bp	7.0 bp −$7	8.9 bp −$89	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
Orderly PERP_LINK_USDC	−0.0100%	8h	12.897	0.000%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.901	+0.030%	$1.7M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	12.900	+0.025%	$344K	$45K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.914	+0.132%	$515K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.902	+0.038%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.854%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.906	+0.073%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0074%	1h	12.894	−0.021%	$3K	$84K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.897	−0.004%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.905	+0.063%	$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	12.896	−0.012%	$348K	$336K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	12.906	+0.070%	$80.5M	$27.9M	10x
Aster LINKUSDT	+0.0100%	8h	12.900	+0.026%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.904	+0.054%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.899	+0.015%	$119.2M	$298.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.895	−0.016%	$83.6M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.900	+0.023%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	+0.186%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.903	+0.047%	$134.0M	$17.4M	75x	as long as short
MEXC LINK_USDTlong	+0.0100%	8h	12.897	long leg	$34.8M	$57.8M	300x
KuCoin LINKUSDTM	+0.0100%	8h	12.905	+0.062%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.897	0.000%	$53.8M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.896	−0.008%	—	$23.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.879	−0.141%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	−0.115%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	−0.076%	$578K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.881	−0.124%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.905	+0.062%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.886	−0.089%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.912	+0.115%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.902	+0.039%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.891	−0.047%	$630K	$750K	75x	as long as short
Phemex LINKUSDT	+0.0100%	8h	12.914	+0.132%	$19.9M	$11.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.896	−0.006%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.911	+0.105%	$541K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0159%	1h	12.904	+0.054%	$335K	$385K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.909	+0.093%	$928K	$3.0M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.887	−0.078%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0261%	1h	12.910	+0.102%	$807K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.895	−0.017%	$4K	—	20x	as long as short