Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0620%/8h= −67.9% APRpaid last 24h −0.044%

Price spread now: Bybit against dYdX−0.058%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$910.909% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now −0.058%, 7d avg −0.033%

Together, before fees−0.308%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.025% cheaper against dYdX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.364% in total (about -19.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	12.979	0.0720	pay 0.0090% / 1h	28m 43s	$344K	$30K	10x
Short	Bybit LINKUSDT	12.971	0.0100	get 0.0100% / 8h	3h 28m	$83.8M	$72.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$130.19
Price spread: −0.058% → −0.033%: −$2.5
Slippage, 4 orders: −$69.93
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$223.62
Costs to cover: 0.909%
Break-even: never at this rate

Slippage from dYdX: live order book, 25 min ago; Bybit: live order book, 5 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, 25 min ago	33.30 bp	38.3 bp −$38	87.0 bp −$870	96.9 bp −$9,687	129.1 bp −$64.5K
Sell Bybit live order book, 5 min ago	0.38 bp	7.2 bp −$7	14.2 bp −$142	38.0 bp −$3,795	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 −0.0089% / S +0.0166%	1h	12.978	−0.008%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.988	+0.075%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.980	+0.011%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.458%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0050%	8h	12.973	−0.043%	$117K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.990	+0.086%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.975	−0.024%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.974	−0.033%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	−0.016%	$392K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.980	+0.014%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.978	−0.003%	$277K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.975	−0.031%	$120.5M	$300.0M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.971	−0.058%	$83.8M	$72.4M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.973	−0.043%	$27.5M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.996	+0.134%	$182K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.976	−0.020%	$128.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.976	−0.020%	$32.9M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.980	+0.011%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.976	−0.020%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.973	−0.043%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.980	+0.011%	$341K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.006	+0.213%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.995	+0.130%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.007	+0.218%	$584K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.997	+0.142%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.985	+0.049%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.973	−0.041%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.993	+0.111%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.979	+0.003%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.970	−0.066%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.969	−0.073%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.980	+0.008%	$544K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.005	+0.204%	$926K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0135%	1h	12.980	+0.011%	$788K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.974	−0.035%	$5.3M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.980	+0.014%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0344%	1h	12.991	+0.096%	$81.2M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.978	−0.001%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0550%	8h	12.996	+0.134%	$20.1M	$11.3M	50x	as long as short
dYdX LINK-USDlong	+0.0720%	1h	12.979	long leg	$344K	$30K	10x