Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0035%/8h= −3.9% APRpaid last 24h +0.005%

Price spread now: Orderly against Extended+0.049%7-day average +0.078% · you sell dearer than you buy

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.049%, 7d avg +0.078%

Together, before fees+0.044%+ Points / potential airdropExtended: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.028% cheaper against Extended than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.078%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended LINK-USD	12.961	0.0104	pay 0.0013% / 1h	32m 22s	$658K	$1.9M	25x
Short	Orderly PERP_LINK_USDC	12.967	0.0069	get 0.0069% / 8h	6h 32m	$117K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Extended. 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 ExtendedbpFee OrderlybpOrdersPrice spread, now +0.049%Rate

Funding earned: −$7.43
Price spread: +0.049% → +0.078%: −$2.84
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$21.27
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 1 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 Extended live order book, 1 min ago	1.93 bp	5.8 bp −$6	7.5 bp −$75	doesn't fit	doesn't fit
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 39 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	12.969	+0.062%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.953	−0.061%	$472K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.968	+0.055%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.326%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.978	+0.135%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDCshort	+0.0069%	8h	12.967	+0.049%	$117K	$1.5M	20x
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.951	−0.074%	$952K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.974	+0.102%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.016	+0.428%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.979	+0.142%	$395K	$319K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.973	+0.096%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.972	+0.090%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.974	+0.100%	$119.2M	$306.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.965	+0.034%	$83.6M	$72.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.969	+0.065%	$27.3M	$84.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.983	+0.173%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.974	+0.103%	$128.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.977	+0.126%	$33.3M	$59.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.978	+0.134%	$22.6M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.971	+0.080%	$54.0M	$31.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.970	+0.072%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.950	−0.082%	$337K	$394K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.955	−0.040%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.955	−0.045%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.962	+0.009%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.020%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	+0.149%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.966	+0.040%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.978	+0.134%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.967	+0.049%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.928	−0.249%	$638K	$864K	75x	as long as short
Extended LINK-USDlong	+0.0104%	1h	12.961	long leg	$658K	$1.9M	25x
Aevo LINK-PERP	+0.0104%	1h	12.976	+0.121%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0190%	1h	12.972	+0.089%	$770K	$212K	50x	as long as short
dYdX LINK-USD	+0.0313%	1h	12.963	+0.022%	$343K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.975	+0.114%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0395%	1h	12.991	+0.234%	$79.7M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.971	+0.080%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0665%	8h	12.959	−0.013%	$20.0M	$11.5M	50x	as long as short