Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0437%/8h= −47.9% APRpaid last 24h −0.076%

Price spread now: Arcus against Phemex−0.008%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.227%−$23 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now −0.008%, 7d avg −0.027%

Together, before fees−0.337%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.001	0.0537	pay 0.0537% / 8h	3h 32m	$20.1M	$11.3M	50x
Short	Arcus LINK-USD	13.000	0.0100	get 0.0013% / 1h	32m 07s	$182K	$167K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$91.78
Price spread: −0.008% → −0.027%: $1.88
Slippage, 4 orders: −$31.9
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$138.29
Costs to cover: 0.484%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Arcus: live order book, 21 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, 2 min ago	1.15 bp	8.1 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit
Sell Arcus live order book, 21 min ago	6.13 bp	8.5 bp −$9	18.8 bp −$188	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 −0.0089% / S +0.0166%	1h	12.984	−0.127%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.074%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.984	−0.130%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.623%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.983	−0.138%	$117K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	13.008	+0.052%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.984	−0.129%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.988	−0.097%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.982	−0.142%	$392K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.987	−0.108%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.991	−0.081%	$275K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.982	−0.145%	$120.5M	$300.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.977	−0.185%	$83.9M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.980	−0.162%	$27.5M	$81.5M	50x	as long as short
Arcus LINK-USDshort	+0.0100%	1h	13.000	−0.008%	$182K	$167K	10x
Gate LINK_USDT	+0.0100%	8h	12.982	−0.146%	$128.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.984	−0.131%	$32.9M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.989	−0.092%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.980	−0.162%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.982	−0.146%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.989	−0.092%	$341K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.976	−0.191%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.984	−0.129%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.985	−0.121%	$581K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.013	+0.092%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.990	−0.085%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.983	−0.137%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.002	+0.005%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.984	−0.131%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.967	−0.263%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.980	−0.160%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.985	−0.123%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.996	−0.038%	$925K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.986	−0.115%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0227%	1h	12.991	−0.077%	$789K	$210K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.987	−0.106%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0354%	1h	12.997	−0.031%	$81.2M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.981	−0.155%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0537%	8h	13.001	long leg	$20.1M	$11.3M	50x
dYdX LINK-USD	+0.0621%	1h	12.984	−0.128%	$344K	$30K	10x	as long as short