Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.046%

Price spread now: edgeX against GMX+0.007%50s7-day average −0.056% · you sell dearer than you buy

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

Long on GMX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.168%+$17 on $10k

Price spread, last 3 days (all we have)−0.203%−$20 · spread now +0.007%, 7d avg −0.056%

Together, before fees−0.035%+ Points / potential airdropedgeX: Active · farm board−$3 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 edgeX is 0.064% dearer against GMX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.056%. 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]	13.164	L −0.0090% / S +0.0167%	get 0.0011% / 1h	53m 29s	$1.8M	—	200x
Short	edgeX LINKUSDC	13.165	0.0100	get 0.0050% / 4h	1h 53m	$44K	$307K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $39.96
Price spread: +0.007% → −0.056%: $6.36
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $25.32
Costs to cover: 0.210%
Break-even: 2.6 days

Slippage unknown: GMX: no order-book sample; edgeX: live order book, 30 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 edgeX live order book, 30 min ago	2.28 bp	6.8 bp −$7	10.1 bp −$101	doesn't fit	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	13.164	long leg	$1.8M	—	200x
dYdX LINK-USD	0.0000%	1h	13.162	−0.013%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.176	+0.089%	$471K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.164	−0.001%	$719K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.165	+0.005%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.804%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.174	+0.077%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.161	−0.024%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.164	+0.001%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.159	−0.041%	$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	13.161	−0.027%	$400K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.164	−0.001%	$77.6M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.168	+0.027%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.164	−0.004%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.155	−0.066%	$122.0M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.154	−0.077%	$84.7M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.153	−0.084%	$27.7M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.171	+0.052%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.161	−0.024%	$130.6M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.162	−0.016%	$36.7M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.164	−0.001%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.150	−0.107%	$54.5M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.157	−0.054%	—	$21.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.148	−0.119%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	13.165	+0.007%	$44K	$307K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.173	+0.068%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.174	+0.075%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.157	−0.054%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.030%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.190	+0.200%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.160	−0.031%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.161	−0.027%	$647K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.153	−0.087%	$667K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.165	+0.005%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.190	+0.197%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0207%	1h	13.162	−0.016%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.174	+0.075%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.149	−0.118%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0475%	8h	13.172	+0.060%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0694%	1h	13.164	0.000%	$6.9M	$8.0M	50x	as long as short