Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.015%

Price spread now: Derive against Variational Omni−0.242%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Derive

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 airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.242% cheaper against Variational Omni than usual: you would sell low and buy high, −$24 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	13.205	0.0100	pay 0.0100% / 8h	1h 39m	$3.3M	$1.5M	—
Short	Derive LINK-PERP	13.173	0.0100	get 0.0013% / 1h	39m 21s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee DerivebpOrdersPrice spread, now −0.242%Rate

Funding earned: $0
Price spread: −0.242% → 0.000%: −$24.15
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Derive: 3 bp × 2 orders: −$6
Net: −$30.15
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Derive: 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 Variational Omni RFQ quote, 5 min ago	3.11 bp	doesn't fit	9.2 bp −$92	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	13.178	−0.201%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.189	−0.120%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.190	−0.114%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.178	−0.203%	$719K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.180	−0.188%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.096%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.208	+0.026%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.175	−0.227%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.186	−0.142%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.182	−0.171%	$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	13.179	−0.197%	$400K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.191	−0.106%	$77.8M	$23.7M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.186	−0.147%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.188	−0.126%	$276K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.180	−0.189%	$122.3M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.177	−0.212%	$84.9M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.180	−0.189%	$27.7M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.199	−0.045%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.182	−0.174%	$130.9M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.180	−0.189%	$36.7M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.186	−0.144%	$22.3M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.178	−0.204%	$54.8M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.181	−0.182%	—	$21.6M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	13.205	long leg	$3.3M	$1.5M	—
edgeX LINKUSDC	+0.0100%	4h	13.200	−0.039%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.051%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.206	+0.008%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.182	−0.174%	$81K	$68K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.173	−0.242%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.195	−0.074%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.177	−0.212%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.175	−0.226%	$648K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.173	−0.240%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.178	−0.204%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	−0.023%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0185%	1h	13.213	+0.061%	$367K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.183	−0.166%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.180	−0.192%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0456%	8h	13.192	−0.098%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0693%	1h	13.185	−0.148%	$6.9M	$8.0M	50x	as long as short