Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0657%/8h= −72.0% APRpaid last 24h −0.129%

Price spread now: GMX against Phemex−0.135%7-day average −0.069% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.412%−$41 on $10k

Price spread, last 3 days (all we have)+0.065%+$7 · spread now −0.135%, 7d avg −0.069%

Together, before fees−0.347%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.066% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.069%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.107	0.0490	pay 0.0490% / 8h	6m 07s	$20.3M	$11.6M	50x
Short	GMX LINK/USD [LINK-USDC]	13.089	L −0.0091% / S +0.0167%	pay 0.0021% / 1h	6m 07s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$138.06
Price spread: −0.135% → −0.069%: −$6.61
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$168.67
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; GMX: 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, 3 min ago	0.76 bp	9.8 bp −$10	14.5 bp −$145	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0091% / S +0.0167%	1h	13.089	−0.135%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	13.104	−0.021%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.093	−0.105%	$725K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.091	−0.125%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.110	+0.019%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.394%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.086	−0.160%	$132K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.092	−0.114%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.090	−0.129%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.095	−0.092%	$400K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.095	−0.088%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.098	−0.067%	$275K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.096	−0.084%	$121.7M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.095	−0.092%	$84.4M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.097	−0.076%	$27.5M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.110	+0.023%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.095	−0.092%	$129.9M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.092	−0.114%	$36.2M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.096	−0.084%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.095	−0.092%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.098	−0.069%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.086	−0.162%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.104	−0.021%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.107	0.000%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.106	−0.008%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.096	−0.084%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.087	−0.153%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.108	+0.007%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.089	−0.137%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.086	−0.156%	$644K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.085	−0.168%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.091	−0.121%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.111	+0.031%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0211%	1h	13.105	−0.015%	$362K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.097	−0.076%	$5.2M	$16.2M	75x	as long as short
Hyperliquid LINK	+0.0291%	1h	13.114	+0.053%	$77.8M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.087	−0.154%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.099	−0.060%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTlong	+0.0490%	8h	13.107	long leg	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0521%	1h	13.103	−0.032%	$347K	$48K	10x	as long as short