Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.035%

Price spread now: Binance against Phoenix−0.258%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 0.258% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.258% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 14 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	13.193	0.0036	pay 0.0005% / 1h	21m 02s	$4K	$89K	10x
Short	Binance LINKUSDT	13.159	0.0100	get 0.0100% / 8h	7h 21m	$122.3M	$301.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.258%Rate

Funding earned: $13.35
Price spread: −0.258% → 0.000%: −$25.77
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$29.42
Costs to cover: 0.170%
Break-even: 22.4 days

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 7 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.38 bp	6.4 bp −$6	12.2 bp −$122	42.0 bp −$4,205	125.0 bp −$62.5K

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 −0.0091% / S +0.0167%	1h	13.162	−0.238%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.166	−0.205%	$475K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.161	−0.241%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.011%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0036%	1h	13.193	long leg	$4K	$89K	10x
Orderly PERP_LINK_USDC	+0.0064%	8h	13.160	−0.250%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.163	−0.227%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.215	+0.166%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.156	−0.280%	$404K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.161	−0.245%	$1.4M	$3.0M	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	13.156	−0.279%	$276K	$154K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	13.159	−0.258%	$122.3M	$301.1M	75x
Bybit LINKUSDT	+0.0100%	8h	13.159	−0.258%	$84.8M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.165	−0.212%	$27.6M	$84.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.174	−0.144%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.158	−0.265%	$130.3M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.157	−0.273%	$36.9M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.167	−0.197%	$23.0M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.167	−0.197%	$54.8M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.157	−0.273%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.157	−0.270%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.172	−0.162%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.202	+0.068%	$601K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.176	−0.129%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.162	−0.235%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.251%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.176	−0.130%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.163	−0.227%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.145	−0.362%	$647K	$850K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.161	−0.243%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.164	−0.219%	$552K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0115%	1h	13.169	−0.179%	$782K	$211K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.162	−0.235%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0181%	1h	13.169	−0.182%	$366K	$365K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.165	−0.212%	$5.2M	$15.9M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.172	−0.157%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.158	−0.265%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0439%	1h	13.153	−0.300%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0563%	1h	13.175	−0.136%	$81.4M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0635%	8h	13.179	−0.106%	$20.4M	$11.6M	50x	as long as short