Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.048%

Price spread now: KuCoin against GMX+0.129%7-day average −0.028% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

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)−0.257%−$26 · spread now +0.129%, 7d avg −0.028%

Together, before fees−0.090%−$9 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 KuCoin is 0.157% dearer against GMX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	12.953	L −0.0090% / S +0.0167%	get 0.0011% / 1h	25m 56s	$1.8M	—	200x
Short	KuCoin LINKUSDTM	12.970	0.0100	get 0.0100% / 8h	4h 25m	$22.7M	$13.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.129%Rate

Funding earned: $39.81
Price spread: +0.129% → −0.028%: $15.68
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $31.49
Costs to cover: 0.240%
Break-even: 1.5 days

Slippage unknown: GMX: no order-book sample; KuCoin: 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 KuCoin live order book, 3 min ago	1.54 bp	13.7 bp −$14	21.7 bp −$217	64.0 bp −$6,402	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	12.953	long leg	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.956	+0.022%	$519K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.957	+0.027%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.271%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0058%	8h	12.957	+0.029%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.963	+0.072%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.971	+0.137%	$944K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.988	+0.269%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	+0.012%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.959	+0.046%	$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	12.961	+0.060%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.959	+0.045%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.967	+0.104%	$119.9M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.965	+0.090%	$83.6M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.965	+0.090%	$27.4M	$81.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.971	+0.137%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.963	+0.075%	$128.2M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.967	+0.106%	$32.9M	$56.6M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	12.970	+0.129%	$22.7M	$13.5M	75x
Bitget LINKUSDT	+0.0100%	8h	12.962	+0.067%	$53.9M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.968	+0.114%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.971	+0.137%	$339K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	+0.006%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.951	−0.017%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.963	+0.073%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.991	+0.291%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.964	+0.083%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.957	+0.031%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.971	+0.135%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.964	+0.083%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.905	−0.374%	$633K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.958	+0.037%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.963	+0.079%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0190%	1h	12.966	+0.096%	$777K	$200K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.958	+0.036%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0364%	1h	12.983	+0.226%	$81.3M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.956	+0.024%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.968	+0.114%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0464%	1h	12.955	+0.012%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0531%	8h	12.971	+0.137%	$20.0M	$11.4M	50x	as long as short