Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0267%/8h= −29.3% APRpaid last 24h −0.052%

Price spread now: GMX against Bybit+0.064%7-day average +0.055% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.214%−$21 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now +0.064%, 7d avg +0.055%

Together, before fees−0.207%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.055%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.144	0.0100	pay 0.0100% / 8h	31m 12s	$84.7M	$71.1M	75x
Short	GMX LINK/USD [LINK-USDC]	13.152	L −0.0091% / S +0.0167%	pay 0.0021% / 1h	31m 12s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$56.11
Price spread: +0.064% → +0.055%: $0.95
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$78.16
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; GMX: 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 Bybit live order book, 3 min ago	0.38 bp	7.3 bp −$7	12.1 bp −$121	31.6 bp −$3,158	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0091% / S +0.0167%	1h	13.152	+0.064%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	13.159	+0.112%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.151	+0.056%	$726K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.155	+0.082%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	+0.204%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.660%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.148	+0.030%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.146	+0.014%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.148	+0.029%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.146	+0.019%	$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	13.151	+0.053%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.153	+0.067%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.143	−0.010%	$122.2M	$304.4M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.144	long leg	$84.7M	$71.1M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.146	+0.015%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.167	+0.175%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.146	+0.015%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.144	0.000%	$36.8M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.152	+0.061%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.141	−0.023%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.146	+0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	+0.015%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	+0.138%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.156	+0.094%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.173	+0.221%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	+0.076%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.148	+0.030%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.163	+0.142%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.147	+0.023%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.142	−0.014%	$646K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.142	−0.014%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.149	+0.042%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.174	+0.228%	$997K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.151	+0.053%	$5.3M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0260%	1h	13.154	+0.076%	$363K	$379K	15x	as long as short
Hyperliquid LINK	+0.0276%	1h	13.162	+0.137%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.148	+0.031%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.156	+0.089%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0481%	8h	13.166	+0.167%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0666%	1h	13.158	+0.104%	$348K	$48K	10x	as long as short