Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0263%/8h= −28.8% APRpaid last 24h −0.009%

Price spread now: HTX against Kraken Futures−0.342%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$650.648% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$3 on $10k

Price spread, last 3 days (all we have)+0.231%+$23 · spread now −0.342%, 7d avg −0.095%

Together, before fees+0.256%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and HTX is 0.247% cheaper against Kraken Futures than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% 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	13.236	0.0363	pay 0.0045% / 1h	36m 40s	$6.9M	$8.1M	50x
Short	HTX LINK-USDT	13.191	0.0100	get 0.0100% / 8h	7h 36m	$649K	$858K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.342%Rate

Funding earned: −$55.19
Price spread: −0.342% → −0.095%: −$24.72
Slippage, 4 orders: −$42.82
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$144.72
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; HTX: live order book, 37 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, 2 min ago	3.79 bp	12.3 bp −$12	16.5 bp −$165	44.5 bp −$4,446	doesn't fit
Sell HTX live order book, 37 min ago	6.76 bp	29.0 bp −$29	190.5 bp −$1,905	doesn't fit	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 +0.0167%	1h	13.227	−0.069%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.221	−0.117%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.227	−0.067%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.318%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.204	−0.241%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0047%	8h	13.226	−0.077%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.230	−0.046%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.222	−0.109%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.213	−0.172%	$405K	$309K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.235	−0.008%	$1.4M	$3.0M	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	13.233	−0.023%	$277K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.222	−0.105%	$122.8M	$303.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.219	−0.130%	$85.2M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.222	−0.107%	$28.0M	$84.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.239	+0.021%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.225	−0.085%	$130.9M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.227	−0.070%	$36.7M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.233	−0.024%	$22.9M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.227	−0.070%	$55.0M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.221	−0.115%	—	$21.1M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.197	−0.293%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	−0.244%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.182	−0.410%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.210	−0.198%	$154K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.228	−0.062%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.227	−0.067%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.235	−0.012%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.229	−0.055%	$5K	$28K	10x	as long as short
HTX LINK-USDTshort	+0.0100%	8h	13.191	−0.342%	$649K	$858K	75x
Extended LINK-USD	+0.0104%	1h	13.219	−0.128%	$670K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.229	−0.054%	$555K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.223	−0.100%	$1.0M	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0173%	1h	13.235	−0.011%	$784K	$204K	50x	as long as short
dYdX LINK-USD	+0.0202%	1h	13.235	−0.010%	$351K	$48K	10x	as long as short
Backpack LINK_USDC_PERP	+0.0211%	1h	13.243	+0.051%	$370K	$368K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.217	−0.145%	$5.3M	$16.5M	75x	as long as short
Phemex LINKUSDT	+0.0329%	8h	13.243	+0.051%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0363%	1h	13.236	long leg	$6.9M	$8.1M	50x
Reya LINKRUSDPERP	+0.0381%	1h	13.223	−0.099%	$5K	—	20x	as long as short
Hyperliquid LINK	+0.0578%	1h	13.251	+0.112%	$81.6M	$24.7M	10x	as long as short