Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.060%

Price spread now: GMX against Orderly−0.023%7-day average +0.001% · you buy dearer than you sell

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.262%−$26 on $10k

Price spread, last 3 days (all we have)+0.037%+$4 · spread now −0.023%, 7d avg +0.001%

Together, before fees−0.225%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and GMX is 0.024% cheaper against Orderly than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	12.980	0.0069	pay 0.0069% / 8h	6h 30m	$117K	$1.5M	20x
Short	GMX LINK/USD [LINK-USDC]	12.977	L −0.0090% / S +0.0167%	pay 0.0021% / 1h	30m 21s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$49.46
Price spread: −0.023% → +0.001%: −$2.41
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$69.87
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; GMX: no order-book sample. 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 GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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 39 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]short	L −0.0090% / S +0.0167%	1h	12.977	−0.023%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.965	−0.112%	$471K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.978	−0.018%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.468%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.978	−0.015%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDClong	+0.0069%	8h	12.980	long leg	$117K	$1.5M	20x
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.951	−0.223%	$952K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.963	−0.131%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.005	+0.196%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.975	−0.042%	$394K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.974	−0.048%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.968	−0.091%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.980	−0.002%	$119.2M	$304.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.978	−0.015%	$83.7M	$72.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.983	+0.023%	$27.3M	$84.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.986	+0.046%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.973	−0.054%	$128.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.977	−0.023%	$33.1M	$59.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.978	−0.015%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.985	+0.039%	$54.0M	$30.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.980	0.000%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.969	−0.085%	$337K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.952	−0.212%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.955	−0.195%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.943	−0.283%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.169%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	0.000%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.980	−0.002%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	+0.085%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.987	+0.054%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.950	−0.229%	$639K	$864K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.982	+0.012%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.985	+0.039%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0297%	1h	12.990	+0.074%	$771K	$212K	50x	as long as short
dYdX LINK-USD	+0.0301%	1h	12.962	−0.139%	$343K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.975	−0.042%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0397%	1h	12.990	+0.081%	$79.7M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.993	+0.096%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0636%	8h	12.978	−0.015%	$20.0M	$11.5M	50x	as long as short