Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.013%

Price spread now: GRVT against Coinbase International−0.013%76s7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.386% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now −0.013%, 7d avg −0.037%

Together, before fees−0.078%+ Points / potential airdropGRVT: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and GRVT is 0.023% dearer against Coinbase International than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.037%. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International LINK-PERP-INTX	12.993	0.0072	pay 0.0009% / 1h	9m 33s	$952K	$2.7M	50x
Short	GRVT LINK_USDT_Perp	12.991	0.0100	get 0.0100% / 8h	6h 09m	$586K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.013%Rate

Funding earned: $5.88
Price spread: −0.013% → −0.037%: $2.33
Slippage, 4 orders: −$19.65
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$30.43
Costs to cover: 0.386%
Break-even: 43.2 days

Slippage from Coinbase International: live order book, 4 min ago; GRVT: live order book, 4 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, 4 min ago	2.31 bp	13.0 bp −$13	18.2 bp −$182	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	0.77 bp	5.7 bp −$6	13.9 bp −$139	doesn't fit	doesn't fit

LINK on 39 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	12.966	−0.209%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.973	−0.154%	$469K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.967	−0.203%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.564%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.005	+0.089%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.965	−0.216%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTXlong	+0.0072%	1h	12.993	long leg	$952K	$2.7M	50x
Deribit LINK_USDC-PERPETUAL	+0.0089%	1h	12.972	−0.159%	$770K	$212K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.959	−0.262%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.962	−0.236%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.975	−0.139%	$394K	$319K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.966	−0.210%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.961	−0.247%	$275K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.959	−0.265%	$119.2M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.954	−0.300%	$83.6M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.955	−0.292%	$27.3M	$83.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.976	−0.131%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.961	−0.246%	$127.8M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.960	−0.254%	$33.0M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.963	−0.231%	$23.0M	$14.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.957	−0.277%	$53.8M	$30.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.957	−0.277%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	−0.106%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	−0.063%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perpshort	+0.0100%	8h	12.991	−0.013%	$586K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	12.989	−0.031%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.978	−0.115%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.968	−0.194%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.984	−0.072%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.970	−0.177%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.963	−0.230%	$639K	$857K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.951	−0.321%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.971	−0.168%	$544K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0127%	1h	12.969	−0.185%	$337K	$383K	15x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.967	−0.197%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0432%	1h	12.961	−0.248%	$343K	$34K	10x	as long as short
Hyperliquid LINK	+0.0462%	1h	12.978	−0.118%	$80.6M	$26.2M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.974	−0.147%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0623%	8h	12.983	−0.077%	$20.0M	$11.5M	50x	as long as short