Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.040%

Price spread now: Binance against GMX+0.028%50s7-day average −0.030% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.163%+$16 on $10k

Price spread, last 3 days (all we have)−0.108%−$11 · spread now +0.028%, 7d avg −0.030%

Together, before fees+0.055%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Binance is 0.058% dearer against GMX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.030%. 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	GMX LINK/USD [LINK-USDC]	13.197	L −0.0090% / S +0.0167%	get 0.0011% / 1h	40m 36s	$1.8M	—	200x
Short	Binance LINKUSDT	13.201	0.0100	get 0.0100% / 8h	1h 40m	$122.5M	$301.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now +0.028%Rate

Funding earned: $39.96
Price spread: +0.028% → −0.030%: $5.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: $23.76
Costs to cover: 0.220%
Break-even: 2.8 days

Slippage unknown: GMX: no order-book sample; Binance: live order book, 3 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	0.38 bp	5.6 bp −$6	12.3 bp −$123	35.8 bp −$3,576	121.0 bp −$60.5K

GMX: 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]long	L −0.0090% / S +0.0167%	1h	13.197	long leg	$1.8M	—	200x
dYdX LINK-USD	0.0000%	1h	13.205	+0.062%	$350K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.209	+0.089%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.200	+0.024%	$721K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.200	+0.020%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.041%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.208	+0.084%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.196	−0.010%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.206	+0.067%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.200	+0.017%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.200	+0.020%	$400K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.215	+0.134%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.204	+0.048%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.203	+0.043%	$277K	$149K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	13.201	+0.028%	$122.5M	$301.9M	75x
Bybit LINKUSDT	+0.0100%	8h	13.200	+0.020%	$85.0M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.201	+0.028%	$27.7M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.216	+0.142%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.200	+0.020%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.201	+0.028%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.205	+0.058%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.200	+0.020%	$54.9M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.200	+0.020%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.379%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.181	−0.123%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	−0.245%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.192%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.204	+0.051%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.194	−0.024%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.223	+0.196%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.197	−0.002%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.197	−0.006%	$649K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.198	+0.005%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.197	0.000%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	+0.036%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0186%	1h	13.211	+0.104%	$367K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.203	+0.043%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.202	+0.038%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0452%	8h	13.211	+0.104%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.202	+0.036%	$7.0M	$8.0M	50x	as long as short