Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0267%/8h= −29.2% APRpaid last 24h −0.059%

Price spread now: GMX against Binance−0.119%50s7-day average +0.030% · you buy dearer than you sell

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.227%−$23 on $10k

Price spread, last 3 days (all we have)+0.199%+$20 · spread now −0.119%, 7d avg +0.030%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.149% cheaper against Binance than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.030%). Swap the legs. The two prices were read 50 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	Binance LINKUSDT	13.151	0.0100	pay 0.0100% / 8h	1h 23m	$122.1M	$303.0M	75x
Short	GMX LINK/USD [LINK-USDC]	13.135	L −0.0090% / S +0.0167%	pay 0.0021% / 1h	23m 27s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$55.97
Price spread: −0.119% → +0.030%: −$14.92
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$92.89
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 5 min ago; GMX: 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 Binance live order book, 5 min ago	0.38 bp	5.8 bp −$6	11.3 bp −$113	38.9 bp −$3,893	126.1 bp −$63.1K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0090% / S +0.0167%	1h	13.135	−0.119%	$1.8M	—	200x
dYdX LINK-USD	0.0000%	1h	13.142	−0.065%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.135	−0.123%	$460K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.136	−0.117%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.155	+0.030%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.711%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.138	−0.097%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.131	−0.152%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.146	−0.039%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.135	−0.122%	$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	13.150	−0.008%	$402K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.165	+0.106%	$77.6M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.142	−0.066%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.142	−0.071%	$275K	$148K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	13.151	long leg	$122.1M	$303.0M	75x
Bybit LINKUSDT	+0.0100%	8h	13.153	+0.015%	$84.9M	$70.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.155	+0.030%	$27.6M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.160	+0.068%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.140	−0.084%	$130.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.154	+0.023%	$36.5M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.152	+0.008%	$22.5M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.151	0.000%	$54.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.148	−0.023%	—	$21.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.119	−0.244%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.123	−0.212%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.134	−0.127%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.133	−0.137%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.157	+0.046%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.128	−0.171%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.149	−0.017%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.135	−0.122%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.121	−0.230%	$645K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.144	−0.054%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.136	−0.113%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.144	−0.053%	$991K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0197%	1h	13.143	−0.061%	$364K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.126	−0.190%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.148	−0.020%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0475%	8h	13.153	+0.015%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0696%	1h	13.143	−0.062%	$6.9M	$8.1M	50x	as long as short