Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h −0.001%

Price spread now: Phemex against Reya−0.023%46s7-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 Phemex

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

Funding pays, the price is against you. Phemex is 0.023% cheaper against Reya than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 13 hours of funding at the current rate (+$4 a day). The two prices were read 46 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	Reya LINKRUSDPERP	12.997	0.0391	pay 0.0049% / 1h	57m 21s	$4K	—	20x
Short	Phemex LINKUSDT	12.994	0.0529	get 0.0529% / 8h	3h 57m	$20.1M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $28.97
Price spread: −0.023% → 0.000%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $8.68
Costs to cover: 0.180%
Break-even: 4.9 days

Slippage unknown: Reya: no order-book sample; Phemex: 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 Phemex live order book, 2 min ago	1.54 bp	9.8 bp −$10	17.2 bp −$172	doesn't fit	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 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	12.998	+0.009%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.983	−0.106%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.999	+0.016%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.593%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.999	+0.016%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.007	+0.075%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0099%	1h	12.981	−0.126%	$3K	$82K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.006	+0.068%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.999	+0.019%	$392K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.003	+0.048%	$1.3M	$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	13.008	+0.088%	$276K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.002	+0.040%	$120.5M	$298.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.996	−0.007%	$83.9M	$72.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.997	0.000%	$27.5M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.017	+0.154%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	+0.016%	$128.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.002	+0.039%	$32.9M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.002	+0.039%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.997	0.000%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.000	+0.023%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.990	−0.052%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.989	−0.064%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.977	−0.155%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.995	−0.015%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.006	+0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.996	−0.004%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.013	+0.120%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.000	+0.023%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.968	−0.222%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.993	−0.030%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.001	+0.027%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.012	+0.116%	$942K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0127%	1h	12.999	+0.016%	$340K	$386K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.980	−0.131%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0227%	1h	13.005	+0.059%	$782K	$202K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0243%	1h	13.004	+0.056%	$6.7M	$8.1M	50x	as long as short
Reya LINKRUSDPERPlong	+0.0391%	1h	12.997	long leg	$4K	—	20x
Hyperliquid LINK	+0.0395%	1h	13.016	+0.146%	$81.5M	$27.4M	10x	as long as short
dYdX LINK-USD	+0.0486%	1h	13.003	+0.044%	$344K	$30K	10x	as long as short
Phemex LINKUSDTshort	+0.0529%	8h	12.994	−0.023%	$20.1M	$11.4M	50x