Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.024%

Price spread now: Binance against Deribit−0.095%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now −0.095%, 7d avg −0.005%

Together, before fees+0.239%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.090% cheaper against Deribit than usual: you would sell low and buy high (spread −0.095% now, against its 7-day average of −0.005%). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.133	0	get 0.0000% / 1h	19m 18s	$780K	$211K	50x
Short	Binance LINKUSDT	13.121	0.0100	get 0.0100% / 8h	7h 19m	$121.9M	$300.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.095%Rate

Funding earned: $21
Price spread: −0.095% → −0.005%: −$9.02
Slippage, 4 orders: −$11.89
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$16.91
Costs to cover: 0.289%
Break-even: 12.6 days

Slippage from Deribit: live order book, 55 min ago; Binance: live order book, 9 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 Deribit live order book, 55 min ago	1.91 bp	6.2 bp −$6	11.6 bp −$116	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.38 bp	6.4 bp −$6	12.2 bp −$122	42.0 bp −$4,205	125.0 bp −$62.5K

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 +0.0167%	1h	13.150	+0.127%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.154	+0.161%	$475K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.133	long leg	$780K	$211K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.148	+0.112%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.583%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.168	+0.261%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0066%	8h	13.138	+0.037%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.120	−0.103%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.212	+0.597%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.146	+0.101%	$403K	$307K	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	13.149	+0.121%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.151	+0.132%	$276K	$154K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	13.121	−0.095%	$121.9M	$300.3M	75x
Bybit LINKUSDT	+0.0100%	8h	13.118	−0.116%	$84.6M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.118	−0.116%	$27.5M	$83.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.164	+0.235%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.149	+0.120%	$130.3M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.153	+0.151%	$36.8M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.154	+0.158%	$23.0M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.129	−0.032%	$54.7M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.150	+0.128%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.157	+0.184%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.155	+0.164%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.158	+0.192%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.158	+0.189%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	+0.158%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.141	+0.059%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.158	+0.191%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.122	−0.085%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.253%	$644K	$850K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.136	+0.021%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.141	+0.060%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.140	+0.052%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0181%	1h	13.167	+0.257%	$364K	$367K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.134	+0.006%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0366%	1h	13.130	−0.026%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.150	+0.125%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0419%	1h	13.146	+0.095%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0557%	1h	13.169	+0.273%	$81.3M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0695%	8h	13.141	+0.059%	$20.3M	$11.6M	50x	as long as short