Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.039%

Price spread now: Kraken Futures against Bybit+0.023%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.023%, 7d avg +0.040%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: +$5 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	12.891	0.0100	pay 0.0100% / 8h	2h 22m	$83.2M	$73.4M	75x
Short	Kraken Futures PF_LINKUSD	12.894	0.0278	get 0.0035% / 1h	22m 05s	$6.6M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.023%Rate

Funding earned: $37.32
Price spread: +0.023% → +0.040%: −$1.68
Slippage, 4 orders: −$18.42
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$3.78
Costs to cover: 0.394%
Break-even: 7.7 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 2 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	0.39 bp	7.6 bp −$8	12.2 bp −$122	35.0 bp −$3,501	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.50 bp	11.2 bp −$11	13.9 bp −$139	45.2 bp −$4,522	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 −0.0089% / S +0.0166%	1h	12.878	−0.103%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.901	+0.078%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.879	−0.095%	$156K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.809%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0040%	8h	12.877	−0.109%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.826	−0.507%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.889	−0.013%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.864	−0.212%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.875	−0.120%	$345K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.894	+0.024%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.867	−0.188%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.896	+0.039%	$118.5M	$302.8M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.891	long leg	$83.2M	$73.4M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.898	+0.054%	$27.3M	$80.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.886	−0.039%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.889	−0.016%	$124.4M	$15.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.893	+0.016%	$33.0M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.895	+0.031%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.897	+0.047%	$53.9M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.893	+0.016%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.904	+0.101%	$336K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.814	−0.594%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.810	−0.628%	$42K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.833	−0.448%	$580K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.810	−0.628%	$131K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.882	−0.070%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.887	−0.034%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.906	+0.114%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.893	+0.016%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.860	−0.243%	$631K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.886	−0.037%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.890	−0.008%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.857	−0.264%	$915K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.854	−0.287%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0231%	1h	12.906	+0.116%	$80.3M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0278%	1h	12.894	+0.023%	$6.6M	$8.3M	50x
Deribit LINK_USDC-PERPETUAL	+0.0309%	1h	12.896	+0.037%	$796K	$244K	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.874	−0.131%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0578%	8h	12.910	+0.147%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0793%	1h	12.865	−0.198%	$343K	$33K	10x	as long as short