Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0100%/8hpaid last 24h +0.031%

Price spread now: BingX against Deribit−0.028%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.028%, 7d avg −0.015%

Together, before fees+0.201%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.003	0	get 0.0000% / 1h	6m 11s	$690K	$107K	50x
Short	BingX LINK-USDC	12.999	0.0100	get 0.0100% / 8h	4h 06m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.028%Rate

Funding earned: $21
Price spread: −0.028% → −0.015%: −$1.37
Slippage, 4 orders: −$18.52
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$15.89
Costs to cover: 0.355%
Break-even: 12.3 days

Slippage from Deribit: live order book, 27 min ago; BingX: 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 Deribit live order book, 27 min ago	4.24 bp	8.5 bp −$9	15.4 bp −$154	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	0.77 bp	10.2 bp −$10	21.5 bp −$215	80.9 bp −$8,093	386.4 bp −$193.2K

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 −0.0091% / S +0.0165%	1h	13.004	+0.008%	$1.7M	—	200x	as long as short
Variational Omni LINK	−0.0077%	8h	13.000	−0.017%	$3.2M	$1.2M	—	as long as short
Phoenix LINK	−0.0019%	1h	13.003	+0.001%	$9K	$78K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.014	+0.083%	$345K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.013	+0.078%	$473K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.003	long leg	$690K	$107K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	13.005	+0.018%	$118K	—	150x	as long as short
Coinbase International LINK-PERP-INTX	+0.0008%	1h	13.016	+0.102%	$990K	$2.7M	50x	as long as short
Bybit LINKUSDT	+0.0012%	8h	12.999	−0.028%	$83.5M	$65.0M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0018%	1h	13.002	−0.005%	$6.1M	$6.3M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.635%	$4K	$48K	12x	as long as short
OKX LINK-USDT-SWAP	+0.0036%	8h	13.000	−0.021%	$27.0M	$81.3M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0066%	8h	13.005	+0.018%	$150K	$1.6M	20x	as long as short
HTX LINK-USDT	+0.0092%	8h	12.956	−0.359%	$629K	$887K	75x	as long as short
Lighter LINK	+0.0096%	1h	13.004	+0.009%	$2.0M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.999	−0.030%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.010	+0.056%	$391K	$291K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.010	+0.056%	$76.0M	$21.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.005	+0.020%	$1.4M	$2.5M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.004	+0.013%	$272K	$162K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.999	−0.028%	$119.1M	$290.0M	75x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.018	+0.118%	$196K	$153K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.998	−0.036%	$130.1M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.998	−0.036%	$34.9M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.000	−0.021%	$21.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.997	−0.044%	$54.0M	$29.4M	75x	as long as short
BingX LINK-USDCshort	+0.0100%	8h	12.999	−0.028%	—	$6.6M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	13.009	+0.048%	$353K	$361K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.011	+0.064%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.004%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.014	+0.087%	$132K	$650K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.004	+0.010%	$78K	$58K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.998	−0.040%	$24K	$13K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.011	+0.067%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.997	−0.044%	$5K	$39K	10x	as long as short
Extended LINK-USD	+0.0104%	1h	12.998	−0.040%	$635K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.006	+0.023%	$547K	$340	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.010	+0.056%	$5.2M	$13.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0369%	1h	12.998	−0.033%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0475%	8h	13.018	+0.118%	$20.2M	$11.3M	50x	as long as short