Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.014%

Price spread now: Injective against Binance−4.151%97s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.007%+$101 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.151% cheaper against Binance than usual: you would sell low and buy high (−$415 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.007%, so the current rate has only just turned against you. The two prices were read 97 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	12.937	0.0100	pay 0.0100% / 8h	1h 03m	$119.5M	$299.9M	75x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	3m 40s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.151%Rate

Funding earned: −$14
Price spread: −4.151% → 0.000%: −$415.09
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$439.11
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 10 min ago; Injective: 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, 10 min ago	0.39 bp	6.2 bp −$6	12.1 bp −$121	32.6 bp −$3,261	107.3 bp −$53.7K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0087% / S +0.0165%	1h	12.935	−0.018%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0038%	8h	12.929	−0.062%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.946	+0.071%	$513K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.936	−0.009%	$155K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.151%	$4K	$48K	12x
Phoenix LINK	+0.0093%	1h	12.972	+0.270%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.936	−0.011%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.933	−0.032%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.940	+0.019%	$355K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.940	+0.023%	$1.3M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.938	+0.008%	$275K	$184K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	12.937	long leg	$119.5M	$299.9M	75x
Bybit LINKUSDT	+0.0100%	8h	12.930	−0.054%	$83.6M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.934	−0.023%	$27.0M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.953	+0.124%	$181K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.937	0.000%	$134.8M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.938	+0.008%	$34.4M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.940	+0.023%	$22.9M	$12.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.933	−0.031%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.934	−0.023%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.944	+0.054%	$336K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	+0.133%	$3.3M	$1.9M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.953	+0.120%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.952	+0.118%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.962	+0.193%	$133K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.936	−0.008%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.933	−0.032%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.951	+0.109%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.933	−0.031%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.927	−0.078%	$631K	$784K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.930	−0.052%	$634K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.937	−0.004%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.963	+0.201%	$933K	$2.8M	50x	as long as short
Hyperliquid LINK	+0.0137%	1h	12.946	+0.070%	$81.0M	$28.0M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0152%	1h	12.940	+0.024%	$809K	$268K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.937	+0.001%	$6.5M	$8.5M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.943	+0.046%	$5.2M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0399%	1h	12.928	−0.066%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0547%	8h	12.951	+0.108%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0569%	1h	12.937	−0.004%	$345K	$45K	10x	as long as short