Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.030%

Price spread now: Gate against Phoenix−0.085%92s7-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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.149%+$15 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. Gate is 0.085% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.085% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 5.6 days of funding at the current rate (+$2 a day). The two prices were read 92 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	13.002	0.0049	pay 0.0006% / 1h	11m 42s	$3K	$86K	10x
Short	Gate LINK_USDT	12.991	0.0100	get 0.0100% / 8h	6h 11m	$128.1M	$12.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.085%Rate

Funding earned: $10.72
Price spread: −0.085% → 0.000%: −$8.54
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$19.82
Costs to cover: 0.220%
Break-even: 19.9 days

Slippage unknown: Phoenix: no order-book sample; Gate: 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 Gate live order book, 2 min ago	0.38 bp	12.5 bp −$13	16.9 bp −$169	35.1 bp −$3,509	78.2 bp −$39.1K

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 39 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	12.995	−0.057%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.007	+0.038%	$475K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.996	−0.048%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.631%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0049%	1h	13.002	long leg	$3K	$86K	10x
Orderly PERP_LINK_USDC	+0.0068%	8h	12.994	−0.062%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.998	−0.032%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.985	−0.130%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.994	−0.066%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.992	−0.074%	$395K	$322K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.997	−0.038%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.987	−0.113%	$275K	$172K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.987	−0.114%	$119.3M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.983	−0.147%	$83.8M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.983	−0.147%	$27.3M	$84.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.011	+0.068%	$182K	$165K	10x	as long as short
Gate LINK_USDTshort	+0.0100%	8h	12.991	−0.085%	$128.1M	$12.9M	75x
MEXC LINK_USDT	+0.0100%	8h	12.993	−0.070%	$33.0M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.995	−0.055%	$23.1M	$14.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.990	−0.093%	$54.0M	$30.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.987	−0.116%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	−0.100%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.991	−0.083%	$43K	$311K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.997	−0.036%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.995	−0.055%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.002	−0.001%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.996	−0.047%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.007	+0.038%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.995	−0.055%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.920	−0.635%	$637K	$857K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.990	−0.095%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.998	−0.035%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0125%	1h	13.001	−0.008%	$338K	$383K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0150%	1h	13.000	−0.018%	$772K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.993	−0.067%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0390%	1h	12.987	−0.120%	$344K	$35K	10x	as long as short
Hyperliquid LINK	+0.0462%	1h	13.004	+0.015%	$80.7M	$26.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.999	−0.026%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0601%	8h	13.010	+0.061%	$20.1M	$11.5M	50x	as long as short