Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0339%/8h= +37.1% APRpaid last 24h +0.105%

Price spread now: Phemex against Nado+0.170%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.260%+$26 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.170%, 7d avg +0.118%

Together, before fees+0.245%+ Points / potential airdropNado: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phemex is 0.053% dearer against Nado than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.118%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado LINK-PERP	12.936	0.0100	pay 0.0012% / 1h	49m 24s	$348K	$279K	10x
Short	Phemex LINKUSDT	12.958	0.0439	get 0.0439% / 8h	5h 49m	$20.0M	$10.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.170%Rate

Funding earned: $71.2
Price spread: +0.170% → +0.118%: $5.26
Slippage, 4 orders: −$13.74
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $43.72
Costs to cover: 0.327%
Break-even: 2.7 days

Slippage from Nado: live order book, 61 min ago; Phemex: live order book, 3 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 Nado live order book, 61 min ago	1.55 bp	7.0 bp −$7	16.7 bp −$167	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.39 bp	10.5 bp −$10	16.2 bp −$162	doesn't fit	doesn't fit

LINK on 39 exchanges

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	−0.0200%	8h	12.932	−0.031%	$85K	$868K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.950	+0.107%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.959	+0.177%	$488K	$2.0M	3.7x	as long as short
Phoenix LINK	0.0000%	1h	12.948	+0.093%	$3K	$81K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	12.957	+0.166%	$115K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.143%	$4K	$48K	12x	as long as short
SoDEX LINK-USD	+0.0067%	1h	12.943	+0.054%	$11K	$61K	10x	as long as short
HTX LINK-USDT	+0.0089%	8h	12.903	−0.253%	$606K	$674K	75x	as long as short
Variational Omni LINK	+0.0090%	8h	12.938	+0.017%	$3.4M	$1.8M	—	as long as short
Lighter LINK	+0.0096%	1h	12.939	+0.026%	$1.9M	$2.3M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	12.936	−0.004%	$31K	$600	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	12.936	long leg	$348K	$279K	10x
Hyperliquid LINK	+0.0100%	1h	12.950	+0.108%	$81.5M	$25.2M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.945	+0.067%	$1.4M	$2.5M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.940	+0.031%	$274K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.937	+0.008%	$120.1M	$267.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.937	+0.008%	$83.7M	$66.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.941	+0.039%	$27.3M	$73.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.956	+0.155%	$183K	$83K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.940	+0.031%	$133.8M	$17.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.938	+0.015%	$36.0M	$54.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.944	+0.062%	$22.9M	$11.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.934	−0.015%	$54.2M	$26.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.938	+0.015%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.951	+0.116%	$334K	$351K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.941	+0.037%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.956	+0.151%	$587K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.951	+0.116%	$132K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.945	+0.070%	$82K	$64K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.965	+0.222%	$34K	$1.2M	30x	as long as short
Extended LINK-USD	+0.0104%	1h	12.932	−0.033%	$628K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.944	+0.065%	$543K	$2K	3x	as long as short
Kraken Futures PF_LINKUSD	+0.0173%	1h	12.946	+0.080%	$6.5M	$7.4M	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0200%	1h	12.951	+0.116%	$973K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.947	+0.085%	$5.4M	$15.3M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0229%	1h	12.952	+0.125%	$891K	$359K	50x	as long as short
dYdX LINK-USD	+0.0393%	1h	12.943	+0.057%	$348K	$34K	10x	as long as short
Reya LINKRUSDPERP	+0.0408%	1h	12.940	+0.031%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0439%	8h	12.958	+0.170%	$20.0M	$10.2M	50x