Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0415%/8h= −45.4% APRpaid last 24h −0.070%

Price spread now: Derive against Phemex−0.152%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Derive is 0.152% cheaper against Phemex than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.092	0.0515	pay 0.0515% / 8h	2h 54m	$20.2M	$11.5M	50x
Short	Derive LINK-PERP	13.072	0.0100	get 0.0013% / 1h	54m 05s	$22K	$16K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.152%Rate

Funding earned: −$87.11
Price spread: −0.152% → 0.000%: −$15.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$120.33
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Derive: no order-book sample. Net counts fees only.

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	1.52 bp	9.4 bp −$9	14.3 bp −$143	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	13.077	−0.112%	$1.7M	—	200x	as long as short
Phoenix LINK	−0.0012%	1h	13.127	+0.271%	$3K	$84K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.096	+0.031%	$347K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.097	+0.037%	$457K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.078	−0.110%	$696K	$106K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.078	−0.108%	$83K	—	150x	as long as short
Variational Omni LINK	+0.0031%	8h	13.109	+0.133%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.286%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	13.069	−0.176%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.082	−0.080%	$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	13.076	−0.121%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.069	−0.179%	$396K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.088	−0.031%	$78.0M	$23.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.074	−0.134%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.096	+0.032%	$274K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.075	−0.130%	$120.9M	$300.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.073	−0.145%	$84.3M	$69.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.077	−0.115%	$27.6M	$84.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.100	+0.061%	$184K	$170K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.077	−0.115%	$130.4M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.075	−0.130%	$35.7M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.075	−0.130%	$21.7M	$15.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.074	−0.137%	$54.1M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.076	−0.122%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.086	−0.046%	$362K	$370K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.105	+0.102%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.113	+0.162%	$590K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.109	+0.130%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.069	−0.176%	$79K	$62K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.072	−0.152%	$22K	$16K	10x
SunX LINK-USDT	+0.0100%	8h	13.090	−0.014%	$34K	$1.6M	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	13.060	−0.244%	$639K	$905K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.072	−0.152%	$665K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.079	−0.096%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.074	−0.137%	$989K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.132	+0.306%	$5.3M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.067	−0.192%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.085	−0.056%	$6.9M	$7.7M	50x	as long as short
Phemex LINKUSDTlong	+0.0515%	8h	13.092	long leg	$20.2M	$11.5M	50x