Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0518%/8h= +56.8% APRpaid last 24h +0.117%

Price spread now: Phemex against Deribit+0.062%7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.496%+$50 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now +0.062%, 7d avg +0.093%

Together, before fees+0.532%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.031% cheaper against Deribit than usual: you would sell low and buy high (spread +0.062% now, against its 7-day average of +0.093%). If the spread goes back, that is −$3 on $10k: about 5 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.496% in total) that is about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	12.833	0.0109	pay 0.0014% / 1h	30m 10s	$803K	$268K	50x
Short	Phemex LINKUSDT	12.841	0.0627	get 0.0627% / 8h	7h 30m	$19.8M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.062%Rate

Funding earned: $108.84
Price spread: +0.062% → +0.093%: −$3.07
Slippage, 4 orders: −$17.33
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $69.44
Costs to cover: 0.363%
Break-even: 2.5 days

Slippage from Deribit: live order book, 4 min ago; Phemex: 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, 4 min ago	3.50 bp	7.0 bp −$7	13.7 bp −$137	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.17 bp	10.8 bp −$11	14.6 bp −$146	doesn't fit	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
Orderly PERP_LINK_USDC	−0.0117%	8h	12.821	−0.094%	$90K	$972K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.829	−0.031%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.838	+0.038%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.828	−0.040%	$105K	—	150x	as long as short
Bybit LINKUSDT	+0.0014%	8h	12.823	−0.078%	$83.0M	$72.9M	75x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.374%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.830	−0.027%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.863	+0.234%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.827	−0.044%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.823	−0.075%	$31K	$2K	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	12.821	−0.094%	$347K	$335K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.830	−0.023%	$80.1M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.833	0.000%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.824	−0.070%	$273K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.826	−0.053%	$118.4M	$296.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.824	−0.070%	$26.9M	$79.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.842	+0.070%	$179K	$100K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.826	−0.055%	$132.9M	$17.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.825	−0.062%	$35.6M	$58.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.829	−0.031%	$22.8M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.824	−0.070%	$53.5M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.824	−0.070%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.837	+0.031%	$334K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.832	−0.005%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.848	+0.114%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.871	+0.296%	$579K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.851	+0.140%	$131K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.829	−0.031%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.828	−0.036%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.840	+0.057%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.830	−0.023%	$10K	$59K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.822	−0.089%	$626K	$710K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.818	−0.119%	$614K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.828	−0.039%	$538K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0109%	1h	12.833	long leg	$803K	$268K	50x
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.873	+0.312%	$926K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.840	+0.055%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.823	−0.077%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0627%	8h	12.841	+0.062%	$19.8M	$11.4M	50x
dYdX LINK-USD	+0.1475%	1h	12.830	−0.024%	$345K	$49K	10x	as long as short