Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0055%/8h= −6.1% APRpaid last 24h −0.027%

Price spread now: Hyperliquid against Phemex0.000%48s7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.385% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.220%−$22 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now 0.000%, 7d avg −0.010%

Together, before fees−0.282%+ Points / potential airdropHyperliquid: Season 2 · farm board−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.193	0.0612	pay 0.0612% / 8h	7h 11m	$20.4M	$11.5M	50x
Short	Hyperliquid LINK	13.193	0.0557	get 0.0070% / 1h	11m 20s	$81.5M	$25.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$11.64
Price spread: 0.000% → −0.010%: $0.97
Slippage, 4 orders: −$17.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$49.15
Costs to cover: 0.385%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 12 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 Phemex live order book, 3 min ago	1.89 bp	12.4 bp −$12	16.5 bp −$165	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.14 bp	7.4 bp −$7	11.4 bp −$114	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 −0.0091% / S +0.0167%	1h	13.175	−0.134%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.186	−0.055%	$465K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.176	−0.128%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.011%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.187	−0.049%	$4K	$89K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0061%	1h	13.180	−0.102%	$783K	$212K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	13.170	−0.174%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.179	−0.108%	$2.0M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.239	+0.350%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.175	−0.140%	$404K	$307K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.180	−0.100%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.181	−0.094%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.177	−0.122%	$122.3M	$299.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.170	−0.174%	$84.9M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.170	−0.174%	$27.6M	$83.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.192	−0.008%	$185K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.176	−0.129%	$130.4M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.177	−0.121%	$36.7M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.179	−0.106%	$23.0M	$14.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.170	−0.174%	$54.6M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.175	−0.136%	—	$20.9M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.169	−0.179%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.176	−0.132%	$44K	$311K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	−0.069%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.180	−0.099%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.180	−0.099%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.168	−0.190%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.194	+0.008%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.175	−0.136%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.146	−0.355%	$648K	$867K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.170	−0.178%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.172	−0.156%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.185	−0.061%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0177%	1h	13.180	−0.099%	$365K	$362K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.184	−0.068%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.182	−0.083%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.174	−0.143%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0434%	1h	13.172	−0.156%	$349K	$48K	10x	as long as short
Hyperliquid LINKshort	+0.0557%	1h	13.193	0.000%	$81.5M	$25.1M	10x
Phemex LINKUSDTlong	+0.0612%	8h	13.193	long leg	$20.4M	$11.5M	50x