Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.013%

Price spread now: Arcus against Bybit+0.070%46s7-day average +0.094% · you sell dearer than you buy

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−$450.446% of the position

Long on Bybit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.014%+$1 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.070%, 7d avg +0.094%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Arcus is 0.024% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.094%. 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	Bybit LINKUSDT	12.922	0.0100	pay 0.0100% / 8h	7h 47m	$83.7M	$73.0M	75x
Short	Arcus LINK-USD	12.931	0.0100	get 0.0013% / 1h	47m 50s	$181K	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Bybit. 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 BybitbpFee ArcusbpOrdersPrice spread, now +0.070%Rate

Funding earned: $0
Price spread: +0.070% → +0.094%: −$2.44
Slippage, 4 orders: −$29.11
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$47.05
Costs to cover: 0.446%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Arcus: live order book, 50 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 Bybit live order book, 1 min ago	0.39 bp	6.6 bp −$7	11.1 bp −$111	31.5 bp −$3,150	doesn't fit
Sell Arcus live order book, 50 min ago	12.42 bp	14.8 bp −$15	24.7 bp −$247	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
Orderly PERP_LINK_USDC	−0.0108%	8h	12.923	+0.008%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.927	+0.038%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.924	+0.019%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.927	+0.042%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.040%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.926	+0.034%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.915	−0.053%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.925	+0.026%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.914	−0.058%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.925	+0.023%	$349K	$336K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.933	+0.085%	$80.8M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.927	+0.039%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.916	−0.046%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.926	+0.032%	$119.3M	$297.5M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.922	long leg	$83.7M	$73.0M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.927	+0.039%	$27.1M	$80.3M	50x	as long as short
Arcus LINK-USDshort	+0.0100%	1h	12.931	+0.070%	$181K	$99K	10x
Gate LINK_USDT	+0.0100%	8h	12.925	+0.023%	$134.0M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.926	+0.031%	$35.1M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.930	+0.062%	$23.0M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.921	−0.008%	$53.9M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.925	+0.023%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.935	+0.101%	$336K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.909	−0.098%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.901	−0.166%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.904	−0.136%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.910	−0.093%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.925	+0.023%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.914	−0.066%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.932	+0.075%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.926	+0.031%	$11K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.231%	$630K	$724K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.924	+0.014%	$619K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.926	+0.031%	$542K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0183%	1h	12.933	+0.084%	$809K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.930	+0.062%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.910	−0.093%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.923	+0.004%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0411%	8h	12.940	+0.139%	$20.0M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.0843%	1h	12.911	−0.084%	$344K	$45K	10x	as long as short