Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.006%

Price spread now: Orderly against Derive−0.027%7-day average — · you buy dearer than you sell

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.027% cheaper against Derive than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive LINK-PERP	13.009	0.0100	pay 0.0013% / 1h	44m 50s	$16K	$22K	10x
Short	Orderly PERP_LINK_USDC	13.005	0.0067	get 0.0067% / 8h	5h 44m	$117K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Derive. 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 DerivebpFee OrderlybpOrdersPrice spread, now −0.027%Rate

Funding earned: −$6.89
Price spread: −0.027% → 0.000%: −$2.71
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.6
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Orderly: no order-book sample. 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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0090% / S +0.0167%	1h	13.001	−0.059%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.002	−0.047%	$479K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.000	−0.068%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.678%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.973	−0.273%	$936K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDCshort	+0.0067%	8h	13.005	−0.027%	$117K	$1.5M	20x
Lighter LINK	+0.0096%	1h	13.004	−0.032%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.000	−0.066%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.001	−0.058%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.008	0.000%	$395K	$316K	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	13.027	+0.139%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.992	−0.130%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.005	−0.027%	$119.8M	$296.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.995	−0.104%	$84.1M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.003	−0.042%	$27.5M	$82.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.016	+0.057%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.021	+0.096%	$128.5M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.012	+0.027%	$32.1M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.026	+0.134%	$23.1M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.003	−0.042%	$54.1M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.010	+0.011%	—	$22.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.971	−0.287%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.974	−0.262%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.965	−0.337%	$581K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.990	−0.142%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.016	+0.057%	$81K	$70K	10x	as long as short
Derive LINK-PERPlong	+0.0100%	1h	13.009	long leg	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.011	+0.018%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.012	+0.027%	$5K	$45K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.972	−0.282%	$640K	$685K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.020	+0.090%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.011	+0.023%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0106%	1h	13.024	+0.119%	$340K	$378K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.005	−0.027%	—	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0296%	1h	13.014	+0.039%	$773K	$193K	50x	as long as short
dYdX LINK-USD	+0.0351%	1h	13.001	−0.058%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	13.006	−0.022%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0554%	1h	13.013	+0.037%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0601%	8h	13.025	+0.127%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0741%	1h	13.021	+0.096%	$81.8M	$26.7M	10x	as long as short