Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0373%/8h= −40.9% APRpaid last 24h −0.032%

Price spread now: Orderly against dYdX−0.045%7-day average +0.017% · you buy dearer than you sell

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.045%, 7d avg +0.017%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Orderly is 0.062% cheaper against dYdX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	13.031	0.0437	pay 0.0055% / 1h	15m 13s	$345K	$30K	10x
Short	Orderly PERP_LINK_USDC	13.025	0.0064	get 0.0064% / 8h	5h 15m	$118K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.045%Rate

Funding earned: −$78.37
Price spread: −0.045% → +0.017%: −$6.2
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$100.57
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 49 min ago; 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 dYdX live order book, 49 min ago	54.59 bp	59.6 bp −$60	59.6 bp −$596	131.3 bp −$13.1K	421.1 bp −$210.6K
Sell Orderly no order-book sample	—	—	—	—	—

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	13.026	−0.038%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.038	+0.055%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.027	−0.028%	$161K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.842%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0064%	8h	13.025	−0.045%	$118K	$1.5M	20x
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.041	+0.078%	$965K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.028	−0.019%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.044	+0.101%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.030	−0.006%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.027	−0.026%	$394K	$312K	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	13.033	+0.016%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.032	+0.008%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.028	−0.025%	$120.5M	$296.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.022	−0.068%	$84.2M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.023	−0.061%	$27.4M	$82.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.047	+0.124%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.028	−0.022%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.026	−0.038%	$32.5M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.034	+0.024%	$23.0M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.019	−0.091%	$54.1M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.019	−0.091%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.031	+0.001%	$345K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.038	+0.054%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.032	+0.005%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.034	+0.024%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.039	+0.062%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.033	+0.016%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.025	−0.043%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.045	+0.110%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.029	−0.015%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.028	−0.018%	$643K	$691K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.023	−0.060%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.030	−0.006%	$546K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0157%	1h	13.033	+0.018%	$774K	$175K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.027	−0.030%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.024	−0.052%	$4K	—	20x	as long as short
dYdX LINK-USDlong	+0.0437%	1h	13.031	long leg	$345K	$30K	10x
Kraken Futures PF_LINKUSD	+0.0553%	1h	13.031	+0.003%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0587%	8h	13.043	+0.093%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0657%	1h	13.046	+0.116%	$82.1M	$27.3M	10x	as long as short