Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0515%/8h= −56.4% APRpaid last 24h −0.076%

Price spread now: edgeX against Phemex+0.138%78s7-day average −0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.327% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.236%−$24 on $10k

Price spread, last 4 days (all we have)−0.446%−$45 · spread now +0.138%, 7d avg −0.119%

Together, before fees−0.682%+ Points / potential airdropedgeX: Active · farm board−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.257% dearer against Phemex than usual: you sell high and buy low (spread +0.138% now, against its 7-day average of −0.119%): +$26 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.236% in total) that is about 7.6 days. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.236% in total (about -12.3% 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	12.933	0.0615	pay 0.0615% / 8h	4h 51m	$19.9M	$11.4M	50x
Short	edgeX LINKUSDC	12.951	0.0100	get 0.0050% / 4h	51m 46s	$43K	$305K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$108.17
Price spread: +0.138% → −0.119%: $25.72
Slippage, 4 orders: −$11.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$115.11
Costs to cover: 0.327%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; edgeX: 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, 2 min ago	1.16 bp	9.1 bp −$9	14.2 bp −$142	doesn't fit	doesn't fit
Sell edgeX live order book, 6 min ago	1.94 bp	6.4 bp −$6	9.5 bp −$95	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	12.917	−0.124%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.933	−0.003%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.919	−0.111%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.121%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.915	−0.139%	$116K	$1.4M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0067%	1h	12.923	−0.080%	$771K	$189K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.918	−0.116%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.162%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.920	−0.102%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.921	−0.089%	$31K	$2K	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	12.918	−0.120%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.923	−0.076%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.926	−0.053%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.906	−0.206%	$119.4M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.903	−0.232%	$83.3M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.905	−0.217%	$27.2M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.936	+0.023%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.918	−0.116%	$127.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.915	−0.139%	$32.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.921	−0.093%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.905	−0.217%	$53.6M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.911	−0.170%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.181%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	12.951	+0.138%	$43K	$305K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	+0.086%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.170%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	−0.008%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.917	−0.126%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.934	+0.009%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.916	−0.131%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.913	−0.152%	$632K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.913	−0.158%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.919	−0.109%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	12.923	−0.077%	$339K	$388K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.937	+0.031%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.925	−0.062%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.920	−0.097%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0408%	1h	12.921	−0.093%	$81.0M	$27.4M	10x	as long as short
dYdX LINK-USD	+0.0597%	1h	12.926	−0.052%	$342K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0615%	8h	12.933	long leg	$19.9M	$11.4M	50x