Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against BingX−5.293%87s7-day average — · you buy dearer than you sell

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.978%+$98 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 5.293% cheaper against BingX than usual: you would sell low and buy high (−$529 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 +0.978%, so the current rate has only just turned against you. The two prices were read 87 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	BingX LINK-USDC	13.093	0.0100	pay 0.0100% / 8h	11m 51s	—	$6.6M	—
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	11m 51s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −5.293%Rate

Funding earned: −$14
Price spread: −5.293% → 0.000%: −$529.29
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$553.31
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: 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 BingX live order book, 10 min ago	1.14 bp	9.6 bp −$10	19.7 bp −$197	85.6 bp −$8,563	439.1 bp −$219.6K
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 −0.0091% / S +0.0167%	1h	13.103	+0.077%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.112	+0.147%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.100	+0.053%	$725K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.103	+0.073%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.108	+0.118%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−5.293%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0044%	8h	13.096	+0.023%	$132K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.095	+0.013%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.101	+0.058%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.105	+0.092%	$400K	$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	13.103	+0.080%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.108	+0.112%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.091	−0.017%	$121.6M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.092	−0.008%	$84.3M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.092	−0.008%	$27.6M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.118	+0.191%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.098	+0.038%	$129.9M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.100	+0.053%	$36.1M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.102	+0.069%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.088	−0.038%	$54.5M	$30.5M	75x	as long as short
BingX LINK-USDClong	+0.0100%	8h	13.093	long leg	—	$6.6M	—
Variational Omni LINK	+0.0100%	8h	13.125	+0.241%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.113	+0.150%	$43K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.119	+0.200%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	+0.160%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.106	+0.099%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.094	+0.005%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.110	+0.130%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.095	+0.015%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.090	−0.023%	$644K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.096	+0.023%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.098	+0.038%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.125	+0.244%	$994K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0214%	1h	13.107	+0.107%	$362K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.108	+0.115%	$5.2M	$16.8M	75x	as long as short
Hyperliquid LINK	+0.0292%	1h	13.112	+0.145%	$77.8M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.101	+0.059%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.102	+0.067%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0487%	8h	13.112	+0.145%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0544%	1h	13.102	+0.068%	$347K	$48K	10x	as long as short