Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0397%/8h= −43.5% APRpaid last 24h −0.072%

Price spread now: Coinbase International against Phemex−0.076%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.279%−$28 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.076%, 7d avg −0.080%

Together, before fees−0.296%−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.080%, so right now this pair is about funding alone: −$12 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	13.092	0.0501	pay 0.0501% / 8h	2h 44m	$20.2M	$11.5M	50x
Short	Coinbase International LINK-PERP-INTX	13.082	0.0104	get 0.0013% / 1h	44m 21s	$986K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$83.43
Price spread: −0.076% → −0.080%: $0.36
Slippage, 4 orders: −$22.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$127.83
Costs to cover: 0.448%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	1.91 bp	11.5 bp −$11	23.6 bp −$236	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	1.53 bp	10.8 bp −$11	13.4 bp −$134	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 +0.0165%	1h	13.083	−0.070%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.086	−0.049%	$456K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.079	−0.101%	$701K	$111K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.085	−0.057%	$82K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.073	−0.144%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.286%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0043%	8h	13.084	−0.064%	$3.3M	$1.5M	—	as long as short
dYdX LINK-USD	+0.0047%	1h	13.082	−0.076%	$347K	$60K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	13.071	−0.160%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.078	−0.110%	$2.1M	$2.4M	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	13.077	−0.112%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.072	−0.157%	$397K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.091	−0.008%	$77.2M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.081	−0.086%	$1.5M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.077	−0.113%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.080	−0.089%	$120.9M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.080	−0.092%	$84.3M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.083	−0.069%	$27.5M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.092	0.000%	$184K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.079	−0.099%	$130.3M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.083	−0.069%	$35.6M	$56.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.087	−0.038%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.083	−0.069%	$54.1M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.084	−0.061%	—	$21.9M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.084	−0.061%	$362K	$369K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.086	−0.046%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.076	−0.126%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.091	−0.008%	$152K	$662K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.086	−0.046%	$80K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.074	−0.141%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.086	−0.044%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.075	−0.130%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.069	−0.176%	$639K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.077	−0.114%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.081	−0.082%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0104%	1h	13.082	−0.076%	$986K	$2.7M	50x
BloFin LINK-USDT	+0.0220%	8h	13.078	−0.107%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.083	−0.072%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0501%	8h	13.092	long leg	$20.2M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.087	−0.039%	$7.0M	$7.7M	50x	as long as short