Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Bitget−4.284%101s7-day average — · you buy dearer than you sell

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.985%+$99 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 4.284% cheaper against Bitget than usual: you would sell low and buy high (−$428 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 +0.985%, so the current rate has only just turned against you. The two prices were read 101 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	Bitget LINKUSDT	12.955	0.0100	pay 0.0100% / 8h	4h 31m	$53.9M	$29.6M	75x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	31m 38s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now −4.284%Rate

Funding earned: −$14
Price spread: −4.284% → 0.000%: −$428.41
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$454.43
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	0.39 bp	7.9 bp −$8	10.1 bp −$101	22.2 bp −$2,218	doesn't fit
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 −0.0090% / S +0.0167%	1h	12.935	−0.155%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.938	−0.129%	$488K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.936	−0.149%	$158K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.284%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0058%	8h	12.936	−0.147%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.951	−0.030%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.904	−0.394%	$940K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.882	−0.566%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.957	+0.014%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.945	−0.077%	$391K	$311K	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	12.949	−0.044%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.952	−0.021%	$275K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.959	+0.029%	$119.9M	$297.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.954	−0.008%	$83.6M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.954	−0.008%	$27.3M	$81.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.968	+0.100%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.947	−0.062%	$128.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.956	+0.008%	$32.5M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.955	0.000%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDTlong	+0.0100%	8h	12.955	long leg	$53.9M	$29.6M	75x
BingX LINK-USDC	+0.0100%	8h	12.952	−0.023%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.950	−0.039%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.860	−0.731%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.884	−0.547%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	−0.528%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.914	−0.316%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.942	−0.100%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.935	−0.155%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.953	−0.017%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.941	−0.108%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.904	−0.392%	$632K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.952	−0.027%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.940	−0.112%	$543K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.921	−0.262%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0283%	1h	12.946	−0.067%	$773K	$197K	50x	as long as short
Hyperliquid LINK	+0.0378%	1h	12.961	+0.046%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0389%	1h	12.931	−0.182%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.944	−0.081%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0547%	1h	12.953	−0.019%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0550%	8h	12.953	−0.015%	$20.0M	$11.4M	50x	as long as short