Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0295%/8h= +32.3% APRpaid last 24h +0.061%

Price spread now: Hyperliquid against Paradex+0.078%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Hyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.078% dearer against Paradex than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex LINK-USD-PERP	13.006	0.0100	pay 0.0100% / 8h	3h 57m	$31K	$2K	20x
Short	Hyperliquid LINK	13.016	0.0395	get 0.0049% / 1h	57m 22s	$81.5M	$27.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Paradex. 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 ParadexbpFee HyperliquidbpOrdersPrice spread, now +0.078%Rate

Funding earned: $61.95
Price spread: +0.078% → 0.000%: $7.84
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $56.79
Costs to cover: 0.130%
Break-even: 0.6 days

Slippage unknown: Paradex: no order-book sample; Hyperliquid: live order book, 6 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 6 min ago	0.38 bp	6.1 bp −$6	9.6 bp −$96	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	12.998	−0.059%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.983	−0.174%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.999	−0.052%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.658%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.999	−0.052%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.007	+0.007%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0099%	1h	12.981	−0.194%	$3K	$82K	10x	as long as short
Paradex LINK-USD-PERPlong	+0.0100%	8h	13.006	long leg	$31K	$2K	20x
Nado LINK-PERP	+0.0100%	1h	12.999	−0.049%	$392K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.003	−0.020%	$1.3M	$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	13.008	+0.020%	$276K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.002	−0.028%	$120.5M	$298.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.996	−0.075%	$83.9M	$72.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.997	−0.068%	$27.5M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.017	+0.086%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	−0.052%	$128.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.002	−0.029%	$32.9M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.002	−0.029%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.997	−0.068%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.000	−0.045%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.990	−0.120%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.989	−0.132%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.977	−0.222%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.995	−0.083%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.006	+0.001%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.996	−0.072%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.013	+0.052%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.000	−0.045%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.968	−0.290%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.993	−0.098%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.001	−0.041%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.012	+0.048%	$942K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0127%	1h	12.999	−0.052%	$340K	$386K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.980	−0.198%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0227%	1h	13.005	−0.009%	$782K	$202K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0243%	1h	13.004	−0.012%	$6.7M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.997	−0.068%	$4K	—	20x	as long as short
Hyperliquid LINKshort	+0.0395%	1h	13.016	+0.078%	$81.5M	$27.4M	10x
dYdX LINK-USD	+0.0486%	1h	13.003	−0.024%	$344K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0529%	8h	12.994	−0.091%	$20.1M	$11.4M	50x	as long as short