Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0582%/8h= +63.7% APRpaid last 24h +0.033%

Price spread now: dYdX against Bybit+0.049%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$1811.811% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.049%, 7d avg +0.035%

Together, before fees+0.338%+$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.035%, so right now this pair is about funding alone: +$17 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 0.344% in total (about 17.9% 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	Bybit LINKUSDT	13.136	0.0100	pay 0.0100% / 8h	27m 38s	$84.6M	$71.1M	75x
Short	dYdX LINK-USD	13.142	0.0682	get 0.0085% / 1h	27m 38s	$348K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.049%Rate

Funding earned: $122.19
Price spread: +0.049% → +0.035%: $1.31
Slippage, 4 orders: −$160.09
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$57.59
Costs to cover: 1.811%
Break-even: 10.3 days

Slippage from Bybit: live order book, 1 min ago; dYdX: live order book, 51 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 Bybit live order book, 1 min ago	0.38 bp	6.7 bp −$7	10.9 bp −$109	30.6 bp −$3,056	doesn't fit
Sell dYdX live order book, 51 min ago	78.47 bp	83.5 bp −$83	111.1 bp −$1,111	126.8 bp −$12.7K	191.1 bp −$95.5K

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	13.141	+0.040%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.152	+0.123%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.143	+0.057%	$725K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.142	+0.043%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.152	+0.122%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.603%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.138	+0.015%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.136	+0.002%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.137	+0.008%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.140	+0.030%	$401K	$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	13.140	+0.030%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.139	+0.027%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.138	+0.016%	$122.2M	$304.6M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.136	long leg	$84.6M	$71.1M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.140	+0.030%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.154	+0.137%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.140	+0.030%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.140	+0.030%	$36.8M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.143	+0.053%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.137	+0.008%	$54.6M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.138	+0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	+0.076%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.140	+0.030%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	+0.070%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	+0.091%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.142	+0.046%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.137	+0.010%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.157	+0.163%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.138	+0.015%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.127	−0.068%	$646K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.134	−0.015%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.142	+0.046%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.146	+0.076%	$995K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.143	+0.053%	$5.3M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0244%	1h	13.148	+0.091%	$363K	$377K	15x	as long as short
Hyperliquid LINK	+0.0282%	1h	13.158	+0.170%	$78.0M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.135	−0.006%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.147	+0.081%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0485%	8h	13.160	+0.183%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USDshort	+0.0682%	1h	13.142	+0.049%	$348K	$48K	10x