Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0761%/8h= −83.4% APRpaid last 24h −0.038%

Price spread now: Orderly against dYdX−0.083%7-day average +0.015% · you buy dearer than you sell

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.279%−$28 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.083%, 7d avg +0.015%

Together, before fees−0.075%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Orderly is 0.099% cheaper against dYdX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.279% in total (about -14.6% 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	12.948	0.0810	pay 0.0101% / 1h	25m 15s	$344K	$31K	10x
Short	Orderly PERP_LINK_USDC	12.937	0.0049	get 0.0049% / 8h	3h 25m	$117K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.083%Rate

Funding earned: −$159.88
Price spread: −0.083% → +0.015%: −$9.86
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$185.73
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: live order book, 29 min ago; Orderly: no order-book sample. 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 dYdX live order book, 29 min ago	33.30 bp	38.3 bp −$38	87.0 bp −$870	96.9 bp −$9,687	129.1 bp −$64.5K
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 −0.0089% / S +0.0166%	1h	12.940	−0.063%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.951	+0.025%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.941	−0.052%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.231%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0049%	8h	12.937	−0.083%	$117K	$1.1M	20x
Phoenix LINK	+0.0074%	1h	12.990	+0.325%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.939	−0.069%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.948	+0.001%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.943	−0.037%	$391K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.945	−0.023%	$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	12.950	+0.015%	$276K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.939	−0.065%	$120.1M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.937	−0.083%	$83.6M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.940	−0.060%	$27.4M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.962	+0.110%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.939	−0.068%	$128.2M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.942	−0.045%	$32.7M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.947	−0.006%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.939	−0.068%	$53.9M	$29.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.943	−0.037%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.947	−0.006%	$340K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.938	−0.075%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.952	+0.031%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.976	+0.218%	$591K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.955	+0.056%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.949	+0.009%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.939	−0.071%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.952	+0.032%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.939	−0.068%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.934	−0.108%	$635K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.936	−0.092%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.942	−0.045%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.953	+0.040%	$922K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0105%	1h	12.945	−0.024%	$786K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.939	−0.068%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.942	−0.046%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0329%	1h	12.957	+0.071%	$80.9M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.939	−0.066%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0551%	8h	12.958	+0.079%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USDlong	+0.0810%	1h	12.948	long leg	$344K	$31K	10x