Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.061%

Price spread now: BloFin against Deribit+0.076%57s7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as 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−$360.361% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 3 days (all we have)−0.138%−$14 · spread now +0.076%, 7d avg +0.005%

Together, before fees+0.272%+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.071% dearer against Deribit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.005%. The two prices were read 57 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	Deribit LINK_USDC-PERPETUAL	13.164	0	get 0.0000% / 1h	53m 42s	$719K	$125K	50x
Short	BloFin LINK-USDT	13.174	0.0220	get 0.0220% / 8h	1h 53m	$5.2M	$17.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.076%Rate

Funding earned: $46.2
Price spread: +0.076% → +0.005%: $7.12
Slippage, 4 orders: −$17.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $17.26
Costs to cover: 0.361%
Break-even: 4.4 days

Slippage from Deribit: live order book, 30 min ago; BloFin: live order book, 5 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, 30 min ago	2.66 bp	6.2 bp −$6	12.4 bp −$124	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.14 bp	9.7 bp −$10	15.4 bp −$154	25.0 bp −$2,496	62.8 bp −$31.4K

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	13.164	+0.001%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.162	−0.013%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.176	+0.090%	$471K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.164	long leg	$719K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.165	+0.006%	$133K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.128	−0.275%	$3K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.804%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.161	−0.023%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.164	+0.001%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.159	−0.041%	$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	13.180	+0.123%	$400K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.173	+0.068%	$77.6M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.168	+0.027%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.164	−0.003%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.159	−0.038%	$122.0M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.160	−0.030%	$84.8M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.160	−0.030%	$27.7M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.171	+0.053%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.161	−0.023%	$130.6M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.162	−0.015%	$36.7M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.164	0.000%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.157	−0.053%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.158	−0.046%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.148	−0.119%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.127	−0.280%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	−0.213%	$589K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.129	−0.266%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.174	+0.076%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.029%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.190	+0.201%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.160	−0.030%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.161	−0.026%	$647K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.153	−0.086%	$667K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.165	+0.006%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.190	+0.198%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0207%	1h	13.162	−0.015%	$366K	$374K	15x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	13.174	+0.076%	$5.2M	$17.0M	75x
Reya LINKRUSDPERP	+0.0375%	1h	13.168	+0.031%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0475%	8h	13.172	+0.061%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0694%	1h	13.164	+0.001%	$6.9M	$8.0M	50x	as long as short