Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h +0.013%

Price spread now: Orderly against SoDEX−0.030%7-day average — · you buy dearer than you sell

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

Long on SoDEX 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—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.030% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX LINK-USD	13.118	0.0100	pay 0.0013% / 1h	32m 04s	$5K	$40K	10x
Short	Orderly PERP_LINK_USDC	13.114	0.0048	get 0.0048% / 8h	2h 32m	$134K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now −0.030%Rate

Funding earned: −$11
Price spread: −0.030% → 0.000%: −$3.05
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.05
Costs to cover: 0.140%
Break-even: never at this rate

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

SoDEX 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 −0.0091% / S +0.0165%	1h	13.121	+0.020%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	+0.059%	$466K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.122	+0.029%	$711K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.123	+0.034%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.118	+0.002%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0026%	1h	13.124	+0.045%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.473%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0048%	8h	13.114	−0.030%	$134K	$1.6M	20x
Variational Omni LINK	+0.0059%	8h	13.098	−0.152%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.125	+0.050%	$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	13.120	+0.015%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.118	+0.004%	$398K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.135	+0.130%	$77.6M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.124	+0.047%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.123	+0.037%	$275K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.121	+0.023%	$121.3M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.121	+0.023%	$84.6M	$69.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.123	+0.038%	$27.7M	$84.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.133	+0.114%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.122	+0.030%	$130.5M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.120	+0.015%	$36.0M	$56.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.123	+0.038%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.120	+0.015%	$54.3M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.121	+0.023%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.132	+0.107%	$363K	$371K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.099	−0.142%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.106	−0.093%	$592K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.110	−0.061%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.125	+0.053%	$80K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.116	−0.018%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.136	+0.137%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USDlong	+0.0100%	1h	13.118	long leg	$5K	$40K	10x
HTX LINK-USDT	+0.0100%	8h	13.103	−0.117%	$644K	$911K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.116	−0.015%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.122	+0.034%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.122	+0.030%	$988K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.118	0.000%	$5.2M	$16.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.119	+0.010%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0482%	8h	13.134	+0.122%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.128	+0.078%	$7.0M	$7.8M	50x	as long as short