Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0429%/8h= +46.9% APRpaid last 24h +0.083%

Price spread now: Phemex against Extended+0.119%7-day average +0.149% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now +0.119%, 7d avg +0.149%

Together, before fees+0.366%+ Points / potential airdropExtended: Active · farm board+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.030% cheaper against Extended than usual: you would sell low and buy high (spread +0.119% now, against its 7-day average of +0.149%). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.270% in total) that is about 19 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.270% in total (about 14.1% 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	Extended LINK-USD	12.946	0.0104	pay 0.0013% / 1h	19m 26s	$632K	$2.0M	25x
Short	Phemex LINKUSDT	12.961	0.0533	get 0.0533% / 8h	4h 19m	$20.0M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.119%Rate

Funding earned: $90.02
Price spread: +0.119% → +0.149%: −$3
Slippage, 4 orders: −$11.68
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $58.34
Costs to cover: 0.287%
Break-even: 2.5 days

Slippage from Extended: live order book, 4 min ago; Phemex: 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 Extended live order book, 4 min ago	1.54 bp	6.1 bp −$6	7.3 bp −$73	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.93 bp	8.9 bp −$9	14.1 bp −$141	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 −0.0090% / S +0.0167%	1h	12.946	+0.007%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.951	+0.040%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.947	+0.008%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.214%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.944	−0.012%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.947	+0.015%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	+0.073%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.961	+0.118%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.948	+0.015%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.944	−0.016%	$391K	$310K	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	12.952	+0.047%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.949	+0.025%	$275K	$177K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.955	+0.074%	$119.9M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.951	+0.042%	$83.5M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.952	+0.050%	$27.3M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.968	+0.173%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.944	−0.012%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.947	+0.011%	$32.8M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.951	+0.042%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.948	+0.019%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.947	+0.011%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.953	+0.057%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.939	−0.050%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	+0.110%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.961	+0.119%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.949	+0.027%	$132K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.957	+0.088%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.943	−0.018%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.967	+0.169%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.946	+0.003%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.907	−0.296%	$633K	$693K	75x	as long as short
Extended LINK-USDlong	+0.0104%	1h	12.946	long leg	$632K	$2.0M	25x
Aevo LINK-PERP	+0.0104%	1h	12.948	+0.023%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0129%	1h	12.951	+0.039%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.949	+0.027%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0373%	1h	12.968	+0.173%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.946	+0.004%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	+0.033%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0430%	1h	12.946	+0.005%	$343K	$30K	10x	as long as short
Phemex LINKUSDTshort	+0.0533%	8h	12.961	+0.119%	$20.0M	$11.4M	50x