Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0189%/8h= +20.6% APRpaid last 24h +0.037%

Price spread now: Bybit against GMX−0.019%7-day average −0.047% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.166%+$17 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now −0.019%, 7d avg −0.047%

Together, before fees+0.113%+$11 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 Bybit is 0.028% dearer against GMX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	12.832	L −0.0089% / S +0.0166%	get 0.0011% / 1h	39m 18s	$1.7M	—	200x
Short	Bybit LINKUSDT	12.830	0.0100	get 0.0100% / 8h	2h 39m	$82.7M	$73.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: $39.59
Price spread: −0.019% → −0.047%: $2.82
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $19.41
Costs to cover: 0.230%
Break-even: 3.6 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.39 bp	7.2 bp −$7	14.0 bp −$140	34.2 bp −$3,418	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 −0.0089% / S +0.0166%	1h	12.832	long leg	$1.7M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.866	+0.264%	$499K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.835	+0.020%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.369%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.825	−0.058%	$98K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.879	+0.364%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.827	−0.039%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.825	−0.058%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.822	−0.081%	$342K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.833	+0.005%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.828	−0.031%	$273K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.836	+0.028%	$118.5M	$302.3M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.830	−0.019%	$82.7M	$73.4M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.832	−0.003%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.844	+0.091%	$179K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.818	−0.112%	$123.5M	$14.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.832	−0.003%	$32.7M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.831	−0.011%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.835	+0.020%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.830	−0.019%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.841	+0.067%	$337K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.841	+0.070%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	+0.388%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.847	+0.115%	$574K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.859	+0.207%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.831	−0.011%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.833	+0.005%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.848	+0.125%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.830	−0.019%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.814	−0.145%	$629K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.828	−0.032%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.838	+0.040%	$538K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.837	+0.036%	$914K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0155%	1h	12.840	+0.061%	$785K	$231K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.849	+0.129%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0242%	1h	12.840	+0.059%	$80.0M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.834	+0.010%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.827	−0.041%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0584%	8h	12.843	+0.083%	$19.8M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0977%	1h	12.829	−0.030%	$342K	$33K	10x	as long as short