Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0463%/8h= −50.7% APRpaid last 24h −0.111%

Price spread now: Phoenix against Phemex+0.052%73s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.465%−$46 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.052% dearer against Phemex than usual: you sell high and buy low (spread +0.052% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.465% in total) that is about 19 hours. The two prices were read 73 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	13.001	0.0537	pay 0.0537% / 8h	3h 32m	$20.1M	$11.3M	50x
Short	Phoenix LINK	13.008	0.0074	get 0.0009% / 1h	32m 09s	$3K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhoenixbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$97.27
Price spread: +0.052% → 0.000%: $5.15
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$111.11
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Phoenix: 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, 2 min ago	1.15 bp	8.1 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 −0.0089% / S +0.0166%	1h	12.984	−0.127%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.074%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.984	−0.130%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.623%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.983	−0.138%	$117K	$1.1M	20x	as long as short
Phoenix LINKshort	+0.0074%	1h	13.008	+0.052%	$3K	$82K	10x
Lighter LINK	+0.0096%	1h	12.984	−0.129%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.988	−0.097%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.982	−0.142%	$392K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.987	−0.108%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.991	−0.081%	$275K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.984	−0.135%	$120.6M	$300.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.980	−0.162%	$83.9M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.983	−0.138%	$27.5M	$81.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.000	−0.008%	$182K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.983	−0.138%	$128.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.984	−0.131%	$32.9M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.989	−0.092%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.987	−0.108%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.982	−0.146%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.992	−0.069%	$341K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.976	−0.191%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.984	−0.129%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.985	−0.121%	$581K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.013	+0.092%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.990	−0.085%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.983	−0.137%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.002	+0.005%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.984	−0.131%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.967	−0.263%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.980	−0.160%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.985	−0.123%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.996	−0.038%	$925K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.986	−0.115%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0227%	1h	12.991	−0.077%	$789K	$210K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.987	−0.106%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0355%	1h	12.998	−0.022%	$81.2M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.981	−0.155%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0537%	8h	13.001	long leg	$20.1M	$11.3M	50x
dYdX LINK-USD	+0.0621%	1h	12.984	−0.128%	$344K	$30K	10x	as long as short