Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h +0.021%

Price spread now: Variational Omni against Phoenix−0.159%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Variational Omni is 0.159% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.159% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 7.6 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	13.185	0.0018	pay 0.0002% / 1h	17m 20s	$3K	$84K	10x
Short	Variational Omni LINK	13.164	0.0087	get 0.0087% / 8h	2h 17m	$3.3M	$1.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.159%Rate

Funding earned: $14.54
Price spread: −0.159% → 0.000%: −$15.87
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.33
Costs to cover: 0.070%
Break-even: 11.0 days

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 2 min ago	3.12 bp	doesn't fit	11.2 bp −$112	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 −0.0092% / S +0.0166%	1h	13.196	+0.087%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.197	+0.093%	$493K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.199	+0.111%	$718K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.196	+0.088%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0017%	1h	13.194	+0.069%	$349K	$60K	10x	as long as short
Phoenix LINKlong	+0.0018%	1h	13.185	long leg	$3K	$84K	10x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.952%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0042%	8h	13.189	+0.033%	$135K	$1.6M	20x	as long as short
Variational Omni LINKshort	+0.0087%	8h	13.164	−0.159%	$3.3M	$1.5M	—
Lighter LINK	+0.0096%	1h	13.192	+0.054%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.192	+0.053%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.192	+0.055%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.210	+0.192%	$78.1M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.200	+0.118%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.192	+0.055%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.190	+0.042%	$122.2M	$301.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.183	−0.013%	$84.9M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.184	−0.005%	$27.9M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.205	+0.154%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.195	+0.078%	$131.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.195	+0.078%	$37.5M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.196	+0.086%	$22.1M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.192	+0.055%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.195	+0.078%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.167	−0.134%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.164	−0.157%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	−0.127%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.198	+0.101%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.190	+0.043%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.209	+0.185%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.191	+0.048%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.172	−0.095%	$648K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.192	+0.055%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.198	+0.101%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.183	−0.013%	$989K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.186	+0.010%	$365K	$372K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.190	+0.040%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.193	+0.067%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0460%	8h	13.201	+0.124%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	13.199	+0.109%	$7.0M	$7.9M	50x	as long as short