Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.011%

Price spread now: Extended against Orderly−0.025%7-day average −0.079% · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now −0.025%, 7d avg −0.079%

Together, before fees−0.106%+ Points / potential airdropExtended: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Extended is 0.054% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.162	0.0044	pay 0.0044% / 8h	33m 05s	$134K	$1.5M	20x
Short	Extended LINK-USD	13.159	0.0104	get 0.0013% / 1h	33m 05s	$670K	$1.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.025%Rate

Funding earned: $12.71
Price spread: −0.025% → −0.079%: $5.43
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $7.14
Costs to cover: 0.110%
Break-even: 3.1 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 1 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 Extended live order book, 1 min ago	3.04 bp	6.2 bp −$6	7.5 bp −$75	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 +0.0167%	1h	13.166	+0.030%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.171	+0.065%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.166	+0.033%	$727K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.166	+0.029%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	+0.067%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.789%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0044%	8h	13.162	long leg	$134K	$1.5M	20x
Lighter LINK	+0.0096%	1h	13.158	−0.034%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.159	−0.024%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.160	−0.011%	$401K	$311K	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	13.162	+0.003%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.165	+0.026%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.156	−0.046%	$122.4M	$304.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.157	−0.038%	$84.8M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.158	−0.030%	$27.8M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.182	+0.152%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.157	−0.038%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.160	−0.015%	$36.5M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.167	+0.038%	$22.8M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	−0.061%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.157	−0.038%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.182	+0.152%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.190	+0.209%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.185	+0.175%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.178	+0.122%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.171	+0.068%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.012%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.175	+0.103%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.161	−0.008%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.072%	$647K	$884K	75x	as long as short
Extended LINK-USDshort	+0.0104%	1h	13.159	−0.025%	$670K	$1.9M	25x
Aevo LINK-PERP	+0.0104%	1h	13.165	+0.021%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.174	+0.091%	$997K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.158	−0.030%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0273%	1h	13.173	+0.081%	$77.9M	$24.1M	10x	as long as short
Backpack LINK_USDC_PERP	+0.0279%	1h	13.167	+0.038%	$363K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.165	+0.023%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.170	+0.062%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0478%	8h	13.179	+0.129%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0622%	1h	13.161	−0.010%	$349K	$48K	10x	as long as short