Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against SunX−6.317%61s7-day average — · you buy dearer than you sell

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.949%+$95 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 −$2 a day on $10k at the current rate, and Injective is 6.317% cheaper against SunX than usual: you would sell low and buy high (−$632 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 +0.949%, so the current rate has only just turned against you. The two prices were read 61 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	SunX LINK-USDT	13.236	0.0100	pay 0.0100% / 8h	59m 50s	$34K	$1.6M	30x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	59m 50s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. 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 SunXbpFee InjectivebpOrdersPrice spread, now −6.317%Rate

Funding earned: −$14
Price spread: −6.317% → 0.000%: −$631.68
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$653.7
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; Injective: 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 SunX live order book, 5 min ago	13.69 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0090% / S +0.0167%	1h	13.222	−0.109%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.231	−0.041%	$488K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.221	−0.114%	$134K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0007%	1h	13.226	−0.076%	$725K	$128K	50x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−6.317%	$4K	$48K	12x
Phoenix LINK	+0.0037%	1h	13.203	−0.249%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.219	−0.129%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0056%	1h	13.223	−0.097%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.214	−0.168%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.214	−0.164%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.215	−0.159%	$404K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.224	−0.091%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.220	−0.122%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.221	−0.114%	$123.0M	$303.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.208	−0.212%	$85.3M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.221	−0.114%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.233	−0.023%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.222	−0.107%	$131.0M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.221	−0.114%	$37.0M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.224	−0.091%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.220	−0.122%	$55.1M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.219	−0.129%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.194	−0.320%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	−0.239%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.288%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.207	−0.220%	$154K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.226	−0.076%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.219	−0.133%	$16K	$22K	10x	as long as short
SunX LINK-USDTlong	+0.0100%	8h	13.236	long leg	$34K	$1.6M	30x
SoDEX LINK-USD	+0.0100%	1h	13.222	−0.107%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.200	−0.277%	$649K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.217	−0.143%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.224	−0.091%	$555K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.221	−0.114%	$999K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	−0.227%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0223%	1h	13.231	−0.039%	$365K	$380K	15x	as long as short
Hyperliquid LINK	+0.0274%	1h	13.234	−0.012%	$78.2M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.219	−0.125%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0460%	8h	13.234	−0.016%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0691%	1h	13.228	−0.060%	$7.0M	$8.2M	50x	as long as short