Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.025%

Price spread now: Deribit against Binance+0.024%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now +0.024%, 7d avg 0.000%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.024% dearer against Binance than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of 0.000%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	13.160	0.0100	pay 0.0100% / 8h	2h 10m	$122.2M	$302.1M	75x
Short	Deribit LINK_USDC-PERPETUAL	13.163	0	get 0.0000% / 1h	10m 33s	$719K	$125K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$21
Price spread: +0.024% → 0.000%: $2.39
Slippage, 4 orders: −$12.9
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$48.51
Costs to cover: 0.299%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Deribit: live order book, 13 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 Binance live order book, 3 min ago	0.38 bp	5.4 bp −$5	11.5 bp −$115	39.7 bp −$3,968	129.7 bp −$64.9K
Sell Deribit live order book, 13 min ago	2.66 bp	11.5 bp −$11	15.6 bp −$156	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 −0.0092% / S +0.0167%	1h	13.169	+0.066%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.166	+0.049%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.163	+0.024%	$719K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.165	+0.042%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0014%	1h	13.167	+0.052%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.150	−0.079%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.775%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.155	−0.038%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.165	+0.036%	$2.1M	$2.4M	10x	as long as short
Variational Omni LINK	+0.0097%	8h	13.185	+0.189%	$3.3M	$1.5M	—	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.155	−0.034%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.158	−0.015%	$400K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.174	+0.106%	$77.6M	$23.7M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.164	+0.029%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.162	+0.013%	$276K	$150K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	13.160	long leg	$122.2M	$302.1M	75x
Bybit LINKUSDT	+0.0100%	8h	13.156	−0.030%	$84.7M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.159	−0.008%	$27.9M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.173	+0.099%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.160	0.000%	$130.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.159	−0.008%	$37.2M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.164	+0.030%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.155	−0.038%	$54.5M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.159	−0.008%	—	$6.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.182	+0.168%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.141	−0.143%	$591K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.184	+0.182%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.168	+0.061%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.148	−0.089%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.184	+0.182%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.155	−0.038%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.130	−0.227%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.154	−0.042%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.160	−0.002%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.161	+0.008%	$990K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0114%	1h	13.170	+0.076%	$367K	$373K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.159	−0.008%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.165	+0.042%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0464%	8h	13.176	+0.122%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	13.164	+0.028%	$6.9M	$7.9M	50x	as long as short