Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.030%

Price spread now: Phoenix against HTX+0.203%48s7-day average — · you sell dearer than you buy

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

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.221%−$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.203% dearer against HTX than usual: you sell high and buy low (spread +0.203% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 51 days. At the pace of the last 7 days (−0.221% in total) that is about 6.4 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX LINK-USDT	12.885	0.0100	pay 0.0100% / 8h	7h 51m	$629K	$751K	75x
Short	Phoenix LINK	12.911	0.0087	get 0.0011% / 1h	51m 26s	$3K	$85K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now +0.203%Rate

Funding earned: −$2.77
Price spread: +0.203% → 0.000%: $20.33
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1.44
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: HTX: live order book, 47 min ago; Phoenix: 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 HTX live order book, 47 min ago	13.15 bp	19.3 bp −$19	68.7 bp −$687	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
Orderly PERP_LINK_USDC	−0.0106%	8h	12.893	+0.061%	$90K	$998K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.902	+0.131%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.908	+0.181%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.899	+0.104%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.765%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.896	+0.085%	$6.4M	$8.4M	50x	as long as short
Phoenix LINKshort	+0.0087%	1h	12.911	+0.203%	$3K	$85K	10x
Deribit LINK_USDC-PERPETUAL	+0.0091%	1h	12.904	+0.146%	$807K	$268K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.904	+0.147%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.904	+0.150%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.915	+0.234%	$349K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.922	+0.286%	$80.7M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.916	+0.238%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.905	+0.154%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.916	+0.240%	$119.2M	$297.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.912	+0.209%	$83.7M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.917	+0.248%	$27.1M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.925	+0.310%	$181K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.899	+0.108%	$133.8M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.916	+0.240%	$34.9M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.905	+0.154%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.913	+0.217%	$53.9M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.912	+0.209%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.908	+0.178%	$335K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.891	+0.049%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.901	+0.120%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.904	+0.150%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.910	+0.193%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.919	+0.263%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.919	+0.266%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.918	+0.255%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.893	+0.061%	$10K	$62K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	12.885	long leg	$629K	$751K	75x
Extended LINK-USD	+0.0104%	1h	12.908	+0.180%	$615K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.899	+0.112%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.903	+0.139%	$927K	$3.0M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.906	+0.162%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.913	+0.217%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0578%	1h	12.900	+0.117%	$344K	$45K	10x	as long as short
Phemex LINKUSDT	+0.0738%	8h	12.916	+0.240%	$20.0M	$11.5M	50x	as long as short