Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.030%

Price spread now: Deribit against Orderly+0.046%7-day average −0.026% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.231%−$23 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.046%, 7d avg −0.026%

Together, before fees−0.276%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.072% dearer against Orderly than usual: you sell high and buy low (spread +0.046% now, against its 7-day average of −0.026%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.8 days. At the pace of the last 7 days (−0.231% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.068	0.0050	pay 0.0050% / 8h	2h 39m	$134K	$1.6M	20x
Short	Deribit LINK_USDC-PERPETUAL	13.074	0	get 0.0000% / 1h	39m 18s	$707K	$117K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$10.52
Price spread: +0.046% → −0.026%: $7.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$16.36
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 49 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 Deribit live order book, 49 min ago	3.78 bp	10.3 bp −$10	doesn't fit	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 −0.0091% / S +0.0165%	1h	13.077	+0.067%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.089	+0.158%	$465K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.074	+0.046%	$707K	$117K	50x
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.080	+0.089%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.082	+0.111%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.112%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0035%	1h	13.085	+0.132%	$347K	$60K	10x	as long as short
Variational Omni LINK	+0.0049%	8h	13.085	+0.127%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDClong	+0.0050%	8h	13.068	long leg	$134K	$1.6M	20x
Lighter LINK	+0.0096%	1h	13.074	+0.043%	$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	13.075	+0.054%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.074	+0.044%	$398K	$319K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.088	+0.153%	$77.4M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.082	+0.104%	$1.5M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.085	+0.127%	$274K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.067	−0.008%	$120.7M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.074	+0.046%	$84.2M	$69.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.073	+0.038%	$27.5M	$84.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.088	+0.153%	$183K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.072	+0.031%	$130.2M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.076	+0.061%	$35.6M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.081	+0.099%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.072	+0.031%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.078	+0.077%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.102	+0.260%	$362K	$370K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.083	+0.114%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.084	+0.122%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.086	+0.138%	$152K	$662K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.079	+0.084%	$80K	$65K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.070	+0.017%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.089	+0.159%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.068	0.000%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.056	−0.096%	$638K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.069	+0.007%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.076	+0.062%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.088	+0.153%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.065	−0.023%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.077	+0.072%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0501%	8h	13.083	+0.115%	$20.2M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.076	+0.063%	$7.0M	$7.8M	50x	as long as short