Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.061%

Price spread now: BloFin against Deribit−0.040%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

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

costs, in and out, $10k−$370.372% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 3 days (all we have)+0.005%$0 · spread now −0.040%, 7d avg +0.004%

Together, before fees+0.414%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.044% cheaper against Deribit than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.004%). If the spread goes back, that is −$4 on $10k: about 16 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.112	0	get 0.0000% / 1h	20m 33s	$724K	$136K	50x
Short	BloFin LINK-USDT	13.107	0.0220	get 0.0220% / 8h	20m 33s	$5.2M	$17.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.040%Rate

Funding earned: $46.2
Price spread: −0.040% → +0.004%: −$4.35
Slippage, 4 orders: −$18.24
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $4.61
Costs to cover: 0.372%
Break-even: 6.3 days

Slippage from Deribit: live order book, 58 min ago; BloFin: live order book, 3 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, 58 min ago	4.17 bp	7.7 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	3.43 bp	9.4 bp −$9	12.2 bp −$122	25.6 bp −$2,558	63.2 bp −$31.6K

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 +0.0167%	1h	13.115	+0.021%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	+0.101%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.112	long leg	$724K	$136K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.112	−0.002%	$132K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.131%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.432%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.107	−0.040%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.120	+0.063%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.111	−0.008%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.110	−0.013%	$400K	$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	13.118	+0.046%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.117	+0.039%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.113	+0.009%	$121.8M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.113	+0.006%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.111	−0.009%	$27.7M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.128	+0.120%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.114	+0.014%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.115	+0.021%	$36.6M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.125	+0.098%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.112	−0.002%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.113	+0.006%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	+0.019%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.070%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	+0.037%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	+0.014%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.122	+0.075%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.106	−0.046%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.132	+0.154%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.107	−0.040%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.110	−0.021%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.108	−0.036%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.111	−0.010%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.117	+0.037%	$992K	$2.7M	50x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	13.107	−0.040%	$5.2M	$17.3M	75x
Backpack LINK_USDC_PERP	+0.0223%	1h	13.123	+0.082%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0286%	1h	13.139	+0.204%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.116	+0.028%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.115	+0.022%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0489%	8h	13.129	+0.128%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0577%	1h	13.121	+0.070%	$348K	$48K	10x	as long as short