Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Gate against Coinbase International+0.310%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 4 days (all we have)−0.383%−$38 · spread now +0.310%, 7d avg −0.029%

Together, before fees−0.397%−$40 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.339% dearer against Coinbase International than usual: you sell high and buy low, +$34 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International LINK-PERP-INTX	12.904	0.0096	pay 0.0012% / 1h	31m 51s	$940K	$2.7M	50x
Short	Gate LINK_USDT	12.944	0.0100	get 0.0100% / 8h	4h 31m	$127.9M	$12.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. 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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now +0.310%Rate

Funding earned: $0.84
Price spread: +0.310% → −0.029%: $33.87
Slippage, 4 orders: −$23.87
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$14.16
Costs to cover: 0.489%
Break-even: 125.0 days

Slippage from Coinbase International: live order book, 2 min ago; Gate: 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 Coinbase International live order book, 2 min ago	2.71 bp	12.1 bp −$12	15.8 bp −$158	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.94 bp	13.2 bp −$13	20.6 bp −$206	33.9 bp −$3,389	78.5 bp −$39.3K

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	12.935	+0.240%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.938	+0.266%	$488K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.936	+0.246%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.906%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0058%	8h	12.936	+0.248%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.951	+0.365%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTXlong	+0.0096%	1h	12.904	long leg	$940K	$2.7M	50x
Phoenix LINK	+0.0099%	1h	12.882	−0.173%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.934	+0.233%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	+0.182%	$391K	$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	12.945	+0.317%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.932	+0.219%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.954	+0.388%	$119.8M	$297.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.951	+0.364%	$83.5M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.954	+0.387%	$27.3M	$81.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.946	+0.325%	$181K	$165K	10x	as long as short
Gate LINK_USDTshort	+0.0100%	8h	12.944	+0.310%	$127.9M	$12.9M	75x
MEXC LINK_USDT	+0.0100%	8h	12.947	+0.333%	$32.4M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.948	+0.341%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.947	+0.333%	$53.8M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.946	+0.325%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.950	+0.356%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.860	−0.339%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.884	−0.154%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	−0.134%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.894	−0.077%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.942	+0.294%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.935	+0.239%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.953	+0.378%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.941	+0.287%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.904	+0.002%	$632K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.940	+0.276%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.940	+0.283%	$543K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.921	+0.132%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0283%	1h	12.946	+0.328%	$773K	$197K	50x	as long as short
Hyperliquid LINK	+0.0378%	1h	12.961	+0.442%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0389%	1h	12.931	+0.212%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.944	+0.314%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0547%	1h	12.953	+0.376%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0550%	8h	12.953	+0.380%	$20.0M	$11.4M	50x	as long as short