Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.035%

Price spread now: Derive against BloFin−0.029%55s7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Derive is 0.029% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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	BloFin LINK-USDT	13.142	0.0220	pay 0.0220% / 8h	2h 07m	$5.2M	$16.9M	75x
Short	Derive LINK-PERP	13.138	0.0100	get 0.0013% / 1h	7m 48s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against BloFin. 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 BloFinbpFee DerivebpOrdersPrice spread, now −0.029%Rate

Funding earned: −$25.2
Price spread: −0.029% → 0.000%: −$2.87
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$46.07
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 11 min ago; Derive: 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 BloFin live order book, 11 min ago	2.28 bp	8.6 bp −$9	10.8 bp −$108	20.2 bp −$2,016	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 −0.0092% / S +0.0167%	1h	13.142	+0.004%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.150	+0.061%	$469K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.146	+0.031%	$718K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.143	+0.008%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0014%	1h	13.139	−0.024%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.163	+0.162%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.646%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.140	−0.015%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.147	+0.038%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.141	−0.004%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.143	+0.008%	$400K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.153	+0.084%	$77.5M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.144	+0.018%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.143	+0.011%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.142	+0.004%	$121.8M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.141	−0.008%	$84.6M	$69.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.146	+0.030%	$27.7M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.160	+0.137%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	+0.008%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.141	−0.008%	$36.7M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.145	+0.023%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.141	−0.008%	$54.4M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.141	−0.008%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.100%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.158	+0.124%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.154	+0.090%	$597K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.163	+0.160%	$153K	$665K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.147	+0.038%	$81K	$67K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.138	−0.029%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.157	+0.113%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.141	−0.008%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.136	−0.046%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.137	−0.036%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.146	+0.027%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	+0.046%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.151	+0.068%	$365K	$373K	15x	as long as short
BloFin LINK-USDTlong	+0.0220%	8h	13.142	long leg	$5.2M	$16.9M	75x
Reya LINKRUSDPERP	+0.0374%	1h	13.138	−0.029%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0472%	8h	13.157	+0.114%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.153	+0.083%	$6.9M	$7.9M	50x	as long as short