Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0046%/8h= +5.1% APRpaid last 24h +0.006%

Price spread now: Arcus against Orderly+0.147%7-day average +0.045% · you sell dearer than you buy

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

Long on Orderly Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now +0.147%, 7d avg +0.045%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Arcus is 0.102% dearer against Orderly than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	12.943	0.0054	pay 0.0054% / 8h	4h 04m	$117K	$1.2M	20x
Short	Arcus LINK-USD	12.962	0.0100	get 0.0013% / 1h	4m 31s	$181K	$166K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Orderly. 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 OrderlybpFee ArcusbpOrdersPrice spread, now +0.147%Rate

Funding earned: $9.69
Price spread: +0.147% → +0.045%: $10.2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $9.39
Costs to cover: 0.105%
Break-even: 0.2 days

Slippage unknown: Orderly: no order-book sample; Arcus: live order book, 54 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Arcus live order book, 54 min ago	13.93 bp	16.3 bp −$16	26.0 bp −$260	doesn't fit	doesn't fit

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	12.944	+0.010%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.948	+0.041%	$521K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.947	+0.035%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.195%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0054%	8h	12.943	long leg	$117K	$1.2M	20x
Lighter LINK	+0.0096%	1h	12.943	−0.003%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.085%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.978	+0.271%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.942	−0.005%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.943	0.000%	$391K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.948	+0.040%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.944	+0.005%	$274K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.949	+0.046%	$119.8M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.943	0.000%	$83.5M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.946	+0.023%	$27.4M	$81.0M	50x	as long as short
Arcus LINK-USDshort	+0.0100%	1h	12.962	+0.147%	$181K	$166K	10x
Gate LINK_USDT	+0.0100%	8h	12.943	0.000%	$128.2M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.955	+0.093%	$32.8M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.955	+0.093%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.952	+0.070%	$53.9M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.942	−0.008%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.952	+0.070%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.943	+0.002%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	+0.131%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	+0.114%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.966	+0.178%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.960	+0.131%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.944	+0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.962	+0.144%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.946	+0.023%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.935	−0.065%	$635K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.939	−0.029%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	+0.042%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0175%	1h	12.951	+0.064%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.941	−0.015%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0384%	1h	12.968	+0.193%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.952	+0.069%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	+0.055%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0421%	1h	12.943	+0.002%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0544%	8h	12.962	+0.147%	$20.0M	$11.3M	50x	as long as short