Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: OKX against Coinbase International−0.201%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.201%, 7d avg −0.034%

Together, before fees+0.138%+$14 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: OKX is 0.167% cheaper against Coinbase International than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International LINK-PERP-INTX	12.936	0.0104	pay 0.0013% / 1h	22m 51s	$920K	$2.7M	50x
Short	OKX LINK-USDT-SWAP	12.910	0.0100	get 0.0100% / 8h	3h 22m	$27.3M	$80.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Coinbase International. 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 Coinbase InternationalbpFee OKXbpOrdersPrice spread, now −0.201%Rate

Funding earned: −$0.84
Price spread: −0.201% → −0.034%: −$16.65
Slippage, 4 orders: −$20.68
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$58.17
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; OKX: live order book, 1 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 Coinbase International live order book, 1 min ago	3.48 bp	12.5 bp −$12	16.4 bp −$164	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.39 bp	7.8 bp −$8	13.6 bp −$136	31.2 bp −$3,118	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 −0.0089% / S +0.0166%	1h	12.929	−0.051%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.935	−0.004%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.931	−0.042%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.143%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0048%	8h	12.924	−0.093%	$116K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.946	+0.075%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.927	−0.071%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.927	−0.067%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.925	−0.089%	$390K	$306K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.921	−0.120%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.933	−0.024%	$276K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.914	−0.169%	$119.8M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.910	−0.201%	$83.5M	$72.6M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.910	−0.201%	$27.3M	$80.6M	50x
Arcus LINK-USD	+0.0100%	1h	12.945	+0.070%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.919	−0.131%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.914	−0.170%	$32.5M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.916	−0.155%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.917	−0.147%	$53.8M	$29.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.917	−0.147%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.925	−0.085%	$340K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.938	+0.016%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.952	+0.122%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.938	+0.019%	$586K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.955	+0.147%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	−0.031%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.925	−0.086%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.940	+0.032%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.926	−0.077%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.918	−0.138%	$634K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.913	−0.174%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.927	−0.067%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXlong	+0.0104%	1h	12.936	long leg	$920K	$2.7M	50x
Deribit LINK_USDC-PERPETUAL	+0.0145%	1h	12.932	−0.029%	$785K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	−0.077%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.930	−0.048%	$6.6M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0321%	1h	12.932	−0.031%	$80.8M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.925	−0.083%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0548%	8h	12.940	+0.031%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0860%	1h	12.930	−0.046%	$343K	$31K	10x	as long as short