Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h +0.014%

Price spread now: Bybit against Deribit−0.103%7-day average −0.029% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.103%, 7d avg −0.029%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.073% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.136%, 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	Deribit LINK_USDC-PERPETUAL	12.951	0.0175	pay 0.0022% / 1h	4m 52s	$779K	$202K	50x
Short	Bybit LINKUSDT	12.938	0.0100	get 0.0100% / 8h	4h 04m	$83.5M	$72.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$15.75
Price spread: −0.103% → −0.029%: −$7.35
Slippage, 4 orders: −$12.12
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$53.22
Costs to cover: 0.301%
Break-even: never at this rate

Slippage from Deribit: live order book, 54 min ago; Bybit: live order book, 4 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, 54 min ago	4.64 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.38 bp	6.8 bp −$7	13.4 bp −$134	36.8 bp −$3,675	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 −0.0089% / S +0.0166%	1h	12.944	−0.054%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.948	−0.023%	$521K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.945	−0.045%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.257%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.943	−0.064%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.946	−0.040%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.021%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.978	+0.207%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.950	−0.013%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.938	−0.107%	$391K	$310K	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	12.948	−0.028%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.948	−0.027%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.945	−0.046%	$119.7M	$297.4M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.938	−0.103%	$83.5M	$72.1M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.941	−0.080%	$27.3M	$80.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.963	+0.090%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.945	−0.049%	$128.2M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.946	−0.041%	$32.8M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.947	−0.033%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.943	−0.064%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.941	−0.080%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.952	+0.005%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.943	−0.062%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	+0.066%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	+0.050%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.966	+0.114%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.950	−0.010%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.944	−0.055%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.962	+0.080%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.946	−0.041%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.935	−0.129%	$635K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.940	−0.085%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	−0.022%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0175%	1h	12.951	long leg	$779K	$202K	50x
BloFin LINK-USDT	+0.0220%	8h	12.941	−0.080%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0382%	1h	12.959	+0.059%	$81.1M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.941	−0.080%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	−0.009%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0396%	1h	12.943	−0.062%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0544%	8h	12.962	+0.083%	$20.0M	$11.3M	50x	as long as short