Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0593%/8h= −64.9% APRpaid last 24h +0.003%

Price spread now: BingX against Kraken Futures+0.034%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 3 days (all we have)−0.128%−$13 · spread now +0.034%, 7d avg −0.027%

Together, before fees−0.112%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.062% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of −0.027%): +$6 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.015% in total (about 0.8% 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	Kraken Futures PF_LINKUSD	13.190	0.0693	pay 0.0087% / 1h	42m 47s	$7.0M	$8.0M	50x
Short	BingX LINK-USDT	13.195	0.0100	get 0.0100% / 8h	1h 42m	—	$21.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$124.54
Price spread: +0.034% → −0.027%: $6.16
Slippage, 4 orders: −$15.18
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$153.56
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; BingX: live order book, 11 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 Kraken Futures live order book, 1 min ago	2.27 bp	10.4 bp −$10	14.1 bp −$141	42.9 bp −$4,293	doesn't fit
Sell BingX live order book, 11 min ago	1.14 bp	7.1 bp −$7	10.1 bp −$101	19.2 bp −$1,923	42.2 bp −$21.1K

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 −0.0090% / S +0.0167%	1h	13.178	−0.092%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.189	−0.010%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.190	−0.007%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.182	−0.062%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.180	−0.079%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.993%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.149	−0.311%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.179	−0.087%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.199	+0.063%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.193	+0.018%	$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	13.180	−0.076%	$400K	$315K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.212	+0.163%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.202	+0.085%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.196	+0.043%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.196	+0.045%	$122.4M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.192	+0.012%	$85.0M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.194	+0.027%	$27.8M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.207	+0.125%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.201	+0.080%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.194	+0.027%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.205	+0.110%	$22.4M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.193	+0.019%	$54.8M	$30.3M	75x	as long as short
BingX LINK-USDTshort	+0.0100%	8h	13.195	+0.034%	—	$21.6M	—
Variational Omni LINK	+0.0100%	8h	13.147	−0.328%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	−0.215%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	−0.193%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.140%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.191	+0.004%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.176	−0.111%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.199	+0.066%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.183	−0.057%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.157	−0.252%	$647K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.197	+0.047%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.181	−0.068%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.150	−0.307%	$991K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0175%	1h	13.200	+0.072%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.187	−0.026%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.184	−0.049%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0460%	8h	13.195	+0.034%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0693%	1h	13.190	long leg	$7.0M	$8.0M	50x