Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0113%/8h= −12.4% APRpaid last 24h +0.020%

Price spread now: Gate against Deribit−0.211%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.150%+$15 on $10k

Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.211%, 7d avg −0.013%

Together, before fees+0.323%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 0.198% cheaper against Deribit than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.013%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.150%, 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	12.969	0.0213	pay 0.0027% / 1h	33m 39s	$770K	$212K	50x
Short	Gate LINK_USDT	12.942	0.0100	get 0.0100% / 8h	6h 33m	$127.8M	$12.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.211%Rate

Funding earned: −$23.73
Price spread: −0.211% → −0.013%: −$19.78
Slippage, 4 orders: −$21.27
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$86.78
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from Deribit: live order book, 35 min ago; Gate: 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, 35 min ago	3.04 bp	6.5 bp −$7	13.9 bp −$139	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.93 bp	12.2 bp −$12	17.2 bp −$172	32.6 bp −$3,258	77.7 bp −$38.8K

LINK on 39 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	12.961	−0.065%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.974	+0.035%	$472K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.963	−0.052%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.390%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.963	−0.045%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.961	−0.065%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.958	−0.088%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.940	−0.224%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.986	+0.128%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.964	−0.038%	$394K	$322K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.964	−0.043%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.942	−0.214%	$274K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.944	−0.196%	$118.9M	$306.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.933	−0.281%	$83.4M	$72.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.932	−0.288%	$27.2M	$84.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.955	−0.111%	$181K	$168K	10x	as long as short
Gate LINK_USDTshort	+0.0100%	8h	12.942	−0.211%	$127.8M	$12.7M	75x
MEXC LINK_USDT	+0.0100%	8h	12.940	−0.227%	$33.3M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.942	−0.211%	$22.5M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.938	−0.242%	$53.9M	$31.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.935	−0.265%	—	$23.0M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.978	+0.066%	$337K	$395K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.955	−0.107%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.955	−0.113%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.934	−0.273%	$578K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.933	−0.281%	$133K	$683K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.969	−0.003%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.962	−0.058%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.978	+0.065%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.966	−0.026%	$14K	$44K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.939	−0.231%	$638K	$866K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.928	−0.319%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.966	−0.030%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0213%	1h	12.969	long leg	$770K	$212K	50x
dYdX LINK-USD	+0.0281%	1h	12.940	−0.226%	$343K	$48K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.960	−0.070%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0390%	1h	12.957	−0.096%	$79.4M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.972	+0.022%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0631%	8h	12.985	+0.120%	$20.1M	$11.5M	50x	as long as short