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 +0.041%

Price spread now: edgeX against Phoenix−0.097%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 edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.097% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.097% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 5.1 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	13.168	0.0036	pay 0.0005% / 1h	18m 57s	$4K	$89K	10x
Short	edgeX LINKUSDC	13.155	0.0100	get 0.0050% / 4h	3h 18m	$44K	$310K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.097%Rate

Funding earned: $13.35
Price spread: −0.097% → 0.000%: −$9.73
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$12.38
Costs to cover: 0.160%
Break-even: 13.5 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 54 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 edgeX live order book, 54 min ago	2.67 bp	7.2 bp −$7	10.3 bp −$103	doesn't fit	doesn't fit

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	13.150	−0.133%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.154	−0.100%	$475K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.133	−0.260%	$780K	$211K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.148	−0.149%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.829%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0036%	1h	13.168	long leg	$4K	$89K	10x
Orderly PERP_LINK_USDC	+0.0066%	8h	13.138	−0.224%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.120	−0.363%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.212	+0.335%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.146	−0.159%	$403K	$307K	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	13.125	−0.323%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.151	−0.128%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.114	−0.406%	$121.8M	$300.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.113	−0.414%	$84.5M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.115	−0.399%	$27.5M	$83.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.164	−0.027%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.115	−0.399%	$129.9M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.120	−0.361%	$36.7M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.127	−0.308%	$22.9M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.112	−0.421%	$54.6M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.117	−0.384%	—	$21.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.157	−0.077%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	13.155	−0.097%	$44K	$310K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.158	−0.069%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.158	−0.072%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	−0.103%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.141	−0.202%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.158	−0.070%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.122	−0.346%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.513%	$644K	$850K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.113	−0.417%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.141	−0.201%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.140	−0.209%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0180%	1h	13.131	−0.277%	$363K	$367K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.134	−0.254%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0366%	1h	13.130	−0.287%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.150	−0.136%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0419%	1h	13.146	−0.165%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0554%	1h	13.137	−0.232%	$81.1M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0695%	8h	13.141	−0.201%	$20.3M	$11.6M	50x	as long as short