Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.041%

Price spread now: Phoenix against Aster−0.465%105s7-day average — · you buy dearer than you sell

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.238%−$24 on $10k

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.465% cheaper against Aster than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 105 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	Aster LINKUSDT	13.211	0.0100	pay 0.0100% / 8h	1h 41m	$1.5M	$2.8M	50x
Short	Phoenix LINK	13.149	0.0037	get 0.0005% / 1h	41m 42s	$3K	$81K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.465%Rate

Funding earned: −$13.32
Price spread: −0.465% → 0.000%: −$46.49
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$74.8
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 2 min ago; Phoenix: no order-book sample. 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 Aster live order book, 2 min ago	1.52 bp	5.5 bp −$6	18.2 bp −$182	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 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	13.203	−0.062%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.205	−0.042%	$350K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.212	+0.007%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.207	−0.027%	$721K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.203	−0.061%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.138%	$4K	$48K	12x	as long as short
Phoenix LINKshort	+0.0037%	1h	13.149	−0.465%	$3K	$81K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.199	−0.090%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.211	+0.001%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.193	−0.137%	$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	13.197	−0.105%	$400K	$315K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.219	+0.061%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDTlong	+0.0100%	8h	13.211	long leg	$1.5M	$2.8M	50x
Pacifica LINK	+0.0100%	1h	13.196	−0.111%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.207	−0.030%	$122.5M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.205	−0.045%	$85.1M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.208	−0.022%	$27.7M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.207	−0.030%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.204	−0.052%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.213	+0.016%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.208	−0.022%	$22.4M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.205	−0.045%	$54.9M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.211	+0.001%	—	$21.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.482%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	−0.369%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	−0.348%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.295%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.200	−0.083%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.200	−0.081%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.222	+0.086%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.201	−0.075%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.172	−0.293%	$648K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.203	−0.063%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.205	−0.043%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	−0.067%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0182%	1h	13.213	+0.016%	$367K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.187	−0.181%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.198	−0.097%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0454%	8h	13.211	+0.001%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.209	−0.013%	$7.0M	$8.0M	50x	as long as short