Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.065%

Price spread now: Nado against Phemex−0.094%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.316% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.173%−$17 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now −0.094%, 7d avg −0.118%

Together, before fees−0.235%+ Points / potential airdropNado: Active · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.023% dearer against Phemex than usual: you sell high and buy low (spread −0.094% now, against its 7-day average of −0.118%): +$2 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.267	0.0463	pay 0.0463% / 8h	53m 40s	$20.6M	$11.6M	50x
Short	Nado LINK-PERP	13.255	0.0100	get 0.0012% / 1h	53m 40s	$405K	$313K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.094%Rate

Funding earned: −$76.15
Price spread: −0.094% → −0.118%: $2.35
Slippage, 4 orders: −$12.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$105.44
Costs to cover: 0.316%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Nado: live order book, 24 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, 5 min ago	1.13 bp	9.3 bp −$9	15.6 bp −$156	doesn't fit	doesn't fit
Sell Nado live order book, 24 min ago	1.14 bp	6.9 bp −$7	22.6 bp −$226	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	13.253	−0.109%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.253	−0.103%	$476K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.252	−0.115%	$135K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0006%	1h	13.259	−0.060%	$727K	$128K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.535%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.224	−0.325%	$4K	$84K	10x	as long as short
dYdX LINK-USD	+0.0039%	1h	13.242	−0.191%	$351K	$48K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.253	−0.106%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.242	−0.192%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.243	−0.183%	$32K	$3K	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-PERPshort	+0.0100%	1h	13.255	−0.094%	$405K	$313K	10x
Aster LINKUSDT	+0.0100%	8h	13.246	−0.157%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.250	−0.130%	$278K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.250	−0.131%	$123.4M	$303.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.249	−0.136%	$85.6M	$70.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.255	−0.090%	$27.9M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.268	+0.008%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.251	−0.121%	$131.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.255	−0.090%	$37.3M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.244	−0.173%	$22.6M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.252	−0.113%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.253	−0.106%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.231	−0.274%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.228	−0.293%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.231	−0.271%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.228	−0.294%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.257	−0.075%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.250	−0.126%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.269	+0.014%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.255	−0.090%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.221	−0.347%	$650K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.251	−0.117%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.256	−0.084%	$556K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.254	−0.098%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.247	−0.151%	$5.3M	$17.2M	75x	as long as short
Hyperliquid LINK	+0.0312%	1h	13.257	−0.075%	$78.4M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.252	−0.112%	$5K	—	20x	as long as short
Backpack LINK_USDC_PERP	+0.0392%	1h	13.260	−0.053%	$366K	$380K	15x	as long as short
Phemex LINKUSDTlong	+0.0463%	8h	13.267	long leg	$20.6M	$11.6M	50x
Kraken Futures PF_LINKUSD	+0.0473%	1h	13.264	−0.023%	$7.0M	$8.2M	50x	as long as short