Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h +0.070%

Price spread now: Phemex against Derive+0.138%7-day average — · you sell dearer than you buy

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

Long on Derive Short on Phemex

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 for this trade now. Funding pays +$12 a day on $10k at the current rate, and Phemex is 0.138% dearer against Derive than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive LINK-PERP	13.134	0.0100	pay 0.0013% / 1h	54m 33s	$22K	$16K	10x
Short	Phemex LINKUSDT	13.152	0.0496	get 0.0496% / 8h	2h 54m	$20.3M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.138%Rate

Funding earned: $83.17
Price spread: +0.138% → 0.000%: $13.82
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $79
Costs to cover: 0.180%
Break-even: 0.4 days

Slippage unknown: Derive: no order-book sample; Phemex: live order book, 4 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 Derive no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	1.52 bp	10.8 bp −$11	19.8 bp −$198	doesn't fit	doesn't fit

Derive: 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 −0.0091% / S +0.0166%	1h	13.133	−0.010%	$1.7M	—	200x	as long as short
Phoenix LINK	−0.0012%	1h	13.127	−0.048%	$3K	$84K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.096	−0.288%	$347K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.125	−0.070%	$457K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.133	−0.010%	$83K	—	150x	as long as short
Variational Omni LINK	+0.0031%	8h	13.109	−0.186%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.587%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0039%	1h	13.141	+0.057%	$700K	$106K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	13.131	−0.022%	$135K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.104	−0.226%	$2.1M	$2.3M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.076	−0.439%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.069	−0.498%	$396K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.078	−0.425%	$77.9M	$23.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.100	−0.259%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.096	−0.287%	$274K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.067	−0.509%	$120.9M	$300.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.068	−0.501%	$84.6M	$68.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.068	−0.501%	$27.7M	$84.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.100	−0.258%	$184K	$170K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.080	−0.410%	$130.5M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.088	−0.349%	$35.6M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.100	−0.258%	$21.8M	$15.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.061	−0.555%	$54.1M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.066	−0.517%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.145	+0.085%	$364K	$370K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.105	−0.217%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.113	−0.157%	$590K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.109	−0.189%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.069	−0.494%	$79K	$62K	10x	as long as short
Derive LINK-PERPlong	+0.0100%	1h	13.134	long leg	$22K	$16K	10x
SunX LINK-USDT	+0.0100%	8h	13.148	+0.109%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.136	+0.016%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.104	−0.230%	$641K	$905K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.073	−0.462%	$665K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.141	+0.055%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.100	−0.258%	$990K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.132	−0.014%	$5.3M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.067	−0.510%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0496%	8h	13.152	+0.138%	$20.3M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.145	+0.083%	$7.0M	$7.7M	50x	as long as short