Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0301%/8h= −32.9% APRpaid last 24h +0.010%

Price spread now: BloFin against dYdX−0.044%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$298as in the Funding arb table

Net, price: spread back to 7d avg − costs−$296as in the Price arb table

costs, in and out, $10k−$2922.921% of the position

Long on dYdX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 3 days (all we have)+0.108%+$11 · spread now −0.044%, 7d avg −0.002%

Together, before fees+0.045%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and BloFin is 0.042% cheaper against dYdX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.063% in total (about -3.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	13.103	0.0521	pay 0.0065% / 1h	5m 49s	$347K	$48K	10x
Short	BloFin LINK-USDT	13.097	0.0220	get 0.0220% / 8h	5m 49s	$5.2M	$16.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against dYdX. 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 dYdXbpFee BloFinbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$63.15
Price spread: −0.044% → −0.002%: −$4.18
Slippage, 4 orders: −$270.09
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$359.42
Costs to cover: 2.921%
Break-even: never at this rate

Slippage from dYdX: live order book, 8 min ago; BloFin: 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 dYdX live order book, 8 min ago	44.42 bp	49.4 bp −$49	55.2 bp −$552	101.1 bp −$10.1K	139.2 bp −$69.6K
Sell BloFin live order book, 3 min ago	1.53 bp	8.5 bp −$9	12.2 bp −$122	24.4 bp −$2,441	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	13.089	−0.103%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.104	+0.011%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.093	−0.072%	$725K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.091	−0.093%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.110	+0.051%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.364%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.086	−0.128%	$132K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.092	−0.082%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.090	−0.097%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.095	−0.060%	$400K	$310K	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	13.102	−0.003%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.098	−0.035%	$275K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.096	−0.053%	$121.7M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.094	−0.067%	$84.4M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.094	−0.067%	$27.5M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.110	+0.055%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.097	−0.044%	$129.9M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.092	−0.082%	$36.2M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.101	−0.014%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.095	−0.060%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.092	−0.082%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.086	−0.130%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.104	+0.012%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.107	+0.032%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.106	+0.024%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.096	−0.052%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.087	−0.121%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.108	+0.039%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.089	−0.105%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.086	−0.124%	$644K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.095	−0.060%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.091	−0.089%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.111	+0.063%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0211%	1h	13.105	+0.017%	$362K	$376K	15x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	13.097	−0.044%	$5.2M	$16.2M	75x
Hyperliquid LINK	+0.0290%	1h	13.109	+0.047%	$77.8M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.087	−0.122%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.099	−0.028%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0490%	8h	13.107	+0.032%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USDlong	+0.0521%	1h	13.103	long leg	$347K	$48K	10x