Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h −0.018%

Price spread now: Deribit against Bybit−0.122%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 3 days (all we have)+0.176%+$18 · spread now −0.122%, 7d avg +0.030%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.152% cheaper against Bybit than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of +0.030%). If the spread goes back, that is −$15 on $10k: about 2.3 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.140%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.037	0.0100	pay 0.0100% / 8h	5h 59m	$84.3M	$71.2M	75x
Short	Deribit LINK_USDC-PERPETUAL	13.021	0.0319	get 0.0040% / 1h	59m 39s	$773K	$212K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.122%Rate

Funding earned: $45.99
Price spread: −0.122% → +0.030%: −$15.2
Slippage, 4 orders: −$13.71
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$0.92
Costs to cover: 0.317%
Break-even: 7.1 days

Slippage from Bybit: live order book, 4 min ago; Deribit: live order book, 4 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, 4 min ago	0.38 bp	6.7 bp −$7	11.2 bp −$112	31.1 bp −$3,109	doesn't fit
Sell Deribit live order book, 4 min ago	4.60 bp	9.6 bp −$10	19.1 bp −$191	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	13.011	−0.201%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.025	−0.095%	$470K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.015	−0.166%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.886%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.030	−0.052%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.014	−0.176%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.020	−0.130%	$953K	$2.6M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.037	+0.004%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.037	−0.002%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.019	−0.134%	$396K	$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	13.030	−0.055%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.039	+0.019%	$275K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.038	+0.005%	$120.0M	$297.9M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.037	long leg	$84.3M	$71.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.037	0.000%	$27.5M	$82.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.047	+0.077%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.031	−0.046%	$128.5M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.040	+0.023%	$32.5M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.044	+0.054%	$23.1M	$13.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.038	+0.008%	$54.2M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.036	−0.008%	—	$22.9M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	−0.136%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.031	−0.043%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.036	−0.010%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.037	0.000%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.025	−0.092%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.015	−0.167%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.031	−0.044%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.017	−0.153%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.011	−0.197%	$642K	$687K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.028	−0.070%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.014	−0.179%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0142%	1h	13.023	−0.107%	$339K	$378K	15x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0319%	1h	13.021	−0.122%	$773K	$212K	50x
Reya LINKRUSDPERP	+0.0385%	1h	13.011	−0.200%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0416%	1h	13.032	−0.037%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.019	−0.137%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0628%	8h	13.034	−0.023%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0804%	1h	13.057	+0.153%	$81.5M	$26.4M	10x	as long as short