Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.006%

Price spread now: Orderly against Arcus−0.233%7-day average −0.050% · you buy dearer than you sell

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

Long on Arcus Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 4 days (all we have)+0.245%+$25 · spread now −0.233%, 7d avg −0.050%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.183% cheaper against Arcus than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus LINK-USD	12.872	0.0100	pay 0.0013% / 1h	34m 22s	$180K	$167K	10x
Short	Orderly PERP_LINK_USDC	12.842	0.0047	get 0.0047% / 8h	2h 34m	$95K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Arcus. 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 ArcusbpFee OrderlybpOrdersPrice spread, now −0.233%Rate

Funding earned: −$11.07
Price spread: −0.233% → −0.050%: −$18.34
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$39.91
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 14 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 Arcus live order book, 14 min ago	11.98 bp	15.5 bp −$16	27.9 bp −$279	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 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 −0.0089% / S +0.0166%	1h	12.846	−0.202%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.899	+0.209%	$506K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.848	−0.183%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.667%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0047%	8h	12.842	−0.233%	$95K	$1.2M	20x
Phoenix LINK	+0.0074%	1h	12.887	+0.120%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.856	−0.126%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.855	−0.134%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.854	−0.140%	$343K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.852	−0.154%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.857	−0.114%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.848	−0.186%	$118.5M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.844	−0.218%	$82.8M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.846	−0.202%	$27.2M	$80.1M	50x	as long as short
Arcus LINK-USDlong	+0.0100%	1h	12.872	long leg	$180K	$167K	10x
Gate LINK_USDT	+0.0100%	8h	12.847	−0.194%	$123.8M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.852	−0.155%	$32.9M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.858	−0.109%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.849	−0.179%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.846	−0.202%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.895	+0.179%	$336K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	+0.004%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.869	−0.020%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	+0.062%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.877	+0.039%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.857	−0.117%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.844	−0.218%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	+0.322%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.897	+0.194%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.042%	$631K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.850	−0.172%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.849	−0.178%	$539K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0124%	1h	12.851	−0.160%	$788K	$233K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.884	+0.093%	$916K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.892	+0.155%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0228%	1h	12.864	−0.062%	$80.1M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.900	+0.215%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.847	−0.193%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0571%	8h	12.907	+0.272%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0793%	1h	12.860	−0.097%	$343K	$33K	10x	as long as short