Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0174%/8h= −19.1% APRpaid last 24h +0.019%

Price spread now: OKX against Deribit−0.016%46s7-day average −0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now −0.016%, 7d avg −0.020%

Together, before fees+0.054%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.164%, so the current rate has only just turned against you. The two prices were read 46 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	12.979	0.0274	pay 0.0034% / 1h	2m 34s	$780K	$202K	50x
Short	OKX LINK-USDT-SWAP	12.977	0.0100	get 0.0100% / 8h	4h 02m	$27.4M	$81.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$36.54
Price spread: −0.016% → −0.020%: $0.36
Slippage, 4 orders: −$15.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$68.3
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Deribit: live order book, 56 min ago; OKX: live order book, 1 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, 56 min ago	4.64 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.38 bp	6.8 bp −$7	15.9 bp −$159	32.3 bp −$3,226	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	12.972	−0.056%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.988	+0.068%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.973	−0.043%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.462%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.970	−0.070%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.974	−0.040%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.982	+0.022%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.952	−0.208%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.974	−0.038%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	−0.028%	$392K	$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	12.975	−0.030%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.975	−0.031%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.978	−0.009%	$120.0M	$297.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.972	−0.055%	$83.7M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.977	−0.016%	$27.4M	$81.1M	50x
Arcus LINK-USD	+0.0100%	1h	12.987	+0.061%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.973	−0.047%	$128.5M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.974	−0.039%	$32.8M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.976	−0.024%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.977	−0.016%	$54.0M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.971	−0.062%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.982	+0.022%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.943	−0.276%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.276%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	−0.164%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.944	−0.270%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.984	+0.038%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.970	−0.068%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	+0.089%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.974	−0.039%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.960	−0.146%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.967	−0.092%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.976	−0.022%	$544K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.972	−0.055%	$5.3M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0274%	1h	12.979	long leg	$780K	$202K	50x
Hyperliquid LINK	+0.0389%	1h	12.988	+0.069%	$81.3M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.976	−0.020%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.977	−0.013%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0453%	1h	12.976	−0.022%	$344K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0536%	8h	12.990	+0.084%	$20.1M	$11.4M	50x	as long as short