Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: SoDEX against Derive−0.001%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive LINK-PERP	12.930	0.0100	pay 0.0013% / 1h	46m 52s	$16K	$22K	10x
Short	SoDEX LINK-USD	12.930	0.0100	get 0.0013% / 1h	46m 52s	$10K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.001%Rate

Funding earned: $0
Price spread: −0.001% → 0.000%: −$0.09
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$14.09
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—

Derive and SoDEX: 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 −0.0087% / S +0.0165%	1h	12.935	+0.036%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0059%	8h	12.927	−0.024%	$91K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.936	+0.048%	$507K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.940	+0.076%	$809K	$268K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.935	+0.038%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.100%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.904	−0.199%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.933	+0.022%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.934	+0.031%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.933	+0.026%	$354K	$340K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.941	+0.084%	$81.1M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.932	+0.017%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.935	+0.036%	$275K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.929	−0.009%	$119.4M	$299.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.927	−0.024%	$83.5M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.930	−0.001%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.950	+0.154%	$181K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.931	+0.007%	$133.7M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.928	−0.016%	$34.5M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.933	+0.022%	$22.9M	$12.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.933	+0.022%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.928	−0.016%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.936	+0.046%	$336K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.896	−0.264%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.907	−0.179%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.901	−0.225%	$586K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.928	−0.016%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.939	+0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERPlong	+0.0100%	1h	12.930	long leg	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	12.948	+0.138%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USDshort	+0.0100%	1h	12.930	−0.001%	$10K	$61K	10x
HTX LINK-USDT	+0.0100%	8h	12.905	−0.192%	$630K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.931	+0.005%	$6.5M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.922	−0.059%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.935	+0.042%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.936	+0.046%	$931K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.927	−0.024%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0400%	1h	12.932	+0.017%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0460%	1h	12.932	+0.018%	$345K	$45K	10x	as long as short
Phemex LINKUSDT	+0.0546%	8h	12.949	+0.146%	$20.0M	$11.3M	50x	as long as short