Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0389%/8h= +42.6% APRpaid last 24h +0.065%

Price spread now: Phemex against Arcus−0.023%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.186%+$19 on $10k

Price spread, last 3 days (all we have)+0.118%+$12 · spread now −0.023%, 7d avg +0.030%

Together, before fees+0.304%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.053% cheaper against Arcus than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.030%). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$12 a day). At the pace of the last 3 days (+0.186% in total) that is about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus LINK-USD	13.132	0.0100	pay 0.0013% / 1h	21m 02s	$184K	$172K	10x
Short	Phemex LINKUSDT	13.129	0.0489	get 0.0489% / 8h	21m 02s	$20.3M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $81.74
Price spread: −0.023% → +0.030%: −$5.29
Slippage, 4 orders: −$34.21
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $25.74
Costs to cover: 0.507%
Break-even: 4.8 days

Slippage from Arcus: live order book, 57 min ago; Phemex: live order book, 3 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 Arcus live order book, 57 min ago	6.07 bp	21.5 bp −$22	37.5 bp −$375	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.29 bp	10.5 bp −$10	16.3 bp −$163	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 −0.0091% / S +0.0167%	1h	13.115	−0.130%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	−0.049%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.112	−0.151%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.112	−0.152%	$132K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	−0.020%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.574%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.107	−0.190%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.110	−0.168%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.112	−0.154%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.113	−0.145%	$400K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.120	−0.088%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.121	−0.081%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.111	−0.160%	$121.8M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.111	−0.160%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.113	−0.145%	$27.6M	$85.4M	50x	as long as short
Arcus LINK-USDlong	+0.0100%	1h	13.132	long leg	$184K	$172K	10x
Gate LINK_USDT	+0.0100%	8h	13.114	−0.137%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.110	−0.168%	$36.6M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.114	−0.137%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.112	−0.152%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.113	−0.145%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.132%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.221%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	−0.114%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	−0.137%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.122	−0.076%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.106	−0.197%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.132	+0.003%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.107	−0.190%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.110	−0.171%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.104	−0.213%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.111	−0.161%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.117	−0.114%	$992K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.107	−0.190%	$5.2M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0223%	1h	13.123	−0.069%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0284%	1h	13.129	−0.023%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.116	−0.123%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.115	−0.129%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTshort	+0.0489%	8h	13.129	−0.023%	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0586%	1h	13.122	−0.074%	$348K	$48K	10x	as long as short