Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h +0.001%

Price spread now: Coinbase International against OKX−0.077%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 3 days (all we have)+0.143%+$14 · spread now −0.077%, 7d avg +0.036%

Together, before fees+0.138%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Coinbase International is 0.113% cheaper against OKX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	12.961	0.0100	pay 0.0100% / 8h	6h 30m	$27.3M	$84.1M	50x
Short	Coinbase International LINK-PERP-INTX	12.951	0.0072	get 0.0009% / 1h	30m 53s	$952K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$5.88
Price spread: −0.077% → +0.036%: −$11.29
Slippage, 4 orders: −$22.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$59.22
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from OKX: 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 OKX live order book, 3 min ago	0.39 bp	6.7 bp −$7	13.9 bp −$139	37.0 bp −$3,700	doesn't fit
Sell Coinbase International live order book, 3 min ago	5.02 bp	12.8 bp −$13	14.8 bp −$148	doesn't fit	doesn't fit

LINK on 39 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	12.962	+0.004%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.965	+0.034%	$471K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.961	−0.003%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.328%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.978	+0.132%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.959	−0.015%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0072%	1h	12.951	−0.077%	$952K	$2.7M	50x
Lighter LINK	+0.0096%	1h	12.958	−0.023%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.000	+0.297%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.958	−0.019%	$394K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.965	+0.031%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.963	+0.017%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.962	+0.010%	$119.1M	$305.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.956	−0.039%	$83.6M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.961	long leg	$27.3M	$84.1M	50x
Arcus LINK-USD	+0.0100%	1h	12.975	+0.108%	$181K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.964	+0.023%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.965	+0.031%	$33.1M	$59.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.965	+0.031%	$22.5M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.962	+0.008%	$53.9M	$31.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.962	+0.008%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.969	+0.062%	$337K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.952	−0.066%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.955	−0.048%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.943	−0.137%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.023%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.968	+0.054%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.959	−0.015%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.974	+0.102%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.961	0.000%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.950	−0.083%	$639K	$864K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.960	−0.006%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.971	+0.080%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0221%	1h	12.967	+0.046%	$770K	$212K	50x	as long as short
dYdX LINK-USD	+0.0302%	1h	12.955	−0.044%	$343K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.963	+0.016%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0393%	1h	12.973	+0.093%	$79.5M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.965	+0.033%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0636%	8h	12.978	+0.131%	$20.0M	$11.5M	50x	as long as short