Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0189%/8h= +20.6% APRpaid last 24h +0.041%

Price spread now: OKX against GMX+0.045%7-day average −0.038% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.174%+$17 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.045%, 7d avg −0.038%

Together, before fees+0.065%+$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 OKX is 0.083% dearer against GMX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	12.938	L −0.0089% / S +0.0166%	get 0.0011% / 1h	59m 09s	$1.8M	—	200x
Short	OKX LINK-USDT-SWAP	12.944	0.0100	get 0.0100% / 8h	1h 59m	$27.0M	$81.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.045%Rate

Funding earned: $39.59
Price spread: +0.045% → −0.038%: $8.27
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $25.86
Costs to cover: 0.220%
Break-even: 2.4 days

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 5 min ago	0.39 bp	6.5 bp −$6	14.7 bp −$147	25.0 bp −$2,499	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	12.938	long leg	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.945	+0.051%	$528K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.940	+0.012%	$157K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0020%	8h	12.931	−0.055%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.160%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.958	+0.155%	$3K	$81K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.940	+0.015%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.937	−0.008%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.941	+0.022%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.942	+0.028%	$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	12.942	+0.030%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.941	+0.022%	$119.3M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.937	−0.009%	$83.5M	$73.6M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.944	+0.045%	$27.0M	$81.3M	50x
Arcus LINK-USD	+0.0100%	1h	12.959	+0.161%	$181K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.936	−0.017%	$124.5M	$15.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.943	+0.037%	$33.2M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.942	+0.030%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.943	+0.037%	$54.1M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.944	+0.045%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.945	+0.054%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.951	+0.099%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.951	+0.095%	$579K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.954	+0.122%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.945	+0.053%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.938	−0.004%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.954	+0.124%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.940	+0.014%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.927	−0.087%	$634K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.935	−0.026%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.941	+0.018%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.945	+0.053%	$934K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0153%	1h	12.952	+0.107%	$337K	$389K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.944	+0.042%	$6.7M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.944	+0.045%	$5.2M	$15.9M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0245%	1h	12.946	+0.064%	$807K	$254K	50x	as long as short
Hyperliquid LINK	+0.0286%	1h	12.956	+0.138%	$80.8M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0396%	1h	12.935	−0.021%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0579%	8h	12.959	+0.161%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0620%	1h	12.942	+0.026%	$345K	$33K	10x	as long as short