Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0398%/8h= −43.6% APRpaid last 24h −0.078%

Price spread now: Extended against Phemex−0.142%7-day average −0.149% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now −0.142%, 7d avg −0.149%

Together, before fees−0.324%+ Points / potential airdropExtended: Active · farm board−$32 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.149%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.251% in total (about -13.1% 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	13.096	0.0502	pay 0.0502% / 8h	2h 46m	$20.2M	$11.5M	50x
Short	Extended LINK-USD	13.077	0.0104	get 0.0013% / 1h	46m 05s	$664K	$1.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$83.61
Price spread: −0.142% → −0.149%: $0.73
Slippage, 4 orders: −$17.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$117.23
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Extended: live order book, 3 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	1.91 bp	11.5 bp −$11	23.6 bp −$236	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	2.29 bp	7.0 bp −$7	8.3 bp −$83	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	13.085	−0.087%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.091	−0.040%	$456K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.082	−0.109%	$701K	$111K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.087	−0.072%	$82K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.073	−0.174%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.315%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0037%	8h	13.058	−0.293%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	13.077	−0.145%	$134K	$1.6M	20x	as long as short
dYdX LINK-USD	+0.0054%	1h	13.091	−0.042%	$347K	$60K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.080	−0.123%	$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	13.082	−0.110%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.083	−0.099%	$397K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.085	−0.084%	$77.2M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.082	−0.105%	$1.5M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.087	−0.071%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.080	−0.122%	$120.9M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.081	−0.115%	$84.3M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.081	−0.115%	$27.5M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.097	+0.008%	$184K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.078	−0.137%	$130.4M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.076	−0.153%	$35.7M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.080	−0.122%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.079	−0.130%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.075	−0.160%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.086	−0.076%	$362K	$369K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.075	−0.158%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.076	−0.154%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.060	−0.275%	$152K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.089	−0.053%	$80K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.080	−0.126%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.094	−0.016%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.077	−0.145%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.042	−0.410%	$638K	$908K	75x	as long as short
Extended LINK-USDshort	+0.0104%	1h	13.077	−0.142%	$664K	$1.9M	25x
Aevo LINK-PERP	+0.0104%	1h	13.082	−0.104%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.082	−0.107%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.084	−0.092%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.084	−0.093%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0502%	8h	13.096	long leg	$20.2M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.086	−0.079%	$7.0M	$7.7M	50x	as long as short