Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0378%/8h= −41.4% APRpaid last 24h −0.017%

Price spread now: Bybit against Kraken Futures+0.025%7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

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

costs, in and out, $10k−$380.384% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 3 days (all we have)−0.108%−$11 · spread now +0.025%, 7d avg −0.042%

Together, before fees−0.179%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.068% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.042%): +$7 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.071% in total) that is about 6.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.071% in total (about -3.7% 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	Kraken Futures PF_LINKUSD	13.128	0.0478	pay 0.0060% / 1h	22m 28s	$6.9M	$8.2M	50x
Short	Bybit LINKUSDT	13.131	0.0100	get 0.0100% / 8h	22m 28s	$84.6M	$71.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$79.43
Price spread: +0.025% → −0.042%: $6.76
Slippage, 4 orders: −$17.35
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$111.03
Costs to cover: 0.384%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	3.81 bp	10.6 bp −$11	11.8 bp −$118	44.0 bp −$4,399	doesn't fit
Sell Bybit live order book, 1 min ago	0.38 bp	6.6 bp −$7	12.2 bp −$122	34.3 bp −$3,429	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 −0.0091% / S +0.0167%	1h	13.112	−0.117%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.113	−0.111%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.121	−0.052%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.113	−0.110%	$132K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.011%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.543%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.116	−0.089%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.119	−0.066%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.123	−0.039%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.131	+0.025%	$401K	$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	13.126	−0.016%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.122	−0.042%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.133	+0.039%	$122.1M	$304.9M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	13.131	+0.025%	$84.6M	$71.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.130	+0.018%	$27.6M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.138	+0.079%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.111	−0.127%	$130.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.124	−0.028%	$36.3M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.120	−0.059%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.126	−0.013%	$54.6M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.126	−0.013%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.138	+0.078%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	−0.077%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.144	+0.122%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.118	−0.074%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.133	+0.040%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.114	−0.104%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.120	−0.059%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.118	−0.074%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.094	−0.260%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.125	−0.018%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.119	−0.065%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.123	−0.036%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.111	−0.127%	$5.2M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0222%	1h	13.128	+0.002%	$362K	$377K	15x	as long as short
Hyperliquid LINK	+0.0285%	1h	13.129	+0.010%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.124	−0.028%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0478%	1h	13.128	long leg	$6.9M	$8.2M	50x
Phemex LINKUSDT	+0.0487%	8h	13.121	−0.051%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0602%	1h	13.121	−0.053%	$348K	$48K	10x	as long as short