Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.021%

Price spread now: BingX against dYdX−0.102%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$313as in the Funding arb table

Net, price: spread back to 7d avg − costs−$294as in the Price arb table

costs, in and out, $10k−$2862.864% of the position

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.264%−$26 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.102%, 7d avg −0.023%

Together, before fees−0.212%−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.079% cheaper against dYdX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	13.205	0.0193	pay 0.0024% / 1h	35m 24s	$350K	$48K	10x
Short	BingX LINK-USDT	13.192	0.0100	get 0.0100% / 8h	7h 35m	—	$21.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$19.61
Price spread: −0.102% → −0.023%: −$7.9
Slippage, 4 orders: −$266.38
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$313.89
Costs to cover: 2.864%
Break-even: never at this rate

Slippage from dYdX: live order book, 39 min ago; BingX: 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 dYdX live order book, 39 min ago	44.42 bp	49.4 bp −$49	55.2 bp −$552	101.1 bp −$10.1K	139.2 bp −$69.6K
Sell BingX live order book, 3 min ago	1.14 bp	6.1 bp −$6	8.6 bp −$86	21.5 bp −$2,152	48.8 bp −$24.4K

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	13.194	−0.089%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.247	+0.314%	$476K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.202	−0.028%	$783K	$209K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.195	−0.075%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.099%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.229	+0.179%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0047%	8h	13.195	−0.079%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.204	−0.011%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.203	−0.019%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.191	−0.113%	$404K	$308K	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	13.208	+0.019%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.206	+0.007%	$277K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.195	−0.079%	$122.7M	$302.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.192	−0.102%	$85.1M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.195	−0.079%	$27.9M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.219	+0.103%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.194	−0.087%	$130.6M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.191	−0.109%	$36.8M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.197	−0.064%	$22.9M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.194	−0.087%	$54.9M	$30.2M	75x	as long as short
BingX LINK-USDTshort	+0.0100%	8h	13.192	−0.102%	—	$21.1M	—
Variational Omni LINK	+0.0100%	8h	13.213	+0.061%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	−0.011%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.182	−0.178%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.220	+0.110%	$154K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.196	−0.072%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.197	−0.063%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.212	+0.047%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.196	−0.072%	$5K	$28K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.210	+0.031%	$650K	$853K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.193	−0.092%	$670K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.199	−0.049%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.224	+0.141%	$1.0M	$2.7M	50x	as long as short
dYdX LINK-USDlong	+0.0193%	1h	13.205	long leg	$350K	$48K	10x
Backpack LINK_USDC_PERP	+0.0211%	1h	13.227	+0.163%	$370K	$368K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.217	+0.088%	$5.3M	$16.5M	75x	as long as short
Phemex LINKUSDT	+0.0342%	8h	13.234	+0.216%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.203	−0.020%	$6.9M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0381%	1h	13.188	−0.135%	$5K	—	20x	as long as short
Hyperliquid LINK	+0.0579%	1h	13.214	+0.065%	$81.5M	$24.8M	10x	as long as short