Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0398%/8h= +43.6% APRpaid last 24h +0.064%

Price spread now: Phemex against Aevo+0.112%54s7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as 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−$1011.011% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$20 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now +0.112%, 7d avg +0.088%

Together, before fees+0.135%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Phemex is 0.025% dearer against Aevo than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.088%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.205% in total (about 10.7% 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	Aevo LINK-PERP	13.081	0.0104	pay 0.0013% / 1h	45m 25s	$549K	$2K	3x
Short	Phemex LINKUSDT	13.096	0.0502	get 0.0502% / 8h	2h 45m	$20.2M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.112%Rate

Funding earned: $83.61
Price spread: +0.112% → +0.088%: $2.45
Slippage, 4 orders: −$73.08
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$15.02
Costs to cover: 1.011%
Break-even: 8.3 days

Slippage from Aevo: live order book, 43 min ago; Phemex: live order book, 4 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 Aevo live order book, 43 min ago	26.09 bp	39.5 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.91 bp	10.4 bp −$10	15.1 bp −$151	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 +0.0165%	1h	13.079	−0.018%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.091	+0.073%	$456K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.079	−0.019%	$701K	$111K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.080	−0.010%	$82K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.073	−0.062%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.208%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0043%	8h	13.084	+0.017%	$3.3M	$1.5M	—	as long as short
dYdX LINK-USD	+0.0051%	1h	13.082	+0.005%	$347K	$60K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	13.071	−0.079%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.079	−0.019%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.071	−0.082%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.075	−0.044%	$397K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.086	+0.036%	$77.2M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.079	−0.018%	$1.5M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.078	−0.027%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.076	−0.041%	$120.9M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.077	−0.033%	$84.3M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.076	−0.041%	$27.5M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.090	+0.066%	$183K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.078	−0.025%	$130.3M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.076	−0.041%	$35.6M	$56.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.081	−0.002%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.078	−0.025%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.076	−0.041%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.086	+0.036%	$362K	$369K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.086	+0.036%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.076	−0.044%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.091	+0.074%	$152K	$662K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.080	−0.010%	$80K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.074	−0.059%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.086	+0.038%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.075	−0.048%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.042	−0.298%	$638K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.074	−0.060%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERPlong	+0.0104%	1h	13.081	long leg	$549K	$2K	3x
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.082	+0.005%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.084	+0.021%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.078	−0.026%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0502%	8h	13.096	+0.112%	$20.2M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.087	+0.043%	$7.0M	$7.7M	50x	as long as short