Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.018%

Price spread now: Bybit against Deribit−0.097%55s7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.332% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now −0.097%, 7d avg −0.027%

Together, before fees+0.132%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.069% cheaper against Deribit than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of −0.027%). If the spread goes back, that is −$7 on $10k: about 2.3 days of funding at the current rate (+$3 a day). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.135	0	get 0.0000% / 1h	28m 25s	$717K	$125K	50x
Short	Bybit LINKUSDT	13.122	0.0100	get 0.0100% / 8h	1h 28m	$84.6M	$70.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.097%Rate

Funding earned: $21
Price spread: −0.097% → −0.027%: −$6.93
Slippage, 4 orders: −$15.21
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.14
Costs to cover: 0.332%
Break-even: 13.4 days

Slippage from Deribit: live order book, 55 min ago; Bybit: live order book, 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 Deribit live order book, 55 min ago	2.66 bp	6.2 bp −$6	12.4 bp −$124	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.38 bp	8.9 bp −$9	13.6 bp −$136	37.9 bp −$3,793	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 −0.0090% / S +0.0167%	1h	13.121	−0.107%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.143	+0.064%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.143	+0.067%	$460K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.135	long leg	$717K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.123	−0.092%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.594%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.111	−0.180%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.117	−0.135%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.148	+0.099%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.141	+0.046%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.128	−0.047%	$401K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.139	+0.033%	$77.4M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.138	+0.027%	$1.5M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.144	+0.072%	$275K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.123	−0.088%	$121.7M	$302.9M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	13.122	−0.097%	$84.6M	$70.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.119	−0.120%	$27.6M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.150	+0.116%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.136	+0.010%	$130.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.124	−0.081%	$36.4M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.140	+0.040%	$22.5M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.127	−0.059%	$54.8M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.125	−0.074%	—	$21.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.116	−0.143%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	+0.093%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.102	−0.249%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.154	+0.147%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.135	+0.002%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.128	−0.051%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.145	+0.078%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.132	−0.021%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.094	−0.309%	$644K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.116	−0.146%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.119	−0.121%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.135	+0.002%	$989K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0176%	1h	13.144	+0.071%	$364K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.131	−0.028%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.123	−0.085%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0473%	8h	13.145	+0.078%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0696%	1h	13.142	+0.059%	$6.9M	$8.1M	50x	as long as short