Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0034%/8h= −3.8% APRpaid last 24h −0.027%

Price spread now: gTrade (Gains Network) against Orderly+0.013%7-day average −0.020% · you sell dearer than you buy

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

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.105%−$10 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now +0.013%, 7d avg −0.020%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.033% dearer against Orderly than usual: you sell high and buy low (spread +0.013% now, against its 7-day average of −0.020%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 3 days (−0.105% in total) that is about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.249	0.0041	pay 0.0041% / 8h	54m 58s	$134K	$1.5M	20x
Short	gTrade (Gains Network) LINK/USD	13.251	L +0.0004% / S −0.0007%	get 0.0001% / 1h	54m 58s	$135K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.013%Rate

Funding earned: −$7.22
Price spread: +0.013% → −0.020%: $3.28
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$19.94
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 19 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 gTrade (Gains Network) virtual book (oracle venue), 19 min ago	130.05 bp	142.5 bp −$143	1049.2 bp −$10.5K	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 −0.0090% / S +0.0167%	1h	13.251	+0.011%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.261	+0.092%	$484K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USDshort	L +0.0004% / S −0.0007%	1h	13.251	+0.013%	$135K	—	150x
Deribit LINK_USDC-PERPETUAL	+0.0022%	1h	13.255	+0.047%	$727K	$128K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.408%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.224	−0.189%	$4K	$84K	10x	as long as short
Orderly PERP_LINK_USDClong	+0.0041%	8h	13.249	long leg	$134K	$1.5M	20x
dYdX LINK-USD	+0.0058%	1h	13.251	+0.013%	$351K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.250	+0.006%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.250	+0.006%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.252	+0.023%	$405K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.254	+0.035%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.253	+0.031%	$278K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.255	+0.045%	$123.4M	$303.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.251	+0.015%	$85.6M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.254	+0.038%	$28.0M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.263	+0.106%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.250	+0.008%	$131.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.254	+0.038%	$36.9M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.253	+0.030%	$22.6M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.252	+0.023%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.252	+0.023%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.231	−0.138%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.228	−0.158%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.231	−0.135%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.228	−0.159%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.260	+0.083%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.246	−0.022%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.264	+0.115%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.250	+0.008%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.229	−0.152%	$651K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.250	+0.011%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.253	+0.027%	$556K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.239	−0.075%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.247	−0.015%	$5.3M	$17.2M	75x	as long as short
Hyperliquid LINK	+0.0324%	1h	13.265	+0.121%	$78.4M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.253	+0.029%	$5K	—	20x	as long as short
Backpack LINK_USDC_PERP	+0.0396%	1h	13.260	+0.083%	$366K	$380K	15x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.264	+0.113%	$20.5M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0474%	1h	13.256	+0.049%	$7.0M	$8.2M	50x	as long as short