Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0377%/8h= +41.2% APRpaid last 24h +0.065%

Price spread now: Phemex against ApeX Omni+0.160%77s7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$480.484% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.199%+$20 on $10k

Price spread, last 3 days (all we have)+0.055%+$5 · spread now +0.160%, 7d avg +0.054%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Phemex is 0.106% dearer against ApeX Omni than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.054%. The two prices were read 77 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 0.199% in total (about 10.4% 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	ApeX Omni LINKUSDT	13.126	0.0100	pay 0.0013% / 1h	2m 18s	$153K	$665K	50x
Short	Phemex LINKUSDT	13.147	0.0477	get 0.0477% / 8h	2h 02m	$20.3M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.160%Rate

Funding earned: $79.08
Price spread: +0.160% → +0.054%: $10.56
Slippage, 4 orders: −$26.43
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $41.21
Costs to cover: 0.484%
Break-even: 3.4 days

Slippage from ApeX Omni: live order book, 21 min ago; Phemex: live order book, 2 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 ApeX Omni live order book, 21 min ago	6.08 bp	13.5 bp −$14	76.1 bp −$761	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.52 bp	9.2 bp −$9	13.9 bp −$139	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	13.138	+0.095%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.144	+0.134%	$469K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.139	+0.100%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.138	+0.088%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0012%	1h	13.138	+0.094%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.136	+0.078%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.531%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.135	+0.069%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.134	+0.062%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.137	+0.087%	$32K	$3K	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	13.138	+0.091%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.149	+0.175%	$77.5M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.139	+0.101%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.139	+0.098%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.140	+0.107%	$121.7M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.136	+0.076%	$84.6M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.138	+0.091%	$27.7M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.151	+0.190%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.137	+0.084%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.139	+0.099%	$36.6M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.142	+0.122%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.135	+0.069%	$54.4M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.137	+0.084%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.121	−0.039%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.120	−0.043%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.112	−0.108%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDTlong	+0.0100%	1h	13.126	long leg	$153K	$665K	50x
Polymarket Perps LINK-USD	+0.0100%	1h	13.140	+0.107%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.133	+0.056%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.155	+0.220%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.127	+0.008%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.200%	$644K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.128	+0.012%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.133	+0.051%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.126	0.000%	$988K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.149	+0.175%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.130	+0.030%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.138	+0.091%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0477%	8h	13.147	+0.160%	$20.3M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.135	+0.065%	$6.9M	$8.0M	50x	as long as short