Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.041%

Price spread now: BingX against Phoenix+0.136%79s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 0.136% dearer against Phoenix than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 79 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	Phoenix LINK	13.203	0.0037	pay 0.0005% / 1h	0m 04s	$3K	$81K	10x
Short	BingX LINK-USDC	13.221	0.0100	get 0.0100% / 8h	1h 00m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.136%Rate

Funding earned: $13.32
Price spread: +0.136% → 0.000%: $13.56
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $9.87
Costs to cover: 0.170%
Break-even: 1.8 days

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 2 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 BingX live order book, 2 min ago	0.76 bp	9.3 bp −$9	17.7 bp −$177	78.7 bp −$7,869	448.1 bp −$224.0K

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 −0.0090% / S +0.0167%	1h	13.222	+0.141%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.231	+0.209%	$488K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.221	+0.136%	$134K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0007%	1h	13.226	+0.173%	$725K	$128K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.083%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0037%	1h	13.203	long leg	$3K	$81K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.219	+0.120%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0056%	1h	13.223	+0.153%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.219	+0.124%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.214	+0.086%	$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-PERP	+0.0100%	1h	13.215	+0.090%	$404K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.235	+0.242%	$78.2M	$24.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.225	+0.167%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.220	+0.128%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.223	+0.149%	$123.1M	$303.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.219	+0.120%	$85.4M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.222	+0.143%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.233	+0.226%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.220	+0.128%	$131.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.220	+0.128%	$37.0M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.224	+0.158%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.219	+0.120%	$55.1M	$30.6M	75x	as long as short
BingX LINK-USDCshort	+0.0100%	8h	13.221	+0.136%	—	$6.6M	—
Variational Omni LINK	+0.0100%	8h	13.194	−0.071%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	+0.010%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.039%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.207	+0.030%	$154K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.226	+0.173%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.219	+0.117%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.236	+0.250%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.222	+0.143%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.200	−0.027%	$649K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.217	+0.108%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.224	+0.158%	$555K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.221	+0.136%	$999K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	+0.022%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0223%	1h	13.231	+0.211%	$365K	$380K	15x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.219	+0.124%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0460%	8h	13.234	+0.234%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0691%	1h	13.228	+0.189%	$7.0M	$8.2M	50x	as long as short