Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0336%/8h= +36.8% APRpaid last 24h +0.134%

Price spread now: Phemex against gTrade (Gains Network)+0.208%70s7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$3033.028% of the position

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.365%+$37 on $10k

Price spread, last 4 days (all we have)−0.173%−$17 · spread now +0.208%, 7d avg +0.094%

Together, before fees+0.192%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phemex is 0.114% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.094%. The two prices were read 70 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	gTrade (Gains Network) LINK/USD	12.984	L +0.0004% / S −0.0002%	pay 0.0000% / 1h	16m 09s	$106K	—	150x
Short	Phemex LINKUSDT	13.011	0.0340	get 0.0340% / 8h	7h 16m	$20.1M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now +0.208%Rate

Funding earned: $70.56
Price spread: +0.208% → +0.094%: $11.36
Slippage, 4 orders: −$280.83
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$220.91
Costs to cover: 3.028%
Break-even: 28.9 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 13 min ago; Phemex: 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 gTrade (Gains Network) virtual book (oracle venue), 13 min ago	130.03 bp	141.1 bp −$141	963.5 bp −$9,635	10292.4 bp −$1.03M	doesn't fit
Sell Phemex live order book, 3 min ago	0.38 bp	9.9 bp −$10	16.4 bp −$164	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
Orderly PERP_LINK_USDC	−0.0125%	8h	12.996	+0.092%	$91K	$926K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.985	+0.004%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.014	+0.227%	$498K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USDlong	L +0.0004% / S −0.0002%	1h	12.984	long leg	$106K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.498%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	13.007	+0.178%	$6.5M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.970	−0.105%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.002	+0.140%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.984	−0.003%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	+0.104%	$350K	$322K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	13.007	+0.177%	$81.2M	$27.7M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.002	+0.138%	$1.2M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.988	+0.034%	$276K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.997	+0.100%	$120.0M	$291.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.998	+0.108%	$84.1M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.000	+0.123%	$27.3M	$78.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.005	+0.162%	$182K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.002	+0.139%	$134.8M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.002	+0.139%	$35.5M	$59.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.006	+0.169%	$23.1M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	+0.108%	$54.4M	$29.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.998	+0.108%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.007	+0.177%	$337K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.965	−0.149%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.959	−0.191%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.959	−0.194%	$582K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.964	−0.154%	$133K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	+0.092%	$83K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−1.246%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.005	+0.165%	$34K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.002	+0.139%	$11K	$57K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.980	−0.032%	$634K	$676K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.998	+0.106%	$621K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.002	+0.136%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.995	+0.085%	$934K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.979	−0.039%	$5.3M	$16.0M	75x	as long as short
Phemex LINKUSDTshort	+0.0340%	8h	13.011	+0.208%	$20.1M	$11.4M	50x
Deribit LINK_USDC-PERPETUAL	+0.0350%	1h	13.009	+0.193%	$830K	$289K	50x	as long as short
Reya LINKRUSDPERP	+0.0404%	1h	12.973	−0.083%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1080%	1h	12.994	+0.080%	$349K	$49K	10x	as long as short