Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bitget against Deribit+0.116%7-day average −0.025% · 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−$21as in the Price arb table

costs, in and out, $10k−$350.348% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 3 days (all we have)−0.215%−$22 · spread now +0.116%, 7d avg −0.025%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.140% dearer against Deribit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.207	0	get 0.0000% / 1h	0m 52s	$724K	$128K	50x
Short	Bitget LINKUSDT	13.222	0.0100	get 0.0100% / 8h	1h 00m	$55.1M	$30.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.116%Rate

Funding earned: $21
Price spread: +0.116% → −0.025%: $14.05
Slippage, 4 orders: −$15.82
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $0.23
Costs to cover: 0.348%
Break-even: 6.9 days

Slippage from Deribit: live order book, 18 min ago; Bitget: 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, 18 min ago	4.17 bp	7.7 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.38 bp	8.6 bp −$9	14.6 bp −$146	31.7 bp −$3,168	doesn't fit

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	13.203	−0.031%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.203	−0.025%	$488K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.207	long leg	$724K	$128K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.202	−0.038%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.108%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.203	−0.027%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.201	−0.043%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0052%	1h	13.203	−0.031%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.202	−0.034%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.197	−0.072%	$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	13.197	−0.070%	$404K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.235	+0.214%	$78.2M	$24.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.225	+0.137%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.201	−0.043%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.224	+0.128%	$123.1M	$303.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.220	+0.101%	$85.4M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.222	+0.116%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.214	+0.055%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.221	+0.108%	$131.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.222	+0.116%	$36.4M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.223	+0.123%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDTshort	+0.0100%	8h	13.222	+0.116%	$55.1M	$30.6M	75x
BingX LINK-USDT	+0.0100%	8h	13.220	+0.101%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.189	−0.136%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	−0.017%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.066%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.207	+0.002%	$154K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.199	−0.058%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.199	−0.057%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.218	+0.086%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.203	−0.028%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.186	−0.157%	$648K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.219	+0.092%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.211	+0.032%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.212	+0.040%	$995K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	−0.005%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0220%	1h	13.231	+0.184%	$365K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.195	−0.090%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0465%	8h	13.217	+0.078%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.213	+0.045%	$7.0M	$8.1M	50x	as long as short