Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0374%/8h= +40.9% APRpaid last 24h +0.002%

Price spread now: Kraken Futures against Binance+0.013%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now +0.013%, 7d avg +0.016%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	13.254	0.0100	pay 0.0100% / 8h	56m 01s	$123.3M	$303.4M	75x
Short	Kraken Futures PF_LINKUSD	13.256	0.0474	get 0.0059% / 1h	56m 01s	$7.0M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.013%Rate

Funding earned: $78.46
Price spread: +0.013% → +0.016%: −$0.34
Slippage, 4 orders: −$15.27
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $42.85
Costs to cover: 0.353%
Break-even: 3.2 days

Slippage from Binance: live order book, 3 min ago; Kraken Futures: live order book, 3 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, 3 min ago	0.38 bp	5.5 bp −$5	10.8 bp −$108	31.0 bp −$3,101	112.6 bp −$56.3K
Sell Kraken Futures live order book, 3 min ago	2.64 bp	11.3 bp −$11	15.2 bp −$152	40.1 bp −$4,008	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 −0.0090% / S +0.0167%	1h	13.240	−0.107%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.247	−0.058%	$484K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.240	−0.109%	$135K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.447%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.224	−0.231%	$4K	$84K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.241	−0.102%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0077%	1h	13.231	−0.174%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.244	−0.082%	$2.0M	$2.7M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0097%	1h	13.249	−0.038%	$726K	$128K	50x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.237	−0.134%	$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	13.238	−0.128%	$405K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.248	−0.049%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.238	−0.126%	$278K	$149K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	13.254	long leg	$123.3M	$303.4M	75x
Bybit LINKUSDT	+0.0100%	8h	13.249	−0.041%	$85.6M	$70.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.253	−0.011%	$28.0M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.248	−0.049%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.242	−0.094%	$131.2M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.244	−0.079%	$36.9M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.244	−0.079%	$22.6M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.250	−0.034%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.246	−0.064%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.194	−0.458%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.214	−0.307%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.203	−0.388%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.213	−0.313%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.244	−0.079%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.238	−0.123%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.255	+0.003%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.246	−0.064%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.218	−0.272%	$650K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.248	−0.047%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.243	−0.084%	$555K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.239	−0.117%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.234	−0.154%	$5.3M	$17.2M	75x	as long as short
Hyperliquid LINK	+0.0319%	1h	13.258	+0.027%	$78.4M	$24.1M	10x	as long as short
Backpack LINK_USDC_PERP	+0.0370%	1h	13.256	+0.012%	$366K	$380K	15x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.237	−0.134%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0464%	8h	13.259	+0.034%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0474%	1h	13.256	+0.013%	$7.0M	$8.2M	50x