Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h −0.088%

Price spread now: Bybit against Reya+0.035%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bybit

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 airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bybit is 0.035% dearer against Reya than usual: you sell high and buy low (spread +0.035% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya LINKRUSDPERP	12.972	0.0385	pay 0.0048% / 1h	7m 01s	$4K	—	20x
Short	Bybit LINKUSDT	12.977	0.0100	get 0.0100% / 8h	6h 07m	$83.8M	$71.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now +0.035%Rate

Funding earned: −$59.85
Price spread: +0.035% → 0.000%: $3.51
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$73.34
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.39 bp	6.5 bp −$6	11.7 bp −$117	36.2 bp −$3,618	doesn't fit

Reya: 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	12.975	+0.020%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.980	+0.057%	$468K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.976	+0.027%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.413%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.992	+0.152%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.975	+0.020%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.978	+0.043%	$950K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.983	+0.080%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.974	+0.014%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.966	−0.046%	$394K	$318K	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	12.985	+0.094%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.981	+0.062%	$275K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.986	+0.105%	$119.4M	$300.5M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.977	+0.035%	$83.8M	$71.8M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.989	+0.128%	$27.4M	$82.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.990	+0.135%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.982	+0.074%	$128.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.985	+0.097%	$33.1M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.986	+0.104%	$23.0M	$14.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.980	+0.058%	$53.9M	$30.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.986	+0.104%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	+0.052%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.957	−0.116%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.959	−0.104%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.111%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	+0.058%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.977	+0.033%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.980	+0.059%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.983	+0.081%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.914	−0.452%	$637K	$691K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.976	+0.031%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.982	+0.072%	$544K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0131%	1h	12.990	+0.135%	$338K	$379K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0197%	1h	12.985	+0.097%	$771K	$212K	50x	as long as short
Reya LINKRUSDPERPlong	+0.0385%	1h	12.972	long leg	$4K	—	20x
dYdX LINK-USD	+0.0448%	1h	12.983	+0.080%	$344K	$31K	10x	as long as short
Hyperliquid LINK	+0.0467%	1h	12.998	+0.197%	$80.8M	$26.2M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.990	+0.132%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0638%	8h	12.997	+0.189%	$20.1M	$11.5M	50x	as long as short