Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against BingX−0.467%46s7-day average +0.019% · 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—prices read too far apart to compare

costs, in and out, $10k−$2972.967% of the position

Long on BingX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.096%−$10 on $10k

Price spread, last 3 days (all we have)+0.521%+$52 · spread now −0.467%, 7d avg +0.019%

Together, before fees+0.425%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.486% cheaper against BingX than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of +0.019%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LINK-USDT	13.041	0.0100	pay 0.0100% / 8h	5h 56m	—	$22.7M	—
Short	gTrade (Gains Network) LINK/USD	12.980	L +0.0004% / S −0.0009%	get 0.0001% / 1h	56m 45s	$159K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against BingX. 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 BingXbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.467%Rate

Funding earned: −$19.08
Price spread: −0.467% → +0.019%: −$48.56
Slippage, 4 orders: −$276.71
Fee BingX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$364.36
Costs to cover: 2.967%
Break-even: never at this rate

Slippage from BingX: live order book, 12 min ago; gTrade (Gains Network): virtual book (oracle venue), 2 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 BingX live order book, 12 min ago	1.15 bp	6.9 bp −$7	9.6 bp −$96	18.1 bp −$1,806	40.9 bp −$20.4K
Sell gTrade (Gains Network) virtual book (oracle venue), 2 min ago	130.06 bp	142.5 bp −$143	1049.2 bp −$10.5K	doesn't fit	doesn't fit

LINK on 39 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 −0.0090% / S +0.0167%	1h	12.980	−0.467%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.981	−0.458%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USDshort	L +0.0004% / S −0.0009%	1h	12.980	−0.467%	$159K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.915%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.030	−0.083%	$3K	$83K	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.018	−0.176%	$953K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.977	−0.491%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.029	−0.094%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.039	−0.013%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.977	−0.487%	$395K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.002	−0.296%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.032	−0.069%	$275K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.038	−0.023%	$120.0M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.038	−0.023%	$84.4M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.039	−0.015%	$27.4M	$82.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.052	+0.084%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.022	−0.146%	$128.5M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.042	+0.008%	$32.3M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.031	−0.077%	$23.1M	$13.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.043	+0.015%	$54.2M	$30.2M	75x	as long as short
BingX LINK-USDTlong	+0.0100%	8h	13.041	long leg	—	$22.7M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	12.992	−0.376%	$339K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	−0.167%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.027	−0.111%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.023	−0.136%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.039	−0.015%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.984	−0.437%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.977	−0.489%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	−0.384%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.976	−0.498%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.972	−0.531%	$640K	$686K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.037	−0.028%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.978	−0.483%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0197%	1h	12.983	−0.445%	$771K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.975	−0.506%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0555%	1h	12.979	−0.473%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0621%	8h	12.996	−0.345%	$20.1M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0632%	1h	13.023	−0.139%	$345K	$30K	10x	as long as short
Hyperliquid LINK	+0.0646%	1h	13.039	−0.015%	$81.5M	$26.5M	10x	as long as short