Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.050%

Price spread now: Kraken Futures against Phemex−0.111%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.111%, 7d avg −0.081%

Together, before fees−0.168%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.030% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.081%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.938	0.0100	pay 0.0100% / 8h	7h 57m	$20.0M	$11.4M	50x
Short	Kraken Futures PF_LINKUSD	12.924	0.0049	get 0.0006% / 1h	57m 02s	$6.4M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$10.7
Price spread: −0.111% → −0.081%: −$3.02
Slippage, 4 orders: −$28.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$63.77
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: live order book, 2 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	1.93 bp	9.8 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.87 bp	11.1 bp −$11	16.9 bp −$169	47.7 bp −$4,772	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
Orderly PERP_LINK_USDC	−0.0100%	8h	12.914	−0.186%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.919	−0.145%	$1.7M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	12.908	−0.232%	$344K	$45K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.915	−0.177%	$515K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.919	−0.148%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.158%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0049%	1h	12.924	−0.111%	$6.4M	$8.4M	50x
Phoenix LINK	+0.0074%	1h	12.910	−0.218%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.921	−0.134%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.915	−0.179%	$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	12.912	−0.197%	$349K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.929	−0.070%	$80.7M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.918	−0.156%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.911	−0.207%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.917	−0.160%	$119.4M	$298.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.912	−0.201%	$83.7M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.918	−0.155%	$27.1M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.930	−0.062%	$181K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.920	−0.139%	$134.1M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.917	−0.162%	$35.0M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.921	−0.131%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.914	−0.186%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.916	−0.170%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.879	−0.458%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.352%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.889	−0.376%	$578K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	−0.301%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.918	−0.155%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.919	−0.144%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.935	−0.025%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.920	−0.139%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.355%	$630K	$750K	75x	as long as short
Phemex LINKUSDTlong	+0.0100%	8h	12.938	long leg	$20.0M	$11.4M	50x
Extended LINK-USD	+0.0104%	1h	12.913	−0.192%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.922	−0.124%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0175%	1h	12.931	−0.054%	$336K	$385K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.923	−0.116%	$929K	$3.0M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.914	−0.186%	$5.3M	$15.9M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0238%	1h	12.927	−0.086%	$809K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.912	−0.199%	$4K	—	20x	as long as short