Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h +0.007%

Price spread now: Orderly against Coinbase International−0.145%7-day average +0.012% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 3 days (all we have)+0.201%+$20 · spread now −0.145%, 7d avg +0.012%

Together, before fees+0.277%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.157% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.012%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.075%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International LINK-PERP-INTX	13.125	0.0104	pay 0.0013% / 1h	57m 47s	$991K	$2.7M	50x
Short	Orderly PERP_LINK_USDC	13.106	0.0058	get 0.0058% / 8h	2h 57m	$134K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.145%Rate

Funding earned: −$9.65
Price spread: −0.145% → +0.012%: −$15.66
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$41.31
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 1 min ago; Orderly: 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 Coinbase International live order book, 1 min ago	3.05 bp	13.5 bp −$14	18.4 bp −$184	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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]	L −0.0091% / S +0.0166%	1h	13.114	−0.086%	$1.7M	—	200x	as long as short
Phoenix LINK	−0.0012%	1h	13.164	+0.299%	$3K	$71K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.109	−0.124%	$347K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.133	+0.058%	$458K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.110	−0.113%	$698K	$108K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.116	−0.072%	$83K	—	150x	as long as short
Variational Omni LINK	+0.0025%	8h	13.175	+0.379%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.524%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0058%	8h	13.106	−0.145%	$134K	$1.6M	20x
Lighter LINK	+0.0096%	1h	13.112	−0.102%	$2.1M	$2.3M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.095	−0.225%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.125	0.000%	$398K	$323K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.118	−0.053%	$78.2M	$23.3M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.108	−0.130%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.105	−0.156%	$275K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.098	−0.203%	$121.1M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.094	−0.236%	$84.8M	$68.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.099	−0.198%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.148	+0.175%	$198K	$155K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.106	−0.145%	$130.8M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.101	−0.183%	$35.5M	$55.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.102	−0.175%	$21.6M	$16.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.103	−0.168%	$54.2M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.104	−0.160%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.110	−0.114%	$363K	$376K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.157	+0.242%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.155	+0.228%	$592K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.159	+0.259%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.126	+0.008%	$80K	$62K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.108	−0.133%	$22K	$13K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.123	−0.014%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.108	−0.130%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.102	−0.171%	$642K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.101	−0.183%	$668K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.114	−0.088%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXlong	+0.0104%	1h	13.125	long leg	$991K	$2.7M	50x
BloFin LINK-USDT	+0.0220%	8h	13.150	+0.190%	$5.3M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.120	−0.036%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0494%	8h	13.125	0.000%	$20.3M	$11.4M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.116	−0.067%	$6.9M	$7.8M	50x	as long as short