Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0650%/8h= +71.2% APRpaid last 24h +0.106%

Price spread now: Phemex against Deribit+0.099%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.472%+$47 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.099%, 7d avg +0.094%

Together, before fees+0.455%+$46 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.094%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.142	0.0039	pay 0.0005% / 1h	16m 29s	$780K	$211K	50x
Short	Phemex LINKUSDT	13.155	0.0689	get 0.0689% / 8h	7h 16m	$20.4M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.099%Rate

Funding earned: $136.6
Price spread: +0.099% → +0.094%: $0.47
Slippage, 4 orders: −$15.87
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $102.2
Costs to cover: 0.349%
Break-even: 1.8 days

Slippage from Deribit: live order book, 57 min ago; Phemex: live order book, 3 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, 57 min ago	1.91 bp	6.2 bp −$6	11.6 bp −$116	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.76 bp	8.6 bp −$9	15.5 bp −$155	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
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	13.165	+0.172%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.149	+0.051%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.165	+0.177%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.646%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.168	+0.194%	$4K	$89K	10x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0039%	1h	13.142	long leg	$780K	$211K	50x
Orderly PERP_LINK_USDC	+0.0067%	8h	13.164	+0.167%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.162	+0.150%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.200	+0.443%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.161	+0.148%	$404K	$307K	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	13.161	+0.141%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.164	+0.171%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.167	+0.191%	$122.3M	$299.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.164	+0.167%	$84.9M	$70.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.167	+0.190%	$27.6M	$84.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.174	+0.243%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.165	+0.175%	$130.4M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.165	+0.175%	$37.2M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.164	+0.167%	$23.0M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.160	+0.137%	$54.6M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.163	+0.160%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.157	+0.117%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.155	+0.097%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.158	+0.125%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.158	+0.122%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.168	+0.198%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.134	−0.060%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.150	+0.065%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.137	−0.038%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.138	−0.030%	$646K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.154	+0.093%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.172	+0.226%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.153	+0.084%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0177%	1h	13.155	+0.099%	$364K	$364K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.141	−0.008%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.146	+0.027%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.161	+0.147%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0468%	1h	13.155	+0.102%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0555%	1h	13.182	+0.304%	$81.4M	$25.0M	10x	as long as short
Phemex LINKUSDTshort	+0.0689%	8h	13.155	+0.099%	$20.4M	$11.6M	50x