Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0440%/8h= −48.2% APRpaid last 24h −0.106%

Price spread now: Deribit against Phemex−0.057%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.472%−$47 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.057%, 7d avg −0.094%

Together, before fees−0.497%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.037% dearer against Phemex than usual: you sell high and buy low (spread −0.057% now, against its 7-day average of −0.094%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.183	0.0615	pay 0.0615% / 8h	7h 16m	$20.4M	$11.6M	50x
Short	Deribit LINK_USDC-PERPETUAL	13.175	0.0175	get 0.0022% / 1h	16m 03s	$782K	$211K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$92.37
Price spread: −0.057% → −0.094%: $3.74
Slippage, 4 orders: −$15.87
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$123.5
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Deribit: live order book, 58 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, 3 min ago	0.76 bp	9.6 bp −$10	16.5 bp −$165	doesn't fit	doesn't fit
Sell Deribit live order book, 58 min ago	1.91 bp	10.4 bp −$10	18.1 bp −$181	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 +0.0167%	1h	13.165	−0.140%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.165	−0.140%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.165	−0.134%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.939%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.168	−0.118%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0067%	8h	13.164	−0.144%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.174	−0.070%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.200	+0.131%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.161	−0.163%	$404K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.172	−0.083%	$1.4M	$3.0M	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	13.164	−0.141%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.175	−0.064%	$122.3M	$299.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.171	−0.091%	$84.9M	$70.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.174	−0.068%	$27.6M	$84.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.174	−0.068%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.169	−0.106%	$130.4M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.172	−0.083%	$37.2M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.178	−0.038%	$23.0M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.172	−0.083%	$54.6M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.171	−0.091%	—	$20.9M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.154	−0.216%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.155	−0.215%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.158	−0.187%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.158	−0.190%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.168	−0.114%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.164	−0.141%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.172	−0.081%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.175	−0.061%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.231%	$648K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.172	−0.082%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.172	−0.086%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.180	−0.023%	$1.0M	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0175%	1h	13.175	−0.057%	$782K	$211K	50x
Backpack LINK_USDC_PERP	+0.0178%	1h	13.180	−0.023%	$365K	$364K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.141	−0.319%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.183	+0.002%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.161	−0.164%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0468%	1h	13.155	−0.209%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0555%	1h	13.187	+0.030%	$81.4M	$25.0M	10x	as long as short
Phemex LINKUSDTlong	+0.0615%	8h	13.183	long leg	$20.4M	$11.6M	50x