Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0405%/8h= +44.4% APRpaid last 24h −0.008%

Price spread now: Kraken Futures against HTX+0.244%7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$670.668% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now +0.244%, 7d avg +0.089%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Kraken Futures is 0.154% dearer against HTX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.089%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX LINK-USDT	13.082	0.0100	pay 0.0100% / 8h	2h 35m	$643K	$911K	75x
Short	Kraken Futures PF_LINKUSD	13.114	0.0505	get 0.0063% / 1h	35m 04s	$7.0M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now +0.244%Rate

Funding earned: $85.13
Price spread: +0.244% → +0.089%: $15.44
Slippage, 4 orders: −$44.84
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $33.73
Costs to cover: 0.668%
Break-even: 4.2 days

Slippage from HTX: live order book, 53 min ago; Kraken Futures: live order book, 4 min ago.

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 HTX live order book, 53 min ago	5.79 bp	13.3 bp −$13	34.0 bp −$340	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	1.91 bp	12.4 bp −$12	16.2 bp −$162	36.9 bp −$3,693	doesn't fit

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]	L −0.0091% / S +0.0165%	1h	13.103	+0.163%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.094	+0.094%	$465K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.108	+0.196%	$710K	$119K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.104	+0.164%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.072	−0.079%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0029%	1h	13.100	+0.137%	$347K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.214%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0049%	8h	13.097	+0.114%	$134K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0059%	8h	13.098	+0.122%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.109	+0.208%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.100	+0.138%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.101	+0.146%	$398K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.124	+0.320%	$77.6M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.108	+0.198%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.101	+0.146%	$275K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.111	+0.224%	$121.2M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.113	+0.236%	$84.5M	$69.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.114	+0.244%	$27.6M	$84.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.115	+0.251%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.107	+0.190%	$130.4M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.108	+0.198%	$35.8M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.110	+0.213%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.115	+0.251%	$54.2M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.109	+0.206%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.124	+0.320%	$362K	$369K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.077	−0.042%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.112	+0.229%	$592K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.110	+0.213%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.106	+0.183%	$80K	$65K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.101	+0.143%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.112	+0.226%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.104	+0.167%	$5K	$40K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	13.082	long leg	$643K	$911K	75x
Extended LINK-USD	+0.0104%	1h	13.113	+0.234%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.107	+0.191%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.099	+0.129%	$987K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.103	+0.160%	$5.2M	$16.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.103	+0.161%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0495%	8h	13.120	+0.290%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0505%	1h	13.114	+0.244%	$7.0M	$7.8M	50x