Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.008%

Price spread now: Coinbase International against KuCoin−0.122%51s7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as 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−$480.480% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.195%+$19 · spread now −0.122%, 7d avg +0.020%

Together, before fees+0.198%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.142% cheaper against KuCoin than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.020%. The two prices were read 51 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	KuCoin LINKUSDTM	13.138	0.0100	pay 0.0100% / 8h	2h 30m	$22.0M	$15.8M	75x
Short	Coinbase International LINK-PERP-INTX	13.122	0.0104	get 0.0013% / 1h	30m 30s	$988K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.122%Rate

Funding earned: $0.84
Price spread: −0.122% → +0.020%: −$14.18
Slippage, 4 orders: −$26.02
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$61.36
Costs to cover: 0.480%
Break-even: 518.3 days

Slippage from KuCoin: live order book, 3 min ago; Coinbase International: 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 KuCoin live order book, 3 min ago	1.14 bp	11.2 bp −$11	21.9 bp −$219	71.3 bp −$7,129	doesn't fit
Sell Coinbase International live order book, 3 min ago	2.67 bp	10.3 bp −$10	13.5 bp −$135	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 −0.0090% / S +0.0165%	1h	13.130	−0.059%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.131	−0.056%	$466K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.134	−0.033%	$712K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.134	−0.031%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.118	−0.151%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0024%	1h	13.138	+0.002%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.617%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0047%	8h	13.121	−0.129%	$134K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0059%	8h	13.098	−0.304%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.144	+0.049%	$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	13.137	−0.005%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.137	−0.008%	$399K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.149	+0.084%	$77.7M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.141	+0.026%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.141	+0.023%	$275K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.132	−0.048%	$121.4M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.135	−0.023%	$84.6M	$69.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.138	0.000%	$27.7M	$84.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.149	+0.084%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.140	+0.015%	$130.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.135	−0.023%	$36.3M	$56.3M	300x	as long as short
KuCoin LINKUSDTMlong	+0.0100%	8h	13.138	long leg	$22.0M	$15.8M	75x
Bitget LINKUSDT	+0.0100%	8h	13.135	−0.023%	$54.3M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.135	−0.023%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.141	+0.023%	$364K	$371K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.116	−0.165%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.106	−0.245%	$592K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.121	−0.129%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.139	+0.008%	$80K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.127	−0.086%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.137	−0.006%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.130	−0.061%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.103	−0.269%	$644K	$911K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.135	−0.023%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.132	−0.046%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0104%	1h	13.122	−0.122%	$988K	$2.7M	50x
BloFin LINK-USDT	+0.0220%	8h	13.125	−0.099%	$5.2M	$16.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.136	−0.019%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0480%	8h	13.143	+0.038%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.140	+0.014%	$6.9M	$7.8M	50x	as long as short