Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h +0.022%

Price spread now: OKX against Deribit+0.018%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now +0.018%, 7d avg −0.020%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.038% dearer against Deribit than usual: you sell high and buy low (spread +0.018% now, against its 7-day average of −0.020%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 hours. Mind the row above: over the last 7 days funding on this pair paid +0.168%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	12.992	0.0197	pay 0.0025% / 1h	54m 59s	$772K	$212K	50x
Short	OKX LINK-USDT-SWAP	12.994	0.0100	get 0.0100% / 8h	5h 54m	$27.4M	$82.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.018%Rate

Funding earned: −$20.37
Price spread: +0.018% → −0.020%: $3.79
Slippage, 4 orders: −$15.9
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.47
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from Deribit: live order book, 9 min ago; OKX: live order book, 4 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, 9 min ago	4.60 bp	8.1 bp −$8	15.2 bp −$152	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.38 bp	8.2 bp −$8	13.5 bp −$135	29.8 bp −$2,985	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	12.985	−0.055%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.013	+0.165%	$468K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.985	−0.051%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.554%	$4K	$48K	12x	as long as short
ApeX Omni LINKUSDT	+0.0039%	1h	12.976	−0.121%	$133K	$672K	50x	as long as short
Phoenix LINK	+0.0049%	1h	13.039	+0.366%	$3K	$84K	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.004	+0.095%	$952K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.981	−0.082%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.996	+0.034%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.996	+0.032%	$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	12.993	+0.014%	$395K	$316K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.002	+0.078%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.998	+0.050%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.000	+0.064%	$119.6M	$296.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.995	+0.025%	$84.1M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.994	+0.018%	$27.4M	$82.3M	50x
Arcus LINK-USD	+0.0100%	1h	13.013	+0.164%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.998	+0.048%	$128.2M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.001	+0.072%	$32.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.003	+0.087%	$23.1M	$13.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.002	+0.079%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.996	+0.033%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.003	+0.087%	$340K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.034	+0.328%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.981	−0.080%	$43K	$304K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.973	−0.143%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.994	+0.018%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	−0.046%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.998	+0.046%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.991	−0.005%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.994	+0.015%	$641K	$685K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.000	+0.061%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.989	−0.017%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0197%	1h	12.992	long leg	$772K	$212K	50x
Reya LINKRUSDPERP	+0.0386%	1h	12.982	−0.078%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0474%	1h	12.992	+0.002%	$344K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0554%	1h	12.997	+0.037%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0597%	8h	13.004	+0.095%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0624%	1h	13.019	+0.210%	$81.4M	$26.6M	10x	as long as short