Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.001%

Price spread now: Coinbase International against Binance+0.068%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.068%, 7d avg +0.022%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Coinbase International is 0.047% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	13.150	0.0100	pay 0.0100% / 8h	7h 19m	$122.2M	$300.3M	75x
Short	Coinbase International LINK-PERP-INTX	13.159	0.0120	get 0.0015% / 1h	19m 35s	$1.0M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.068%Rate

Funding earned: $4.2
Price spread: +0.068% → +0.022%: $4.67
Slippage, 4 orders: −$16.66
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$27.79
Costs to cover: 0.367%
Break-even: 53.3 days

Slippage from Binance: live order book, 9 min ago; Coinbase International: 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 Binance live order book, 9 min ago	0.38 bp	5.9 bp −$6	10.4 bp −$104	32.8 bp −$3,281	104.0 bp −$52.0K
Sell Coinbase International live order book, 4 min ago	2.66 bp	11.2 bp −$11	14.6 bp −$146	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	13.160	+0.076%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.179	+0.218%	$475K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.160	+0.075%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.703%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.193	+0.327%	$4K	$89K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0061%	1h	13.169	+0.144%	$782K	$211K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0065%	8h	13.162	+0.091%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.148	−0.014%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.212	+0.468%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.154	+0.034%	$403K	$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	13.152	+0.015%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.151	+0.005%	$276K	$154K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	13.150	long leg	$122.2M	$300.3M	75x
Bybit LINKUSDT	+0.0100%	8h	13.149	−0.008%	$84.7M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.151	+0.008%	$27.5M	$84.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.164	+0.106%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	−0.053%	$130.2M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.147	−0.023%	$36.8M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.149	−0.008%	$23.0M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.144	−0.046%	$54.7M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.143	−0.053%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.157	+0.056%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.155	+0.036%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.158	+0.064%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.158	+0.061%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.158	+0.061%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.162	+0.094%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.174	+0.185%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.162	+0.091%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.145	−0.037%	$647K	$850K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.141	−0.072%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.166	+0.120%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0120%	1h	13.159	+0.068%	$1.0M	$2.7M	50x
Backpack LINK_USDC_PERP	+0.0181%	1h	13.167	+0.129%	$364K	$367K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.165	+0.114%	$5.2M	$15.9M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.172	+0.169%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.152	+0.018%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0419%	1h	13.146	−0.033%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0558%	1h	13.166	+0.125%	$81.3M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0650%	8h	13.178	+0.213%	$20.4M	$11.6M	50x	as long as short