Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0463%/8h= +50.7% APRpaid last 24h +0.075%

Price spread now: Phemex against Aevo+0.021%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$830.833% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now +0.021%, 7d avg +0.087%

Together, before fees+0.262%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.066% cheaper against Aevo than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.087%). If the spread goes back, that is −$7 on $10k: about 11 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.241% in total) that is about 46 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.241% in total (about 12.5% 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	Aevo LINK-PERP	13.008	0.0104	pay 0.0013% / 1h	44m 11s	$545K	$2K	3x
Short	Phemex LINKUSDT	13.011	0.0567	get 0.0567% / 8h	6h 44m	$20.1M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.021%Rate

Funding earned: $97.17
Price spread: +0.021% → +0.087%: −$6.62
Slippage, 4 orders: −$55.25
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: $7.3
Costs to cover: 0.833%
Break-even: 6.5 days

Slippage from Aevo: live order book, 25 min ago; Phemex: live order book, 5 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 Aevo live order book, 25 min ago	18.58 bp	33.8 bp −$34	181.9 bp −$1,819	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.38 bp	9.5 bp −$9	14.6 bp −$146	doesn't fit	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	12.991	−0.132%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.021	+0.097%	$467K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.996	−0.094%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.676%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.022	+0.108%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.999	−0.071%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.986	−0.171%	$954K	$2.7M	50x	as long as short
dYdX LINK-USD	+0.0087%	1h	12.982	−0.198%	$344K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.003	−0.044%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.046	+0.292%	$31K	$2K	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	12.992	−0.125%	$392K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.987	−0.160%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.982	−0.198%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.004	−0.033%	$120.2M	$302.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.003	−0.040%	$83.8M	$71.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.000	−0.063%	$27.3M	$84.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.995	−0.102%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.004	−0.033%	$128.4M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.005	−0.025%	$34.7M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.007	−0.010%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.001	−0.056%	$53.8M	$30.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.002	−0.048%	—	$22.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.015	+0.052%	$342K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.988	−0.152%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.009	+0.008%	$43K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.013	+0.037%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.015	+0.052%	$134K	$683K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	−0.094%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.004	−0.035%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.005	−0.024%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.004	−0.033%	$15K	$42K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.965	−0.335%	$639K	$871K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.002	−0.046%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERPlong	+0.0104%	1h	13.008	long leg	$545K	$2K	3x
Deribit LINK_USDC-PERPETUAL	+0.0219%	1h	13.011	+0.020%	$773K	$212K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.004	−0.033%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.987	−0.162%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0445%	1h	13.020	+0.090%	$80.0M	$29.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.009	+0.006%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTshort	+0.0567%	8h	13.011	+0.021%	$20.1M	$11.5M	50x