Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Bybit against ApeX Omni−0.330%99s7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.435% of the position

Long on ApeX Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 4 days (all we have)−0.539%−$54 · spread now −0.330%, 7d avg −0.083%

Together, before fees−0.635%−$64 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.247% cheaper against ApeX Omni than usual: you would sell low and buy high, −$25 on $10k if it goes back to its 7-day average of −0.083%. The two prices were read 99 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	ApeX Omni LINKUSDT	13.038	0.0100	pay 0.0013% / 1h	19m 52s	$134K	$675K	50x
Short	Bybit LINKUSDT	12.995	0.0100	get 0.0100% / 8h	6h 19m	$83.9M	$72.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against ApeX Omni. 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 ApeX OmnibpFee BybitbpOrdersPrice spread, now −0.330%Rate

Funding earned: $0
Price spread: −0.330% → −0.083%: −$24.71
Slippage, 4 orders: −$22.52
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$68.23
Costs to cover: 0.435%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 48 min ago; Bybit: live order book, 4 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 ApeX Omni live order book, 48 min ago	6.07 bp	14.1 bp −$14	81.8 bp −$818	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.38 bp	8.7 bp −$9	13.8 bp −$138	37.4 bp −$3,743	doesn't fit

LINK on 39 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	12.990	−0.368%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.012	−0.202%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.992	−0.356%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.893%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.024	−0.107%	$3K	$86K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0050%	1h	12.993	−0.342%	$772K	$212K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.988	−0.383%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.049	+0.084%	$957K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.998	−0.306%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.993	−0.348%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.992	−0.349%	$395K	$322K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.006	−0.245%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.995	−0.331%	$275K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.999	−0.299%	$119.4M	$302.9M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.995	−0.330%	$83.9M	$72.5M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.993	−0.345%	$27.4M	$84.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.011	−0.207%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.000	−0.291%	$128.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.005	−0.253%	$33.1M	$59.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.008	−0.230%	$22.5M	$14.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	−0.307%	$54.1M	$30.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.995	−0.330%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.005	−0.252%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.033	−0.035%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.032	−0.046%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDTlong	+0.0100%	1h	13.038	long leg	$134K	$675K	50x
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	−0.322%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.990	−0.370%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.002	−0.275%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.990	−0.368%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.987	−0.392%	$641K	$858K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.000	−0.293%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.991	−0.360%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0110%	1h	13.005	−0.253%	$338K	$386K	15x	as long as short
dYdX LINK-USD	+0.0298%	1h	12.993	−0.346%	$344K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.986	−0.396%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0452%	1h	13.012	−0.199%	$80.5M	$26.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.996	−0.320%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0622%	8h	13.006	−0.245%	$20.1M	$11.5M	50x	as long as short