Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0394%/8h= +43.1% APRpaid last 24h +0.035%

Price spread now: dYdX against Binance+0.087%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1151.155% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.320%+$32 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.087%, 7d avg +0.010%

Together, before fees+0.238%+$24 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 dYdX is 0.077% dearer against Binance than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	12.972	0.0100	pay 0.0100% / 8h	4h 28m	$120.0M	$297.3M	75x
Short	dYdX LINK-USD	12.983	0.0494	get 0.0062% / 1h	28m 33s	$344K	$30K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.087%Rate

Funding earned: $82.72
Price spread: +0.087% → +0.010%: $7.74
Slippage, 4 orders: −$95.49
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$25.03
Costs to cover: 1.155%
Break-even: 9.1 days

Slippage from Binance: live order book, 15 min ago; dYdX: live order book, 31 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, 15 min ago	0.39 bp	6.9 bp −$7	11.1 bp −$111	30.8 bp −$3,082	120.3 bp −$60.2K
Sell dYdX live order book, 31 min ago	46.47 bp	51.5 bp −$51	134.3 bp −$1,343	254.7 bp −$25.5K	714.7 bp −$357.4K

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	12.991	+0.150%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	+0.146%	$549K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.993	+0.160%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.409%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0058%	8h	12.993	+0.162%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.977	+0.042%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.991	+0.146%	$945K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.882	−0.696%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.980	+0.061%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.972	−0.004%	$392K	$310K	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	12.985	+0.102%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.978	+0.045%	$275K	$176K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	12.972	long leg	$120.0M	$297.3M	75x
Bybit LINKUSDT	+0.0100%	8h	12.970	−0.015%	$83.6M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.972	0.000%	$27.4M	$81.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.990	+0.139%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.978	+0.046%	$128.3M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.979	+0.054%	$32.4M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.986	+0.108%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.980	+0.062%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.976	+0.031%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.949	−0.176%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.951	−0.161%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.963	−0.071%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.914	−0.447%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.979	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.990	+0.142%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.012	+0.305%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.993	+0.162%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.967	−0.035%	$636K	$694K	75x	as long as short
Backpack LINK_USDC_PERP	+0.0103%	1h	12.990	+0.139%	$340K	$388K	15x	as long as short
Extended LINK-USD	+0.0104%	1h	12.970	−0.018%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.993	+0.165%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0196%	1h	12.999	+0.206%	$776K	$197K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.987	+0.116%	$5.3M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0375%	1h	12.989	+0.131%	$81.3M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.976	+0.029%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0393%	1h	12.996	+0.183%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USDshort	+0.0494%	1h	12.983	+0.087%	$344K	$30K	10x
Phemex LINKUSDT	+0.0528%	8h	13.000	+0.216%	$20.1M	$11.4M	50x	as long as short