Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0269%/8h= +29.4% APRpaid last 24h +0.062%

Price spread now: Hyperliquid against OKX+0.132%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 7 days−0.100%−$10 · spread now +0.132%, 7d avg +0.067%

Together, before fees+0.001%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.065% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.067%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.101% in total (about 5.3% 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	OKX LINK-USDT-SWAP	12.876	0.0100	pay 0.0100% / 8h	4h 48m	$27.2M	$81.2M	50x
Short	Hyperliquid LINK	12.893	0.0369	get 0.0046% / 1h	48m 10s	$80.8M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.132%Rate

Funding earned: $56.45
Price spread: +0.132% → +0.067%: $6.54
Slippage, 4 orders: −$10.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $33.71
Costs to cover: 0.293%
Break-even: 2.8 days

Slippage from OKX: live order book, 6 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 OKX live order book, 6 min ago	0.39 bp	7.7 bp −$8	17.4 bp −$174	36.8 bp −$3,678	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.39 bp	6.7 bp −$7	10.7 bp −$107	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	12.880	+0.030%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.890	+0.112%	$489K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.881	+0.041%	$769K	$189K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.881	+0.037%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.697%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0060%	8h	12.875	−0.008%	$116K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.873	−0.020%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.878	+0.016%	$938K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.925	+0.381%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.883	+0.055%	$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	12.891	+0.116%	$390K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.889	+0.101%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.882	+0.050%	$273K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.873	−0.021%	$119.0M	$297.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.871	−0.039%	$83.1M	$71.8M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.876	long leg	$27.2M	$81.2M	50x
Arcus LINK-USD	+0.0100%	1h	12.907	+0.241%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.874	−0.016%	$127.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.874	−0.016%	$32.0M	$56.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.878	+0.016%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.875	−0.008%	$53.5M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.876	0.000%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.882	+0.047%	$337K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.903	+0.212%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	+0.524%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.939	+0.486%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.914	+0.295%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.889	+0.101%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.877	+0.011%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.896	+0.157%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.873	−0.023%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.871	−0.037%	$630K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.875	−0.007%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.886	+0.075%	$540K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.886	+0.078%	$5.2M	$15.6M	75x	as long as short
Hyperliquid LINKshort	+0.0369%	1h	12.893	+0.132%	$80.8M	$27.4M	10x
Reya LINKRUSDPERP	+0.0389%	1h	12.880	+0.030%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0397%	1h	12.874	−0.014%	$6.7M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0609%	8h	12.890	+0.109%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0717%	1h	12.885	+0.072%	$341K	$30K	10x	as long as short