Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h −0.016%

Price spread now: gTrade (Gains Network) against Bybit−0.055%7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$307as in the Price arb table

costs, in and out, $10k−$2982.985% of the position

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.075%−$8 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.055%, 7d avg +0.034%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.089% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.025	0.0100	pay 0.0100% / 8h	5h 52m	$84.3M	$71.0M	75x
Short	gTrade (Gains Network) LINK/USD	13.018	L +0.0004% / S −0.0009%	get 0.0001% / 1h	52m 54s	$159K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.055%Rate

Funding earned: −$19.08
Price spread: −0.055% → +0.034%: −$8.89
Slippage, 4 orders: −$277.48
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$326.45
Costs to cover: 2.985%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; gTrade (Gains Network): virtual book (oracle venue), 6 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	0.38 bp	7.3 bp −$7	12.5 bp −$125	34.4 bp −$3,439	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 6 min ago	130.06 bp	142.5 bp −$143	1049.2 bp −$10.5K	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	13.016	−0.065%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.023	−0.013%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USDshort	L +0.0004% / S −0.0009%	1h	13.018	−0.055%	$159K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.798%	$4K	$48K	12x	as long as short
ApeX Omni LINKUSDT	+0.0039%	1h	12.976	−0.376%	$133K	$672K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.010	−0.115%	$953K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.018	−0.054%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.020	−0.037%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.002	−0.175%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.003	−0.172%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.998	−0.205%	$395K	$316K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.021	−0.032%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	−0.203%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.029	+0.033%	$119.9M	$296.6M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.025	long leg	$84.3M	$71.0M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.029	+0.031%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.015	−0.077%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.018	−0.054%	$128.5M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.020	−0.038%	$32.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.025	0.000%	$23.1M	$13.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.028	+0.023%	$54.2M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.025	0.000%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.030	+0.038%	$340K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.034	+0.072%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.995	−0.228%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.973	−0.398%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.010	−0.115%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.020	−0.040%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.012	−0.098%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.021	−0.031%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.984	−0.313%	$641K	$685K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.026	+0.011%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.023	−0.019%	$546K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0349%	1h	13.024	−0.005%	$774K	$212K	50x	as long as short
dYdX LINK-USD	+0.0357%	1h	12.991	−0.259%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	13.001	−0.185%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0553%	1h	13.025	0.000%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0605%	8h	13.036	+0.084%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0679%	1h	13.048	+0.177%	$81.7M	$26.4M	10x	as long as short