Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0342%/8h= −37.5% APRpaid last 24h −0.084%

Price spread now: Orderly against Reya−0.015%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Orderly

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya LINKRUSDPERP	12.907	0.0393	pay 0.0049% / 1h	10m 34s	$4K	—	20x
Short	Orderly PERP_LINK_USDC	12.905	0.0051	get 0.0051% / 8h	3h 10m	$115K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.015%Rate

Funding earned: −$71.83
Price spread: −0.015% → 0.000%: −$1.54
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$85.36
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Reya 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	12.907	+0.003%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.918	+0.085%	$491K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.907	+0.002%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.928%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0051%	8h	12.905	−0.015%	$115K	$1.1M	20x
Phoenix LINK	+0.0074%	1h	12.940	+0.258%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.904	−0.026%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.902	−0.036%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.917	+0.078%	$390K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.908	+0.009%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.906	−0.006%	$276K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.904	−0.023%	$119.8M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.901	−0.046%	$83.3M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.903	−0.031%	$27.3M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	+0.109%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.905	−0.015%	$127.9M	$13.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.905	−0.015%	$33.2M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.909	+0.016%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.903	−0.031%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.903	−0.031%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.913	+0.047%	$338K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.902	−0.038%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.934	+0.207%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.932	+0.194%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.936	+0.225%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.913	+0.047%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.904	−0.020%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.917	+0.081%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.911	+0.031%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.898	−0.071%	$633K	$679K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.899	−0.063%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.911	+0.027%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.923	+0.124%	$921K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0199%	1h	12.915	+0.058%	$784K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.917	+0.078%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.914	+0.052%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0302%	1h	12.919	+0.093%	$80.6M	$27.5M	10x	as long as short
Reya LINKRUSDPERPlong	+0.0393%	1h	12.907	long leg	$4K	—	20x
Phemex LINKUSDT	+0.0563%	8h	12.925	+0.140%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0858%	1h	12.903	−0.032%	$343K	$32K	10x	as long as short