Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0557%/8h= +61.0% APRpaid last 24h +0.042%

Price spread now: dYdX against Binance−0.129%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1061.059% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.350%+$35 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.129%, 7d avg +0.008%

Together, before fees+0.501%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.137% cheaper against Binance than usual: you would sell low and buy high (spread −0.129% now, against its 7-day average of +0.008%). If the spread goes back, that is −$14 on $10k: about 20 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.350% in total) that is about 2.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.350% in total (about 18.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	12.868	0.0100	pay 0.0100% / 8h	19m 29s	$119.0M	$299.3M	75x
Short	dYdX LINK-USD	12.851	0.0657	get 0.0082% / 1h	19m 29s	$342K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.129%Rate

Funding earned: $117.04
Price spread: −0.129% → +0.008%: −$13.7
Slippage, 4 orders: −$85.86
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$2.52
Costs to cover: 1.059%
Break-even: 7.2 days

Slippage from Binance: live order book, 9 min ago; dYdX: live order book, 20 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, 9 min ago	0.39 bp	6.7 bp −$7	12.4 bp −$124	35.7 bp −$3,568	120.2 bp −$60.1K
Sell dYdX live order book, 20 min ago	40.13 bp	46.2 bp −$46	141.2 bp −$1,412	156.3 bp −$15.6K	414.1 bp −$207.0K

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 −0.0087% / S +0.0165%	1h	12.845	−0.180%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0084%	8h	12.834	−0.263%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.848	−0.156%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.866	−0.016%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.636%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.842	−0.197%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.849	−0.148%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.858	−0.081%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.861	−0.058%	$346K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.877	+0.071%	$80.4M	$28.1M	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	12.866	−0.017%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.851	−0.131%	$273K	$182K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	12.868	long leg	$119.0M	$299.3M	75x
Bybit LINKUSDT	+0.0100%	8h	12.859	−0.069%	$83.2M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.866	−0.015%	$27.0M	$79.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.877	+0.071%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.850	−0.139%	$132.2M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.868	+0.001%	$34.6M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.865	−0.023%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.863	−0.038%	$53.7M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.863	−0.038%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.854	−0.108%	$334K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.823	−0.347%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.838	−0.231%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.830	−0.294%	$575K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.845	−0.178%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.870	+0.016%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.833	−0.270%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.861	−0.053%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.846	−0.170%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.821	−0.366%	$626K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0103%	1h	12.849	−0.144%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.853	−0.115%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.846	−0.170%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.832	−0.279%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.838	−0.232%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0272%	1h	12.852	−0.127%	$804K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.863	−0.038%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0549%	8h	12.860	−0.061%	$19.8M	$11.4M	50x	as long as short
dYdX LINK-USDshort	+0.0657%	1h	12.851	−0.129%	$342K	$45K	10x