Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h −0.016%

Price spread now: gTrade (Gains Network) against Bybit+0.260%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$275as in the Price arb table

costs, in and out, $10k−$2982.982% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.075%−$7 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now +0.260%, 7d avg +0.032%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.228% dearer against Bybit than usual: you sell high and buy low (spread +0.260% now, against its 7-day average of +0.032%): +$23 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	12.970	0.0100	pay 0.0100% / 8h	5h 41m	$83.9M	$71.2M	75x
Short	gTrade (Gains Network) LINK/USD	13.004	L +0.0004% / S −0.0009%	get 0.0001% / 1h	41m 41s	$159K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.260%Rate

Funding earned: −$19.07
Price spread: +0.260% → +0.032%: $22.8
Slippage, 4 orders: −$277.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$294.43
Costs to cover: 2.982%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 17 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, 2 min ago	0.38 bp	8.2 bp −$8	13.2 bp −$132	35.1 bp −$3,513	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 17 min ago	130.06 bp	142.5 bp −$143	1049.2 bp −$10.5K	doesn't fit	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	13.003	+0.254%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.013	+0.332%	$480K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USDshort	L +0.0004% / S −0.0009%	1h	13.004	+0.260%	$159K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.395%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.012	+0.324%	$939K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0067%	8h	13.001	+0.239%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.974	+0.030%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.004	+0.263%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.017	+0.360%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.012	+0.324%	$396K	$315K	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	12.986	+0.127%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.976	+0.045%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.974	+0.031%	$119.6M	$296.0M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.970	long leg	$83.9M	$71.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.972	+0.015%	$27.3M	$82.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.021	+0.393%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.987	+0.131%	$128.3M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.976	+0.046%	$31.9M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.988	+0.139%	$23.0M	$13.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.971	+0.008%	$54.0M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.976	+0.046%	—	$22.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.971	+0.009%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.995	+0.194%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.965	−0.041%	$581K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.003	+0.254%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.010	+0.308%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.001	+0.239%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.027	+0.436%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.004	+0.262%	$14K	$49K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.959	−0.084%	$639K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.970	+0.001%	$701K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.005	+0.266%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.005	+0.270%	$340K	$378K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.015	+0.347%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0273%	1h	13.008	+0.291%	$773K	$193K	50x	as long as short
dYdX LINK-USD	+0.0335%	1h	12.974	+0.028%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	13.001	+0.238%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0554%	1h	13.005	+0.271%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0599%	8h	13.019	+0.378%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0691%	1h	12.989	+0.146%	$81.1M	$27.0M	10x	as long as short