Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0394%/8h= +43.1% APRpaid last 24h +0.065%

Price spread now: Phemex against Pacifica−0.053%7-day average +0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$400.404% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.294%+$29 on $10k

Price spread, last 3 days (all we have)+0.238%+$24 · spread now −0.053%, 7d avg +0.086%

Together, before fees+0.532%+ Points / potential airdropPacifica: Active · farm board+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.139% cheaper against Pacifica than usual: you would sell low and buy high (spread −0.053% now, against its 7-day average of +0.086%). If the spread goes back, that is −$14 on $10k: about 28 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.294% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica LINK	13.132	0.0100	pay 0.0013% / 1h	58m 02s	$275K	$155K	10x
Short	Phemex LINKUSDT	13.125	0.0494	get 0.0494% / 8h	2h 58m	$20.3M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.053%Rate

Funding earned: $82.75
Price spread: −0.053% → +0.086%: −$13.9
Slippage, 4 orders: −$20.44
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $28.41
Costs to cover: 0.404%
Break-even: 4.6 days

Slippage from Pacifica: live order book, 30 min ago; Phemex: live order book, 6 min ago.

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 Pacifica live order book, 30 min ago	4.16 bp	11.0 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.14 bp	10.3 bp −$10	17.1 bp −$171	doesn't fit	doesn't fit

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 +0.0166%	1h	13.114	−0.139%	$1.7M	—	200x	as long as short
Phoenix LINK	−0.0012%	1h	13.164	+0.245%	$3K	$71K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.134	+0.019%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.133	+0.005%	$458K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.110	−0.166%	$698K	$108K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.116	−0.125%	$83K	—	150x	as long as short
Variational Omni LINK	+0.0025%	8h	13.175	+0.325%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.574%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0058%	8h	13.106	−0.198%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.111	−0.161%	$2.1M	$2.3M	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	13.127	−0.040%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.125	−0.053%	$398K	$323K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.117	−0.114%	$78.2M	$23.3M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.113	−0.142%	$1.6M	$2.7M	50x	as long as short
Pacifica LINKlong	+0.0100%	1h	13.132	long leg	$275K	$155K	10x
Binance LINKUSDT	+0.0100%	8h	13.106	−0.198%	$121.2M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.103	−0.221%	$84.8M	$68.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.107	−0.190%	$27.7M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.148	+0.122%	$198K	$155K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.105	−0.205%	$130.8M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.103	−0.221%	$35.4M	$55.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.106	−0.198%	$21.6M	$16.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.102	−0.228%	$54.3M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.103	−0.221%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.110	−0.167%	$363K	$376K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.157	+0.189%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.155	+0.175%	$592K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.159	+0.206%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.126	−0.045%	$80K	$62K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.108	−0.186%	$22K	$13K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.123	−0.068%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.108	−0.183%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.102	−0.224%	$642K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.105	−0.205%	$668K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.114	−0.141%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.125	−0.053%	$991K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.150	+0.137%	$5.3M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.120	−0.089%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0494%	8h	13.125	−0.053%	$20.3M	$11.4M	50x
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.116	−0.120%	$6.9M	$7.8M	50x	as long as short