Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0379%/8h= +41.5% APRpaid last 24h +0.077%

Price spread now: Phemex against Extended+0.064%55s7-day average +0.150% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as 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−$290.289% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$25 on $10k

Price spread, last 3 days (all we have)+0.110%+$11 · spread now +0.064%, 7d avg +0.150%

Together, before fees+0.355%+ Points / potential airdropExtended: Active · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.086% cheaper against Extended than usual: you would sell low and buy high (spread +0.064% now, against its 7-day average of +0.150%). If the spread goes back, that is −$9 on $10k: about 18 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.245% in total) that is about 2.5 days. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.245% in total (about 12.8% 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	Extended LINK-USD	13.148	0.0104	pay 0.0013% / 1h	29m 16s	$670K	$1.9M	25x
Short	Phemex LINKUSDT	13.156	0.0483	get 0.0483% / 8h	29m 16s	$20.4M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.064%Rate

Funding earned: $79.6
Price spread: +0.064% → +0.150%: −$8.62
Slippage, 4 orders: −$11.95
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $42.03
Costs to cover: 0.289%
Break-even: 3.3 days

Slippage from Extended: live order book, 4 min ago; Phemex: live order book, 5 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 Extended live order book, 4 min ago	3.04 bp	5.5 bp −$6	7.1 bp −$71	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.38 bp	9.2 bp −$9	15.6 bp −$156	doesn't fit	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	13.146	−0.014%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.151	+0.028%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.156	+0.063%	$726K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.147	−0.007%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	+0.177%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.686%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.150	+0.019%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.143	−0.035%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.142	−0.042%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.139	−0.065%	$401K	$311K	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	13.143	−0.036%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.147	−0.007%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.146	−0.014%	$122.3M	$304.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.149	+0.011%	$84.7M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.151	+0.026%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.161	+0.102%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	−0.035%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.145	−0.020%	$36.6M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.149	+0.011%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.148	+0.003%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.143	−0.035%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	−0.012%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	+0.111%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.018%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.173	+0.193%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.147	−0.004%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.148	+0.005%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.158	+0.081%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.151	+0.026%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.122	−0.191%	$646K	$884K	75x	as long as short
Extended LINK-USDlong	+0.0104%	1h	13.148	long leg	$670K	$1.9M	25x
Aevo LINK-PERP	+0.0104%	1h	13.154	+0.046%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.140	−0.058%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.151	+0.026%	$5.3M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0252%	1h	13.148	+0.003%	$363K	$379K	15x	as long as short
Hyperliquid LINK	+0.0277%	1h	13.161	+0.102%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.143	−0.038%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.161	+0.103%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDTshort	+0.0483%	8h	13.156	+0.064%	$20.4M	$11.6M	50x
dYdX LINK-USD	+0.0670%	1h	13.142	−0.046%	$348K	$48K	10x	as long as short