Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0384%/8h= −42.1% APRpaid last 24h −0.065%

Price spread now: Pacifica against Phemex−0.128%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now −0.128%, 7d avg −0.087%

Together, before fees−0.309%+ Points / potential airdropPacifica: Active · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Pacifica is 0.041% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.125	0.0484	pay 0.0484% / 8h	9m 21s	$20.3M	$11.6M	50x
Short	Pacifica LINK	13.108	0.0100	get 0.0013% / 1h	9m 21s	$276K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.128%Rate

Funding earned: −$80.67
Price spread: −0.128% → −0.087%: −$4.12
Slippage, 4 orders: −$20.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$125.43
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Pacifica: live order book, 4 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	1.14 bp	9.9 bp −$10	14.4 bp −$144	doesn't fit	doesn't fit
Sell Pacifica live order book, 4 min ago	3.82 bp	9.8 bp −$10	doesn't fit	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 +0.0167%	1h	13.111	−0.107%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.114	−0.082%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.115	−0.078%	$726K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.110	−0.117%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.108	−0.126%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.524%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.109	−0.122%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.107	−0.139%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.100	−0.191%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.100	−0.187%	$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	13.108	−0.127%	$1.4M	$3.0M	50x	as long as short
Pacifica LINKshort	+0.0100%	1h	13.108	−0.128%	$276K	$150K	10x
Binance LINKUSDT	+0.0100%	8h	13.109	−0.122%	$121.8M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.107	−0.137%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.106	−0.145%	$27.6M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.116	−0.069%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.106	−0.145%	$130.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.111	−0.107%	$36.1M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.106	−0.145%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.107	−0.137%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.111	−0.107%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.083	−0.323%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.101	−0.186%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.087	−0.290%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.106	−0.145%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.111	−0.107%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.106	−0.147%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.124	−0.008%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.111	−0.107%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.188%	$645K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.097	−0.214%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.112	−0.097%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.116	−0.069%	$994K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.119	−0.046%	$362K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.088	−0.282%	$5.2M	$16.8M	75x	as long as short
Hyperliquid LINK	+0.0295%	1h	13.122	−0.023%	$77.8M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.105	−0.154%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.119	−0.049%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTlong	+0.0484%	8h	13.125	long leg	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0530%	1h	13.105	−0.153%	$347K	$48K	10x	as long as short