Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h −0.014%

Price spread now: Deribit against Orderly+0.073%7-day average −0.019% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now +0.073%, 7d avg −0.019%

Together, before fees−0.276%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.092% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.019%. Mind the row above: over the last 7 days funding on this pair cost −0.214%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	12.842	0.0047	pay 0.0047% / 8h	2h 34m	$95K	$1.2M	20x
Short	Deribit LINK_USDC-PERPETUAL	12.851	0.0124	get 0.0016% / 1h	34m 04s	$788K	$233K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.073%Rate

Funding earned: $16.11
Price spread: +0.073% → −0.019%: $9.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $12.34
Costs to cover: 0.130%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 15 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 15 min ago	4.25 bp	11.6 bp −$12	16.9 bp −$169	doesn't fit	doesn't fit

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
GMX LINK/USD [LINK-USDC]	L −0.0089% / S +0.0166%	1h	12.846	+0.031%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.873	+0.244%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.848	+0.050%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.442%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0047%	8h	12.842	long leg	$95K	$1.2M	20x
Phoenix LINK	+0.0074%	1h	12.887	+0.354%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.846	+0.031%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.855	+0.100%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.854	+0.093%	$343K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.848	+0.050%	$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	+0.119%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.842	0.000%	$118.4M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.836	−0.047%	$82.8M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.837	−0.039%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	+0.234%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.844	+0.016%	$123.8M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.848	+0.047%	$32.9M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.850	+0.062%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.837	−0.039%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.844	+0.016%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.851	+0.070%	$335K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	+0.238%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.869	+0.214%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	+0.296%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.877	+0.273%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.857	+0.117%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.844	+0.015%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.866	+0.185%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.847	+0.039%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.846	+0.032%	$630K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.834	−0.065%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.849	+0.055%	$539K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0124%	1h	12.851	+0.073%	$788K	$233K	50x
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.866	+0.187%	$915K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.892	+0.389%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0227%	1h	12.857	+0.117%	$80.1M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.848	+0.045%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.847	+0.040%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0591%	8h	12.861	+0.148%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0793%	1h	12.860	+0.137%	$343K	$33K	10x	as long as short