Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0482%/8h= +52.8% APRpaid last 24h +0.076%

Price spread now: Phemex against edgeX+0.124%78s7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.336% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now +0.124%, 7d avg +0.117%

Together, before fees+0.297%+ Points / potential airdropedgeX: Active · farm board+$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.117%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.236% in total (about 12.3% 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	edgeX LINKUSDC	12.839	0.0100	pay 0.0050% / 4h	2h 29m	$43K	$307K	20x
Short	Phemex LINKUSDT	12.855	0.0582	get 0.0582% / 8h	2h 29m	$19.9M	$11.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now +0.124%Rate

Funding earned: $101.2
Price spread: +0.124% → +0.117%: $0.72
Slippage, 4 orders: −$12.61
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $68.31
Costs to cover: 0.336%
Break-even: 2.3 days

Slippage from edgeX: live order book, 18 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 edgeX live order book, 18 min ago	2.32 bp	6.8 bp −$7	10.2 bp −$102	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.78 bp	11.1 bp −$11	16.0 bp −$160	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
GMX LINK/USD [LINK-USDC]	L −0.0089% / S +0.0166%	1h	12.846	+0.050%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.838	−0.010%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.844	+0.036%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.420%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0046%	8h	12.838	−0.008%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.854	+0.116%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.847	+0.064%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.837	−0.018%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.837	−0.012%	$344K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.849	+0.077%	$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	12.840	+0.005%	$273K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.849	+0.076%	$118.3M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.846	+0.054%	$82.8M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.845	+0.046%	$27.2M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.855	+0.124%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.842	+0.023%	$123.8M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.850	+0.085%	$33.1M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.849	+0.077%	$22.6M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.845	+0.046%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.847	+0.062%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.858	+0.148%	$335K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.825	−0.113%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	12.839	long leg	$43K	$307K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.839	0.000%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.838	−0.008%	$131K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.852	+0.101%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.840	+0.008%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.859	+0.154%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.845	+0.046%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.816	−0.180%	$629K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.844	+0.035%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.844	+0.039%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.835	−0.032%	$913K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.831	−0.063%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0225%	1h	12.863	+0.186%	$80.1M	$27.6M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0272%	1h	12.851	+0.091%	$793K	$241K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.848	+0.066%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.845	+0.047%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0582%	8h	12.855	+0.124%	$19.9M	$11.2M	50x
dYdX LINK-USD	+0.0880%	1h	12.837	−0.016%	$342K	$33K	10x	as long as short