Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0469%/8h= −51.3% APRpaid last 24h −0.085%

Price spread now: Injective against Phemex−5.315%65s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.750%+$75 on $10k

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 −$14 a day on $10k at the current rate, and Injective is 5.315% cheaper against Phemex than usual: you would sell low and buy high (−$531 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.750%, so the current rate has only just turned against you. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

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	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	46m 14s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.315%Rate

Funding earned: −$98.45
Price spread: −5.315% → 0.000%: −$531.46
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$641.93
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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	1.91 bp	11.5 bp −$11	23.6 bp −$236	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 +0.0165%	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 PERPshort	+0.0033%	1h	12.400	−5.315%	$4K	$48K	12x
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	13.091	−0.038%	$77.2M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.088	−0.064%	$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	13.074	−0.168%	$120.9M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.076	−0.153%	$84.3M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.075	−0.160%	$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	13.084	−0.092%	$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	13.083	−0.099%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.094	−0.015%	$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-USD	+0.0104%	1h	13.077	−0.142%	$664K	$1.9M	25x	as long as short
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