Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0371%/8h= +40.7% APRpaid last 24h +0.070%

Price spread now: Phemex against Derive+0.152%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Phemex is 0.152% dearer against Derive than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive LINK-PERP	13.127	0.0100	pay 0.0013% / 1h	6m 56s	$16K	$22K	10x
Short	Phemex LINKUSDT	13.147	0.0471	get 0.0471% / 8h	2h 06m	$20.3M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Derive. 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 DerivebpFee PhemexbpOrdersPrice spread, now +0.152%Rate

Funding earned: $78
Price spread: +0.152% → 0.000%: $15.2
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $75.2
Costs to cover: 0.180%
Break-even: 0.3 days

Slippage unknown: Derive: no order-book sample; Phemex: live order book, 2 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	1.90 bp	10.3 bp −$10	15.1 bp −$151	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	13.135	+0.057%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.147	+0.154%	$469K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.134	+0.053%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.136	+0.070%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0014%	1h	13.139	+0.090%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.163	+0.276%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.539%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.131	+0.030%	$133K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.133	+0.048%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.141	+0.105%	$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	13.135	+0.061%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.139	+0.091%	$77.4M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.131	+0.028%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.145	+0.140%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.128	+0.007%	$121.6M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.125	−0.016%	$84.5M	$69.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.128	+0.007%	$27.7M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.159	+0.243%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.128	+0.007%	$130.3M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.127	0.000%	$36.7M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.132	+0.038%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.125	−0.016%	$54.4M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.128	+0.007%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.214%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	+0.150%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	+0.136%	$596K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	+0.160%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.140	+0.099%	$80K	$67K	10x	as long as short
Derive LINK-PERPlong	+0.0100%	1h	13.127	long leg	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.150	+0.176%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.128	+0.007%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.132	+0.034%	$646K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.125	−0.017%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.131	+0.030%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	+0.160%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.137	+0.076%	$365K	$373K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.127	0.000%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.133	+0.048%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0471%	8h	13.147	+0.152%	$20.3M	$11.6M	50x
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.137	+0.075%	$6.9M	$7.9M	50x	as long as short