Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.006%

Price spread now: Orderly against Polymarket Perps−0.078%53s7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.359%+$36 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.078% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.359%, so the current rate has only just turned against you. The two prices were read 53 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	Polymarket Perps LINK-USD	12.876	0.0100	pay 0.0013% / 1h	42m 28s	$81K	$71K	10x
Short	Orderly PERP_LINK_USDC	12.866	0.0054	get 0.0054% / 8h	2h 42m	$101K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Polymarket Perps. 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 Polymarket PerpsbpFee OrderlybpOrdersPrice spread, now −0.078%Rate

Funding earned: −$9.67
Price spread: −0.078% → 0.000%: −$7.77
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$31.44
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Orderly: no order-book sample. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Polymarket Perps and Orderly: 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 −0.0089% / S +0.0166%	1h	12.874	−0.016%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.870	−0.044%	$509K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.876	+0.003%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.697%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0054%	8h	12.866	−0.078%	$101K	$1.2M	20x
Phoenix LINK	+0.0074%	1h	12.903	+0.210%	$3K	$82K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0084%	1h	12.882	+0.050%	$787K	$228K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.877	+0.011%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.871	−0.041%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.870	−0.043%	$341K	$339K	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	12.874	−0.016%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.877	+0.012%	$274K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.870	−0.043%	$119.1M	$300.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.865	−0.085%	$82.9M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.867	−0.070%	$27.2M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.890	+0.109%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.868	−0.062%	$124.0M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.876	0.000%	$33.1M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.885	+0.070%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.869	−0.054%	$53.9M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.873	−0.023%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.880	+0.031%	$338K	$389K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.896	+0.157%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	+0.287%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.898	+0.171%	$585K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.910	+0.264%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USDlong	+0.0100%	1h	12.876	long leg	$81K	$71K	10x
Derive LINK-PERP	+0.0100%	1h	12.873	−0.020%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.895	+0.144%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.875	−0.008%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.876	−0.004%	$632K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.867	−0.069%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.877	+0.012%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.904	+0.217%	$916K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.878	+0.016%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0266%	1h	12.896	+0.155%	$80.5M	$27.5M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.878	+0.017%	$6.6M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.869	−0.052%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0578%	8h	12.893	+0.132%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.1011%	1h	12.883	+0.054%	$342K	$32K	10x	as long as short