Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0202%/8h= −22.1% APRpaid last 24h −0.072%

Price spread now: Phoenix against BloFin−0.060%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.411%−$41 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 −$6 a day on $10k at the current rate, and Phoenix is 0.060% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin LINK-USDT	13.081	0.0220	pay 0.0220% / 8h	2h 48m	$5.2M	$16.7M	75x
Short	Phoenix LINK	13.073	0.0018	get 0.0002% / 1h	48m 23s	$3K	$84K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$42.37
Price spread: −0.060% → 0.000%: −$5.96
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.33
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Phoenix: 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 BloFin live order book, 6 min ago	2.68 bp	9.1 bp −$9	13.5 bp −$135	30.7 bp −$3,071	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 +0.0165%	1h	13.092	+0.085%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.091	+0.077%	$456K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.080	−0.008%	$701K	$111K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.095	+0.104%	$82K	—	150x	as long as short
Phoenix LINKshort	+0.0018%	1h	13.073	−0.060%	$3K	$84K	10x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.206%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0037%	8h	13.058	−0.179%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0055%	8h	13.084	+0.023%	$134K	$1.6M	20x	as long as short
dYdX LINK-USD	+0.0064%	1h	13.099	+0.138%	$347K	$60K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.097	+0.126%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.096	+0.111%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.089	+0.061%	$397K	$319K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.096	+0.115%	$77.3M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.098	+0.130%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.094	+0.101%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.090	+0.072%	$121.0M	$300.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.090	+0.069%	$84.5M	$69.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.090	+0.069%	$27.6M	$84.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.103	+0.168%	$184K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.092	+0.084%	$130.4M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.090	+0.069%	$35.6M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.095	+0.107%	$21.9M	$16.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.089	+0.061%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.092	+0.084%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.086	+0.038%	$362K	$371K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.089	+0.063%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.062	−0.146%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.060	−0.161%	$152K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.091	+0.076%	$80K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.090	+0.068%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.086	+0.038%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.076	−0.038%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.059	−0.164%	$639K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.088	+0.057%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.093	+0.095%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.083	+0.015%	$987K	$2.7M	50x	as long as short
BloFin LINK-USDTlong	+0.0220%	8h	13.081	long leg	$5.2M	$16.7M	75x
Reya LINKRUSDPERP	+0.0372%	1h	13.089	+0.065%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.084	+0.020%	$6.9M	$7.7M	50x	as long as short
Phemex LINKUSDT	+0.0510%	8h	13.092	+0.084%	$20.2M	$11.5M	50x	as long as short