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Price arb /

LINK

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Spread before costs (cost unknown: a leg has no order-book sample)−0.553%
7d average—if it closes, per $10,000$55funding while held, a day+$5.40
Long on PhoenixShort on Hyperliquid
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix LINK12.939−0.0080get 0.0010% / 1h42m 01s$3K$46K10x
ShortHyperliquid LINK12.8670.0100get 0.0013% / 1h42m 01s$75.6M$21.8M10x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
−$55.34
Funding while held
$5.4
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$65.94
Spread needed to break even
0.160%
Slippage unknown: Phoenix: no order-book sample; Hyperliquid: live order book, 3 min ago. Net counts fees only.

Cost of waiting

funding view
Funding /8h
+0.0180%
Per $10,000 a day
+$5.40
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix no order-book sample—————
Sell Hyperliquid live order book, 3 min ago0.39 bp7.3 bp −$710.9 bp −$109doesn't fitdoesn't fit
Phoenix: 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 price on every exchange

against the cheapest. Click to use as the short leg.
Injective12.400cheapestHTX12.832+3.480%BingX12.854+3.661%Gate12.858+3.694%Derive12.858+3.697%Bybit12.859+3.702%Nado12.862+3.726%SoDEX12.862+3.726%Lighter12.863+3.732%OKX12.864+3.742%Bitget12.864+3.742%Kraken Futures12.866+3.761%
Hyperliquid12.867+3.766%
Backpack12.867+3.766%Extended12.867+3.767%Aevo12.868+3.774%Orderly12.868+3.774%GMX12.869+3.778%KuCoin12.869+3.782%gTrade (Gains Network)12.869+3.783%Deribit12.870+3.789%Binance12.870+3.790%Coinbase International12.872+3.806%Reya12.873+3.818%Aster12.875+3.829%Paradex12.876+3.837%Polymarket Perps12.876+3.839%SunX12.877+3.843%MEXC12.877+3.847%Phemex12.883+3.895%Pacifica12.884+3.905%dYdX12.889+3.940%Arcus12.893+3.976%Kalshi12.917+4.171%BloFin12.921+4.202%
Phoenix12.939+4.344%
edgeX12.952+4.449%ApeX Omni12.956+4.484%Variational Omni12.972+4.613%

LINK on 39 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Injective LINK/USDC PERP−4.163%+0.0033%1h$4K$48K12xas long as short
HTX LINK-USDT−0.828%+0.0012%8h$621K$1.0M75xas long as short
BingX LINK-USDC−0.654%+0.0090%8h—$6.6M—as long as short
Gate LINK_USDT−0.623%−0.0034%8h$129.8M$11.4M75xas long as short
Derive LINK-PERP−0.620%+0.0100%1h$27K$10K10xas long as short
Bybit LINKUSDT−0.615%−0.0137%8h$79.8M$59.2M75xas long as short
Nado LINK-PERP−0.592%+0.0100%1h$421K$345K10xas long as short
SoDEX LINK-USD−0.592%−0.0037%1h$8K$36K10xas long as short
Lighter LINK−0.586%+0.0096%1h$1.9M$2.0M10xas long as short
OKX LINK-USDT-SWAP−0.577%−0.0044%8h$26.8M$87.0M50xas long as short
Show all 39 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Bitget LINKUSDT−0.577%+0.0086%8h$53.7M$29.3M75xas long as short
Kraken Futures PF_LINKUSD−0.559%−0.0329%1h$6.0M$6.5M50xas long as short
Hyperliquid LINKshort−0.553%+0.0100%1h$75.6M$21.8M10x
Backpack LINK_USDC_PERP−0.553%+0.0100%1h$352K$370K15xas long as short
Extended LINK-USD−0.553%−0.0072%1h$669K$1.8M25xas long as short
Aevo LINK-PERP−0.546%+0.0088%1h$541K$3403xas long as short
Orderly PERP_LINK_USDC−0.546%+0.0070%8h$139K$1.7M20xas long as short
GMX LINK/USD [LINK-USDC]−0.542%L −0.0092% / S +0.0163%1h$1.7M—200xas long as short
KuCoin LINKUSDTM−0.538%+0.0100%8h$21.3M$16.7M75xas long as short
gTrade (Gains Network) LINK/USD−0.537%L +0.0004% / S −0.0008%1h$193K—150xas long as short
Deribit LINK_USDC-PERPETUAL−0.532%0.0000%1h$688K$104K50xas long as short
Binance LINKUSDT−0.530%+0.0021%8h$117.7M$283.9M75xas long as short
Coinbase International LINK-PERP-INTX−0.515%+0.0072%1h$997K$2.6M50xas long as short
Reya LINKRUSDPERP−0.503%+0.0361%1h$4K$40020xas long as short
Aster LINKUSDT−0.493%+0.0100%8h$1.4M$2.4M50xas long as short
Paradex LINK-USD-PERP−0.485%+0.0055%8h$31K$2K20xas long as short
Polymarket Perps LINK-USD−0.484%+0.0100%1h$77K$54K10xas long as short
SunX LINK-USDT−0.480%+0.0100%8h$33K$1.5M30xas long as short
MEXC LINK_USDT−0.476%+0.0020%8h$32.7M$55.9M300xas long as short
Phemex LINKUSDT−0.430%+0.0386%8h$20.0M$11.3M50xas long as short
Pacifica LINK−0.420%+0.0100%1h$269K$163K10xas long as short
dYdX LINK-USD−0.387%0.0000%1h$341K$60K10xas long as short
Arcus LINK-USD−0.352%+0.0100%1h$182K$185K10xas long as short
Kalshi KXLINKPERP−0.165%0.0000%8h$456K$2.2M3.7xas long as short
BloFin LINK-USDT−0.136%+0.0083%8h$5.2M$13.0M75xas long as short
Phoenix LINKlong0.000%−0.0080%1h$3K$46K10x
edgeX LINKUSDC+0.101%+0.0100%4h$43K$311K20xas long as short
ApeX Omni LINKUSDT+0.134%+0.0100%1h$131K$650K50xas long as short
Variational Omni LINK+0.258%−0.0081%8h$3.2M$1.2M—as long as short