Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.051%

Price spread now: Orderly against Kraken Futures−0.050%7-day average +0.003% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.050%, 7d avg +0.003%

Together, before fees−0.026%−$3 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 Orderly is 0.053% 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 +0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	12.903	0.0049	pay 0.0006% / 1h	41m 44s	$6.4M	$8.4M	50x
Short	Orderly PERP_LINK_USDC	12.897	−0.0111	pay 0.0111% / 8h	7h 41m	$91K	$989K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.050%Rate

Funding earned: −$33.55
Price spread: −0.050% → +0.003%: −$5.3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$54.85
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 min ago; Orderly: 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 Kraken Futures live order book, 2 min ago	2.33 bp	10.9 bp −$11	13.7 bp −$137	37.2 bp −$3,725	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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_USDCshort	−0.0111%	8h	12.897	−0.050%	$91K	$989K	20x
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.900	−0.030%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.907	+0.029%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.900	−0.027%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.902%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0049%	1h	12.903	long leg	$6.4M	$8.4M	50x
Phoenix LINK	+0.0087%	1h	12.908	+0.037%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.885	−0.141%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.881	−0.176%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.898	−0.039%	$349K	$335K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.893	−0.081%	$80.5M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.890	−0.104%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.884	−0.151%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.881	−0.174%	$118.9M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.880	−0.182%	$83.4M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.880	−0.182%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.898	−0.043%	$180K	$98K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.883	−0.159%	$133.5M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.882	−0.167%	$35.6M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.887	−0.128%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.882	−0.167%	$53.8M	$29.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.882	−0.167%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.903	−0.004%	$335K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.913	+0.077%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.914	+0.084%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.909	+0.044%	$580K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.917	+0.105%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.904	+0.004%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.901	−0.017%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.917	+0.107%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.900	−0.027%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.890	−0.104%	$630K	$721K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.876	−0.211%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.901	−0.017%	$541K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0130%	1h	12.907	+0.024%	$807K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.924	+0.159%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.905	+0.012%	$5.2M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.897	−0.050%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0404%	8h	12.914	+0.081%	$20.0M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.1114%	1h	12.888	−0.121%	$343K	$45K	10x	as long as short