Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0368%/8h= −40.3% APRpaid last 24h −0.064%

Price spread now: Aevo against Phemex−0.133%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$970.973% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.205%−$20 on $10k

Price spread, last 3 days (all we have)+0.076%+$8 · spread now −0.133%, 7d avg −0.087%

Together, before fees−0.129%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Aevo is 0.046% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.205% in total (about -10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.181	0.0472	pay 0.0472% / 8h	1h 12m	$20.4M	$11.5M	50x
Short	Aevo LINK-PERP	13.163	0.0104	get 0.0013% / 1h	12m 56s	$552K	$2K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.133%Rate

Funding earned: −$77.32
Price spread: −0.133% → −0.087%: −$4.59
Slippage, 4 orders: −$69.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$179.18
Costs to cover: 0.973%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Aevo: 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 Phemex live order book, 6 min ago	3.79 bp	11.5 bp −$12	16.7 bp −$167	doesn't fit	doesn't fit
Sell Aevo live order book, 6 min ago	21.65 bp	34.7 bp −$35	188.5 bp −$1,885	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 −0.0090% / S +0.0167%	1h	13.160	−0.157%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.170	−0.082%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.165	−0.121%	$719K	$125K	50x	as long as short
dYdX LINK-USD	+0.0003%	1h	13.167	−0.104%	$349K	$48K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.162	−0.142%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.925%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.183	+0.013%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.156	−0.190%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.164	−0.132%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.161	−0.151%	$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	13.159	−0.169%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.178	−0.022%	$77.8M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.170	−0.082%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.166	−0.114%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.169	−0.091%	$122.3M	$303.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.168	−0.099%	$84.9M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.171	−0.076%	$27.7M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.177	−0.030%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.164	−0.129%	$130.5M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.169	−0.091%	$36.3M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.169	−0.091%	$22.4M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.166	−0.114%	$54.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.170	−0.083%	—	$21.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.184	+0.022%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	−0.013%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.023%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	+0.046%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.160	−0.159%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.157	−0.180%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.175	−0.047%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.162	−0.144%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.158	−0.178%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.166	−0.113%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERPshort	+0.0104%	1h	13.163	−0.133%	$552K	$2K	3x
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.178	−0.023%	$995K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0210%	1h	13.176	−0.038%	$365K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.166	−0.114%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.155	−0.195%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0472%	8h	13.181	long leg	$20.4M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0694%	1h	13.170	−0.083%	$6.9M	$8.1M	50x	as long as short