Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h −0.026%

Price spread now: Bitget against Kraken Futures−0.084%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$430.435% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now −0.084%, 7d avg −0.036%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bitget is 0.048% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	12.848	0.0279	pay 0.0035% / 1h	34m 04s	$6.6M	$8.3M	50x
Short	Bitget LINKUSDT	12.837	0.0100	get 0.0100% / 8h	2h 34m	$53.6M	$30.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$37.53
Price spread: −0.084% → −0.036%: −$4.83
Slippage, 4 orders: −$21.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$85.83
Costs to cover: 0.435%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bitget: 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 Kraken Futures live order book, 5 min ago	3.89 bp	11.7 bp −$12	16.3 bp −$163	43.0 bp −$4,299	doesn't fit
Sell Bitget live order book, 5 min ago	0.39 bp	8.4 bp −$8	13.3 bp −$133	32.2 bp −$3,218	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	−0.014%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.873	+0.198%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.848	+0.005%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.486%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0047%	8h	12.842	−0.045%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.887	+0.309%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.846	−0.015%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.855	+0.054%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.854	+0.048%	$343K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.848	+0.005%	$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	12.857	+0.074%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.842	−0.045%	$118.4M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.836	−0.092%	$82.8M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.837	−0.084%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	+0.188%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.844	−0.030%	$123.8M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.848	+0.001%	$32.9M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.850	+0.017%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDTshort	+0.0100%	8h	12.837	−0.084%	$53.6M	$30.4M	75x
BingX LINK-USDC	+0.0100%	8h	12.844	−0.030%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.851	+0.025%	$335K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	+0.192%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.869	+0.168%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	+0.250%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.877	+0.227%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.857	+0.071%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.844	−0.030%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.866	+0.139%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.847	−0.006%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.846	−0.013%	$630K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.834	−0.111%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.849	+0.009%	$539K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0124%	1h	12.851	+0.028%	$788K	$233K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.866	+0.142%	$915K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.892	+0.344%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0227%	1h	12.857	+0.071%	$80.1M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0279%	1h	12.848	long leg	$6.6M	$8.3M	50x
Reya LINKRUSDPERP	+0.0395%	1h	12.847	−0.005%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0591%	8h	12.861	+0.103%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0793%	1h	12.860	+0.091%	$343K	$33K	10x	as long as short