Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h −0.016%

Price spread now: Deribit against OKX−0.146%46s7-day average +0.019% · 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−$320.318% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 4 days (all we have)+0.232%+$23 · spread now −0.146%, 7d avg +0.019%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.165% cheaper against OKX than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of +0.019%). If the spread goes back, that is −$16 on $10k: about 4.3 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.161%, so the current rate has only just turned in your favour. The two prices were read 46 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	OKX LINK-USDT-SWAP	13.010	0.0100	pay 0.0100% / 8h	3h 31m	$27.5M	$81.6M	50x
Short	Deribit LINK_USDC-PERPETUAL	12.991	0.0227	get 0.0028% / 1h	31m 28s	$789K	$210K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.146%Rate

Funding earned: $26.67
Price spread: −0.146% → +0.019%: −$16.46
Slippage, 4 orders: −$14.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$21.56
Costs to cover: 0.318%
Break-even: 12.7 days

Slippage from OKX: live order book, 2 min ago; Deribit: live order book, 22 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, 2 min ago	0.38 bp	6.3 bp −$6	14.6 bp −$146	26.8 bp −$2,684	doesn't fit
Sell Deribit live order book, 22 min ago	3.07 bp	8.8 bp −$9	18.4 bp −$184	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	12.984	−0.196%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.143%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.984	−0.199%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.689%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.983	−0.208%	$117K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.992	−0.139%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.991	−0.146%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.983	−0.204%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.007	−0.019%	$393K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.000	−0.080%	$1.3M	$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	12.992	−0.137%	$275K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.003	−0.056%	$120.7M	$300.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.005	−0.038%	$84.1M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	13.010	long leg	$27.5M	$81.6M	50x
Arcus LINK-USD	+0.0100%	1h	13.011	+0.008%	$182K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.989	−0.161%	$128.7M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.010	0.000%	$32.9M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.992	−0.138%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.009	−0.008%	$54.2M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.994	−0.123%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.989	−0.161%	$341K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.976	−0.260%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.980	−0.232%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.983	−0.208%	$581K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.988	−0.169%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.015	+0.038%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.983	−0.206%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.002	−0.064%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.984	−0.200%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.967	−0.332%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.992	−0.139%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.985	−0.192%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.996	−0.108%	$925K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.986	−0.184%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0227%	1h	12.991	−0.146%	$789K	$210K	50x
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.987	−0.175%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0357%	1h	13.021	+0.085%	$81.4M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	13.005	−0.036%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0537%	8h	13.001	−0.069%	$20.1M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0620%	1h	12.984	−0.197%	$344K	$30K	10x	as long as short