Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h −0.071%

Price spread now: Phoenix against BloFin+0.138%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.409%−$41 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.138% dearer against BloFin than usual: you sell high and buy low (spread +0.138% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin LINK-USDT	13.111	0.0220	pay 0.0220% / 8h	23m 07s	$5.2M	$17.2M	75x
Short	Phoenix LINK	13.129	0.0012	get 0.0002% / 1h	23m 07s	$4K	$84K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$43.66
Price spread: +0.138% → 0.000%: $13.81
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.85
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Phoenix: 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, 6 min ago	1.14 bp	8.7 bp −$9	13.1 bp −$131	24.6 bp −$2,463	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 −0.0091% / S +0.0167%	1h	13.112	+0.011%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.113	+0.016%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.121	+0.075%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.113	+0.017%	$132K	—	150x	as long as short
Phoenix LINKshort	+0.0012%	1h	13.129	+0.138%	$4K	$84K	10x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.423%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.116	+0.038%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.117	+0.048%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.104	−0.052%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.101	−0.080%	$400K	$312K	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	13.121	+0.077%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.106	−0.035%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.117	+0.046%	$121.9M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.115	+0.031%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.119	+0.061%	$27.6M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.120	+0.069%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.116	+0.038%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.120	+0.069%	$36.3M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.122	+0.084%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.115	+0.031%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.118	+0.053%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.138	+0.206%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	+0.050%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.144	+0.250%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.118	+0.053%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.112	+0.008%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.114	+0.023%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.120	+0.069%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.118	+0.053%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.094	−0.133%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.113	+0.016%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.119	+0.062%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.123	+0.092%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDTlong	+0.0220%	8h	13.111	long leg	$5.2M	$17.2M	75x
Backpack LINK_USDC_PERP	+0.0222%	1h	13.128	+0.130%	$362K	$377K	15x	as long as short
Hyperliquid LINK	+0.0284%	1h	13.134	+0.175%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.106	−0.040%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.128	+0.127%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0487%	8h	13.121	+0.076%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0612%	1h	13.114	+0.019%	$347K	$48K	10x	as long as short