Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h +0.016%

Price spread now: KuCoin against Deribit−0.071%53s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as 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−$410.410% of the position

Long on Deribit Short on KuCoin

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)+0.030%+$3 · spread now −0.071%, 7d avg −0.003%

Together, before fees+0.165%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.068% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.003%). 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. The two prices were read 53 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	12.902	0.0262	pay 0.0033% / 1h	59m 29s	$807K	$268K	50x
Short	KuCoin LINKUSDTM	12.893	0.0100	get 0.0100% / 8h	7h 59m	$22.9M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$34.02
Price spread: −0.071% → −0.003%: −$6.81
Slippage, 4 orders: −$21.99
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$81.82
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from Deribit: live order book, 39 min ago; KuCoin: live order book, 9 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, 39 min ago	3.10 bp	6.6 bp −$7	15.2 bp −$152	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	0.77 bp	10.8 bp −$11	20.2 bp −$202	doesn't fit	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
Orderly PERP_LINK_USDC	−0.0098%	8h	12.886	−0.126%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.893	−0.069%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.899	−0.026%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.889	−0.101%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.892%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.894	−0.061%	$3K	$84K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.900	−0.018%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.897	−0.038%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.892	−0.075%	$348K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.901	−0.009%	$80.5M	$27.9M	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	12.898	−0.034%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.900	−0.019%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.894	−0.066%	$119.1M	$298.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.884	−0.141%	$83.5M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.890	−0.095%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.908	+0.045%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.898	−0.033%	$133.9M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.892	−0.079%	$34.7M	$57.7M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	12.893	−0.071%	$22.9M	$12.2M	75x
Bitget LINKUSDT	+0.0100%	8h	12.887	−0.118%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.897	−0.040%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.907	+0.037%	$335K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.879	−0.182%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	−0.156%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	−0.116%	$578K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.881	−0.164%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.893	−0.071%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.881	−0.165%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.909	+0.050%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.895	−0.056%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.840	−0.484%	$627K	$751K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.899	−0.022%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.891	−0.087%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.901	−0.009%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.893	−0.071%	$930K	$3.0M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.885	−0.133%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0262%	1h	12.902	long leg	$807K	$268K	50x
Reya LINKRUSDPERP	+0.0402%	1h	12.890	−0.096%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0538%	1h	12.893	−0.070%	$343K	$45K	10x	as long as short
Phemex LINKUSDT	+0.0548%	8h	12.911	+0.068%	$19.9M	$11.4M	50x	as long as short