Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: BingX against Deribit+0.004%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.004%, 7d avg −0.013%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.223	0	get 0.0000% / 1h	58m 59s	$725K	$128K	50x
Short	BingX LINK-USDC	13.223	0.0100	get 0.0100% / 8h	58m 59s	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.004%Rate

Funding earned: $21
Price spread: +0.004% → −0.013%: $1.69
Slippage, 4 orders: −$19.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$14.15
Costs to cover: 0.368%
Break-even: 11.7 days

Slippage from Deribit: live order book, 20 min ago; BingX: live order book, 3 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, 20 min ago	4.17 bp	7.7 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.76 bp	9.3 bp −$9	17.7 bp −$177	78.7 bp −$7,869	448.1 bp −$224.0K

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	13.217	−0.040%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.221	−0.011%	$488K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.223	long leg	$725K	$128K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.217	−0.044%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.220%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.203	−0.147%	$4K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.216	−0.049%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0055%	1h	13.214	−0.067%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.218	−0.033%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.209	−0.102%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.207	−0.113%	$404K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.224	+0.008%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.214	−0.066%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.223	+0.001%	$123.0M	$303.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.218	−0.034%	$85.4M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.222	−0.004%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.226	+0.026%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.218	−0.034%	$131.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.220	−0.019%	$37.0M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.220	−0.019%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.217	−0.042%	$55.1M	$30.6M	75x	as long as short
BingX LINK-USDCshort	+0.0100%	8h	13.223	+0.004%	—	$6.6M	—
Variational Omni LINK	+0.0100%	8h	13.194	−0.218%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	−0.136%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.203	−0.148%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.207	−0.117%	$154K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.216	−0.049%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.213	−0.075%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.225	+0.022%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.220	−0.019%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.199	−0.175%	$649K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.214	−0.065%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.220	−0.023%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.222	−0.004%	$999K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.216	−0.049%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0269%	1h	13.231	+0.064%	$365K	$380K	15x	as long as short
Hyperliquid LINK	+0.0282%	1h	13.235	+0.095%	$78.2M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.210	−0.093%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0462%	8h	13.233	+0.079%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0475%	1h	13.229	+0.049%	$7.0M	$8.2M	50x	as long as short