Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0593%/8h= +64.9% APRpaid last 24h −0.003%

Price spread now: Kraken Futures against SunX−0.066%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$590.591% of the position

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 3 days (all we have)+0.070%+$7 · spread now −0.066%, 7d avg −0.084%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.084%, so right now this pair is about funding alone: +$18 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.045% in total (about -2.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX LINK-USDT	13.199	0.0100	pay 0.0100% / 8h	1h 42m	$34K	$1.6M	30x
Short	Kraken Futures PF_LINKUSD	13.190	0.0693	get 0.0087% / 1h	42m 32s	$7.0M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.066%Rate

Funding earned: $124.54
Price spread: −0.066% → −0.084%: $1.84
Slippage, 4 orders: −$41.12
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $67.26
Costs to cover: 0.591%
Break-even: 3.2 days

Slippage from SunX: live order book, 2 min ago; Kraken Futures: live order book, 1 min ago.

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, 2 min ago	13.65 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	2.27 bp	11.6 bp −$12	15.9 bp −$159	43.0 bp −$4,297	doesn't fit

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	13.178	−0.158%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.189	−0.076%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.190	−0.073%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.182	−0.128%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.180	−0.145%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.055%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.149	−0.377%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.179	−0.153%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.199	−0.003%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.193	−0.048%	$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	13.197	−0.017%	$400K	$315K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.212	+0.097%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.195	−0.035%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.196	−0.023%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.199	−0.002%	$122.4M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.197	−0.017%	$85.0M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.198	−0.009%	$27.7M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.207	+0.059%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.195	−0.032%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.194	−0.039%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.205	+0.044%	$22.4M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.197	−0.017%	$54.8M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.195	−0.032%	—	$21.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.394%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	−0.281%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	−0.259%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.206%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.200	+0.006%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.176	−0.177%	$16K	$22K	10x	as long as short
SunX LINK-USDTlong	+0.0100%	8h	13.199	long leg	$34K	$1.6M	30x
SoDEX LINK-USD	+0.0100%	1h	13.183	−0.123%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.157	−0.317%	$647K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.191	−0.060%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.181	−0.134%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.150	−0.373%	$991K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0175%	1h	13.200	+0.006%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.187	−0.092%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.198	−0.009%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0460%	8h	13.195	−0.032%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0693%	1h	13.190	−0.066%	$7.0M	$8.0M	50x