Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.005%

Price spread now: Coinbase International against Bybit+0.039%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now +0.039%, 7d avg +0.044%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	12.960	0.0100	pay 0.0100% / 8h	4h 23m	$83.6M	$72.0M	75x
Short	Coinbase International LINK-PERP-INTX	12.965	0.0096	get 0.0012% / 1h	23m 42s	$943K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$0.84
Price spread: +0.039% → +0.044%: −$0.55
Slippage, 4 orders: −$20.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$42.84
Costs to cover: 0.414%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	0.38 bp	7.6 bp −$8	13.6 bp −$136	39.8 bp −$3,976	doesn't fit
Sell Coinbase International live order book, 5 min ago	3.08 bp	13.2 bp −$13	15.9 bp −$159	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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.962	+0.018%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.970	+0.078%	$519K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.963	+0.021%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.321%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.961	+0.008%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.964	+0.029%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0096%	1h	12.965	+0.039%	$943K	$2.7M	50x
Phoenix LINK	+0.0099%	1h	12.988	+0.217%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.961	+0.010%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.968	+0.066%	$392K	$310K	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	12.964	+0.029%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.966	+0.044%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.963	+0.020%	$119.9M	$297.6M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.960	long leg	$83.6M	$72.0M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.958	−0.015%	$27.4M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.977	+0.131%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.963	+0.023%	$128.2M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.963	+0.023%	$33.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.966	+0.046%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.964	+0.031%	$53.9M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.961	+0.008%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.976	+0.123%	$339K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	−0.045%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.958	−0.017%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.967	+0.055%	$581K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.965	+0.039%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.972	+0.093%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.961	+0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.984	+0.184%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.968	+0.062%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.936	−0.185%	$635K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.956	−0.034%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.965	+0.037%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0143%	1h	12.969	+0.068%	$780K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.966	+0.046%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0366%	1h	12.982	+0.170%	$81.3M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.961	+0.011%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.970	+0.080%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0425%	1h	12.965	+0.038%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0532%	8h	12.979	+0.147%	$20.0M	$11.4M	50x	as long as short