Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.033%

Price spread now: Bybit against dYdX−0.145%50s7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$212as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1781.784% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.145%, 7d avg −0.037%

Together, before fees−0.242%−$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.109% cheaper against dYdX than usual: you would sell low and buy high (spread −0.145% now, against its 7-day average of −0.037%). If the spread goes back, that is −$11 on $10k: about 18 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.339%, so the current rate has only just turned in your favour. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	13.006	0.0080	pay 0.0010% / 1h	54m 48s	$344K	$48K	10x
Short	Bybit LINKUSDT	12.987	0.0100	get 0.0100% / 8h	6h 54m	$83.7M	$71.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.145%Rate

Funding earned: $4.15
Price spread: −0.145% → −0.037%: −$10.88
Slippage, 4 orders: −$157.38
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$185.1
Costs to cover: 1.784%
Break-even: 319.4 days

Slippage from dYdX: live order book, 14 min ago; Bybit: live order book, 4 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, 14 min ago	46.74 bp	51.7 bp −$52	54.4 bp −$544	60.9 bp −$6,088	282.5 bp −$141.3K
Sell Bybit live order book, 4 min ago	0.38 bp	8.9 bp −$9	15.9 bp −$159	41.2 bp −$4,122	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
ApeX Omni LINKUSDT	−0.0265%	1h	13.058	+0.400%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.993	−0.102%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.020	+0.107%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.002	−0.032%	$772K	$212K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	12.996	−0.075%	$131K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.659%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.056	+0.387%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0071%	8h	12.992	−0.107%	$128K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.002	−0.030%	$996K	$2.7M	50x	as long as short
dYdX LINK-USDlong	+0.0080%	1h	13.006	long leg	$344K	$48K	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter LINK	+0.0096%	1h	12.996	−0.077%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.088	+0.629%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.995	−0.084%	$397K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.999	−0.052%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.005	−0.006%	$273K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.992	−0.107%	$120.8M	$299.9M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.987	−0.145%	$83.7M	$71.4M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.989	−0.130%	$27.3M	$83.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.019	+0.101%	$182K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.992	−0.107%	$128.8M	$12.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.996	−0.076%	$34.5M	$56.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.998	−0.061%	$22.5M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.981	−0.192%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.990	−0.122%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.004	−0.015%	$349K	$383K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.000	−0.042%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.372%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.040	+0.262%	$587K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.998	−0.061%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.995	−0.082%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.012	+0.044%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.996	−0.076%	$18K	$34K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.980	−0.197%	$641K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.990	−0.119%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.999	−0.052%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.989	−0.130%	$5.3M	$15.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.991	−0.114%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.004	−0.014%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0664%	8h	13.010	+0.031%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0792%	1h	13.015	+0.070%	$83.5M	$27.5M	10x	as long as short