Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0294%/8h= −32.2% APRpaid last 24h −0.028%

Price spread now: OKX against Kraken Futures−0.052%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now −0.052%, 7d avg −0.034%

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

The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.068% in total (about -3.5% 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	Kraken Futures PF_LINKUSD	12.972	0.0394	pay 0.0049% / 1h	25m 00s	$6.7M	$8.1M	50x
Short	OKX LINK-USDT-SWAP	12.965	0.0100	get 0.0100% / 8h	4h 25m	$27.4M	$81.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$61.69
Price spread: −0.052% → −0.034%: −$1.79
Slippage, 4 orders: −$23.43
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$106.91
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; OKX: 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	3.47 bp	11.7 bp −$12	15.8 bp −$158	46.4 bp −$4,640	doesn't fit
Sell OKX live order book, 4 min ago	0.38 bp	8.5 bp −$9	15.6 bp −$156	32.6 bp −$3,260	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 −0.0090% / S +0.0167%	1h	12.969	−0.019%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.973	+0.014%	$519K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.970	−0.017%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.408%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.969	−0.021%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.967	−0.038%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.971	−0.006%	$944K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.988	+0.126%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.964	−0.057%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	+0.033%	$392K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.961	−0.083%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.970	−0.013%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.967	−0.037%	$119.9M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.962	−0.075%	$83.6M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.965	−0.052%	$27.4M	$81.5M	50x
Arcus LINK-USD	+0.0100%	1h	12.988	+0.125%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.967	−0.037%	$128.3M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.966	−0.044%	$33.0M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.967	−0.037%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.961	−0.083%	$53.9M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.965	−0.052%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.968	−0.029%	$339K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	−0.136%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.958	−0.108%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.967	−0.036%	$581K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.965	−0.052%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.985	+0.102%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.968	−0.026%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.995	+0.182%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.969	−0.021%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.912	−0.457%	$634K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.962	−0.075%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.970	−0.010%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0159%	1h	12.975	+0.024%	$777K	$200K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.966	−0.044%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0364%	1h	12.975	+0.023%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.970	−0.015%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0394%	1h	12.972	long leg	$6.7M	$8.1M	50x
dYdX LINK-USD	+0.0450%	1h	12.966	−0.046%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0531%	8h	12.981	+0.071%	$20.0M	$11.4M	50x	as long as short