Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.038%

Price spread now: Bybit against Kraken Futures−0.084%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now −0.084%, 7d avg −0.039%

Together, before fees−0.243%−$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.045% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of −0.039%). If the spread goes back, that is −$4 on $10k: about 2.9 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.101%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	12.899	0.0049	pay 0.0006% / 1h	39m 37s	$6.4M	$8.4M	50x
Short	Bybit LINKUSDT	12.888	0.0100	get 0.0100% / 8h	7h 39m	$83.5M	$73.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.084%Rate

Funding earned: $10.68
Price spread: −0.084% → −0.039%: −$4.46
Slippage, 4 orders: −$15.56
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.34
Costs to cover: 0.366%
Break-even: 26.9 days

Slippage from Kraken Futures: live order book, 4 min ago; Bybit: 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 Kraken Futures live order book, 4 min ago	2.33 bp	10.9 bp −$11	13.7 bp −$137	37.2 bp −$3,725	doesn't fit
Sell Bybit live order book, 4 min ago	0.39 bp	8.4 bp −$8	13.6 bp −$136	35.3 bp −$3,529	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
Orderly PERP_LINK_USDC	−0.0112%	8h	12.883	−0.123%	$90K	$985K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.900	+0.006%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.897	−0.012%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.888	−0.081%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.867%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0049%	1h	12.899	long leg	$6.4M	$8.4M	50x
Phoenix LINK	+0.0087%	1h	12.905	+0.044%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.886	−0.099%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.885	−0.104%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.882	−0.132%	$348K	$335K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.892	−0.053%	$80.5M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.889	−0.078%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.887	−0.088%	$274K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.890	−0.068%	$119.0M	$297.4M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.888	−0.084%	$83.5M	$73.0M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.890	−0.068%	$27.0M	$79.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.903	+0.033%	$180K	$98K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.891	−0.060%	$133.6M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.889	−0.076%	$35.7M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.893	−0.045%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.887	−0.092%	$53.8M	$29.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.887	−0.092%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.903	+0.033%	$336K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.875	−0.182%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.914	+0.120%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.036%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.917	+0.141%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.887	−0.092%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.880	−0.145%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.904	+0.043%	$34K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.893	−0.045%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.870	−0.221%	$629K	$721K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.883	−0.126%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.890	−0.070%	$541K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0130%	1h	12.896	−0.021%	$807K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.924	+0.195%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.886	−0.099%	$5.2M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.878	−0.161%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0462%	8h	12.906	+0.056%	$19.9M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.1246%	1h	12.888	−0.080%	$344K	$46K	10x	as long as short