Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0194%/8h= −21.2% APRpaid last 24h −0.031%

Price spread now: Orderly against Kraken Futures−0.037%7-day average +0.006% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.037%, 7d avg +0.006%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.0% 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	12.897	0.0245	pay 0.0031% / 1h	8m 32s	$6.6M	$8.2M	50x
Short	Orderly PERP_LINK_USDC	12.892	0.0052	get 0.0052% / 8h	3h 08m	$115K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.037%Rate

Funding earned: −$40.64
Price spread: −0.037% → +0.006%: −$4.31
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$60.95
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	2.70 bp	11.2 bp −$11	14.7 bp −$147	35.6 bp −$3,559	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0089% / S +0.0166%	1h	12.892	−0.041%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.905	+0.067%	$491K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.894	−0.022%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.852%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0052%	8h	12.892	−0.037%	$115K	$1.1M	20x
Phoenix LINK	+0.0074%	1h	12.910	+0.103%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.894	−0.020%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.895	−0.014%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.889	−0.060%	$389K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.900	+0.022%	$1.2M	$2.4M	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	12.898	+0.010%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.897	−0.001%	$119.6M	$300.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.892	−0.037%	$83.2M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.885	−0.091%	$27.3M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.914	+0.133%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.892	−0.037%	$127.7M	$13.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.897	+0.002%	$33.1M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.901	+0.033%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.887	−0.076%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.894	−0.022%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.901	+0.033%	$338K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.902	+0.041%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.934	+0.286%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.932	+0.273%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.936	+0.304%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.901	+0.033%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.891	−0.046%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.903	+0.046%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.893	−0.029%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.880	−0.130%	$632K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.892	−0.034%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.896	−0.003%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.903	+0.048%	$920K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0184%	1h	12.899	+0.017%	$788K	$215K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.901	+0.033%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0245%	1h	12.897	long leg	$6.6M	$8.2M	50x
Hyperliquid LINK	+0.0300%	1h	12.907	+0.079%	$80.5M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0393%	1h	12.890	−0.054%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0564%	8h	12.914	+0.133%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0824%	1h	12.894	−0.025%	$342K	$32K	10x	as long as short