Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.047%

Price spread now: Bitget against GMX+0.046%7-day average −0.049% · you sell dearer than you buy

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.184%+$18 on $10k

Price spread, last 4 days (all we have)−0.321%−$32 · spread now +0.046%, 7d avg −0.049%

Together, before fees−0.137%−$14 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 Bitget is 0.094% dearer against GMX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	12.955	L −0.0090% / S +0.0167%	get 0.0011% / 1h	54m 43s	$1.8M	—	200x
Short	Bitget LINKUSDT	12.961	0.0100	get 0.0100% / 8h	4h 54m	$53.9M	$29.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.046%Rate

Funding earned: $39.83
Price spread: +0.046% → −0.049%: $9.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $25.27
Costs to cover: 0.240%
Break-even: 2.6 days

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	0.77 bp	8.7 bp −$9	14.0 bp −$140	31.4 bp −$3,139	doesn't fit

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	12.955	long leg	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.952	−0.025%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.956	+0.008%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.285%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.955	−0.001%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.963	+0.057%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.964	+0.069%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.920	−0.272%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	−0.001%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.946	−0.066%	$392K	$310K	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	12.964	+0.069%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.962	+0.054%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.961	+0.047%	$119.9M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.952	−0.024%	$83.6M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.951	−0.032%	$27.4M	$81.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.967	+0.092%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.958	+0.022%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.956	+0.007%	$32.3M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.959	+0.030%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDTshort	+0.0100%	8h	12.961	+0.046%	$53.9M	$29.6M	75x
BingX LINK-USDC	+0.0100%	8h	12.961	+0.046%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.010%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	−0.327%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	−0.085%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.340%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.958	+0.022%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.957	+0.013%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	+0.134%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.955	−0.001%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.942	−0.103%	$634K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.960	+0.038%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.957	+0.015%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0128%	1h	12.963	+0.063%	$773K	$184K	50x	as long as short
Backpack LINK_USDC_PERP	+0.0166%	1h	12.969	+0.107%	$340K	$389K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.960	+0.038%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.948	−0.051%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.959	+0.032%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0459%	1h	12.977	+0.169%	$81.6M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0567%	1h	12.963	+0.061%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0616%	8h	12.967	+0.092%	$20.0M	$11.4M	50x	as long as short