Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0283%/8h= −31.0% APRpaid last 24h +0.039%

Price spread now: BloFin against Kraken Futures−0.164%57s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.394% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 3 days (all we have)+0.096%+$10 · spread now −0.164%, 7d avg −0.008%

Together, before fees+0.318%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and BloFin is 0.155% cheaper against Kraken Futures than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.223%, so the current rate has only just turned against you. The two prices were read 57 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	Kraken Futures PF_LINKUSD	13.164	0.0503	pay 0.0063% / 1h	25m 58s	$7.0M	$7.8M	50x
Short	BloFin LINK-USDT	13.142	0.0220	get 0.0220% / 8h	2h 25m	$5.2M	$16.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$59.53
Price spread: −0.164% → −0.008%: −$15.54
Slippage, 4 orders: −$17.37
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$114.43
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; BloFin: live order book, 3 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, 3 min ago	3.04 bp	10.6 bp −$11	14.1 bp −$141	42.0 bp −$4,205	doesn't fit
Sell BloFin live order book, 3 min ago	1.90 bp	8.3 bp −$8	13.2 bp −$132	31.0 bp −$3,099	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 −0.0092% / S +0.0166%	1h	13.158	−0.041%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.154	−0.069%	$466K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.161	−0.017%	$713K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.158	−0.044%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.140	−0.179%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0021%	1h	13.148	−0.117%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.800%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0045%	8h	13.149	−0.110%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0068%	8h	13.128	−0.271%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.158	−0.040%	$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	13.145	−0.139%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.144	−0.146%	$400K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.166	+0.019%	$77.8M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.154	−0.069%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.155	−0.066%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.148	−0.117%	$121.6M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.152	−0.088%	$84.6M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.149	−0.110%	$27.8M	$85.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.160	−0.027%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.157	−0.050%	$130.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.148	−0.118%	$36.7M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.154	−0.072%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.147	−0.126%	$54.4M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.151	−0.095%	—	$21.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.125	−0.295%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.128	−0.270%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.130	−0.255%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.153	−0.080%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.154	−0.075%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.161	−0.016%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.154	−0.072%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.121	−0.323%	$645K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.146	−0.137%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.158	−0.042%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.157	−0.050%	$991K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.163	−0.004%	$365K	$372K	15x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	13.142	−0.164%	$5.2M	$16.8M	75x
Reya LINKRUSDPERP	+0.0373%	1h	13.147	−0.125%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0466%	8h	13.165	+0.011%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0503%	1h	13.164	long leg	$7.0M	$7.8M	50x