Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0478%/8h= +52.4% APRpaid last 24h +0.076%

Price spread now: Phemex against Nado+0.268%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.211%+$21 on $10k

Price spread, last 4 days (all we have)−0.135%−$14 · spread now +0.268%, 7d avg +0.117%

Together, before fees+0.076%+ Points / potential airdropNado: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Phemex is 0.151% dearer against Nado than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.117%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado LINK-PERP	12.875	0.0100	pay 0.0012% / 1h	21m 48s	$345K	$343K	10x
Short	Phemex LINKUSDT	12.910	0.0578	get 0.0578% / 8h	2h 21m	$19.9M	$11.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.268%Rate

Funding earned: $100.47
Price spread: +0.268% → +0.117%: $15.11
Slippage, 4 orders: −$12.36
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $84.22
Costs to cover: 0.314%
Break-even: 1.1 days

Slippage from Nado: live order book, 26 min ago; Phemex: live order book, 2 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 Nado live order book, 26 min ago	1.16 bp	7.4 bp −$7	20.0 bp −$200	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.39 bp	8.9 bp −$9	13.9 bp −$139	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 −0.0089% / S +0.0166%	1h	12.878	+0.018%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.901	+0.198%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.879	+0.025%	$156K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.693%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0040%	8h	12.877	+0.012%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.826	−0.387%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.889	+0.107%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.864	−0.092%	$31K	$2K	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	12.875	long leg	$345K	$343K	10x
Aster LINKUSDT	+0.0100%	8h	12.900	+0.190%	$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	12.867	−0.068%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.901	+0.198%	$118.6M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.895	+0.151%	$83.2M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.897	+0.167%	$27.3M	$80.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.886	+0.082%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.895	+0.151%	$124.5M	$15.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.899	+0.183%	$32.9M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.896	+0.159%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.895	+0.151%	$53.9M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.900	+0.190%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.904	+0.221%	$336K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.814	−0.475%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.810	−0.509%	$42K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.833	−0.328%	$580K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.810	−0.509%	$131K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.882	+0.050%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.887	+0.086%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.906	+0.235%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.893	+0.136%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.860	−0.123%	$631K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.893	+0.137%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.890	+0.113%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.857	−0.144%	$915K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.854	−0.167%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0231%	1h	12.906	+0.237%	$80.3M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.894	+0.143%	$6.6M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0309%	1h	12.896	+0.158%	$796K	$244K	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.874	−0.011%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0578%	8h	12.910	+0.268%	$19.9M	$11.3M	50x
dYdX LINK-USD	+0.0793%	1h	12.865	−0.078%	$343K	$33K	10x	as long as short