Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h +0.015%

Price spread now: Variational Omni against Deribit+0.042%7-day average −0.026% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.078%+$8 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.042%, 7d avg −0.026%

Together, before fees+0.010%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.069% dearer against Deribit than usual: you sell high and buy low (spread +0.042% now, against its 7-day average of −0.026%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.0 days. Mind the row above: over the last 3 days funding on this pair paid +0.078%, 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	12.950	0.0175	pay 0.0022% / 1h	33m 06s	$769K	$212K	50x
Short	Variational Omni LINK	12.955	0.0100	get 0.0100% / 8h	6h 33m	$3.3M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.042%Rate

Funding earned: −$15.75
Price spread: +0.042% → −0.026%: $6.86
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.89
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 36 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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, 36 min ago	3.04 bp	6.5 bp −$7	13.9 bp −$139	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.12 bp	doesn't fit	10.0 bp −$100	doesn't fit	doesn't fit

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	12.946	−0.030%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.953	+0.021%	$472K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.944	−0.045%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.247%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.978	+0.217%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.942	−0.062%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.958	+0.062%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.941	−0.071%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.986	+0.278%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.945	−0.041%	$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	12.951	+0.006%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.942	−0.065%	$274K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.951	+0.006%	$118.9M	$306.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.949	−0.008%	$83.5M	$72.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.958	+0.062%	$27.2M	$84.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.955	+0.039%	$181K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.944	−0.046%	$127.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.942	−0.062%	$33.5M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.947	−0.023%	$22.5M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.946	−0.031%	$53.9M	$31.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.942	−0.062%	—	$23.0M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.950	0.000%	$337K	$394K	15x	as long as short
Variational Omni LINKshort	+0.0100%	8h	12.955	+0.042%	$3.3M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	12.955	+0.037%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.962	+0.091%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	+0.062%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.948	−0.015%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.942	−0.065%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.958	+0.063%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.945	−0.039%	$14K	$44K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.928	−0.167%	$638K	$864K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.941	−0.069%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.949	−0.008%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0175%	1h	12.950	long leg	$769K	$212K	50x
dYdX LINK-USD	+0.0281%	1h	12.940	−0.077%	$343K	$48K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.942	−0.063%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0391%	1h	12.956	+0.046%	$79.4M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	12.949	−0.010%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0665%	8h	12.959	+0.069%	$20.0M	$11.5M	50x	as long as short