Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0295%/8h= −32.4% APRpaid last 24h −0.026%

Price spread now: Orderly against ApeX Omni−0.270%70s7-day average −0.027% · you buy dearer than you sell

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.432%+$43 · spread now −0.270%, 7d avg −0.027%

Together, before fees+0.400%+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Orderly is 0.243% cheaper against ApeX Omni than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.027%). Swap the legs. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni LINKUSDT	12.973	0.0100	pay 0.0013% / 1h	51m 38s	$132K	$668K	50x
Short	Orderly PERP_LINK_USDC	12.938	−0.0196	pay 0.0196% / 8h	5h 51m	$85K	$875K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against ApeX 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 ApeX OmnibpFee OrderlybpOrdersPrice spread, now −0.270%Rate

Funding earned: −$62.06
Price spread: −0.270% → −0.027%: −$24.28
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$102.33
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 59 min ago; Orderly: 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 ApeX Omni live order book, 59 min ago	5.04 bp	12.7 bp −$13	71.6 bp −$716	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 39 exchanges

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
Orderly PERP_LINK_USDCshort	−0.0196%	8h	12.938	−0.270%	$85K	$875K	20x
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.950	−0.178%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.971	−0.012%	$488K	$2.0M	3.7x	as long as short
Phoenix LINK	0.0000%	1h	12.980	+0.055%	$3K	$81K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	12.957	−0.119%	$115K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.417%	$4K	$48K	12x	as long as short
SoDEX LINK-USD	+0.0089%	1h	12.949	−0.185%	$11K	$61K	10x	as long as short
Variational Omni LINK	+0.0094%	8h	12.971	−0.014%	$3.4M	$1.8M	—	as long as short
HTX LINK-USDT	+0.0094%	8h	12.938	−0.273%	$607K	$677K	75x	as long as short
Lighter LINK	+0.0096%	1h	12.941	−0.246%	$1.9M	$2.3M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	12.938	−0.269%	$31K	$600	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.944	−0.224%	$348K	$279K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.953	−0.154%	$81.5M	$25.2M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.947	−0.197%	$1.4M	$2.5M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.943	−0.234%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.942	−0.239%	$120.1M	$267.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.940	−0.254%	$83.7M	$66.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.945	−0.216%	$27.3M	$73.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.962	−0.085%	$183K	$83K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.945	−0.216%	$133.8M	$17.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.942	−0.239%	$35.7M	$54.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.946	−0.208%	$22.9M	$11.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.942	−0.239%	$54.2M	$26.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.945	−0.216%	—	$23.9M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.955	−0.139%	$335K	$352K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	+0.091%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.965	−0.063%	$590K	$3.1M	10x	as long as short
ApeX Omni LINKUSDTlong	+0.0100%	1h	12.973	long leg	$132K	$668K	50x
Polymarket Perps LINK-USD	+0.0100%	1h	12.951	−0.170%	$82K	$64K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.962	−0.088%	$33K	$1.2M	30x	as long as short
Extended LINK-USD	+0.0104%	1h	12.940	−0.253%	$628K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.947	−0.202%	$543K	$2K	3x	as long as short
Kraken Futures PF_LINKUSD	+0.0173%	1h	12.948	−0.192%	$6.5M	$7.4M	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0200%	1h	12.951	−0.170%	$974K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.957	−0.123%	$5.4M	$15.3M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0314%	1h	12.956	−0.129%	$889K	$356K	50x	as long as short
Reya LINKRUSDPERP	+0.0408%	1h	12.940	−0.255%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0448%	8h	12.965	−0.062%	$20.0M	$10.2M	50x	as long as short
dYdX LINK-USD	+0.0509%	1h	12.951	−0.173%	$348K	$34K	10x	as long as short