Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0536%/8h= +58.7% APRpaid last 24h +0.032%

Price spread now: dYdX against Orderly+0.043%7-day average −0.017% · you sell dearer than you buy

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

Long on Orderly Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.266%+$27 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now +0.043%, 7d avg −0.017%

Together, before fees+0.132%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and dYdX is 0.059% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.017%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.266% in total (about 13.9% 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	Orderly PERP_LINK_USDC	12.957	0.0063	pay 0.0063% / 8h	5h 06m	$117K	$1.4M	20x
Short	dYdX LINK-USD	12.963	0.0599	get 0.0075% / 1h	6m 54s	$343K	$30K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.043%Rate

Funding earned: $112.5
Price spread: +0.043% → −0.017%: $5.95
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: $102.45
Costs to cover: 0.160%
Break-even: 0.6 days

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 57 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 dYdX live order book, 57 min ago	54.59 bp	59.6 bp −$60	144.0 bp −$1,440	199.1 bp −$19.9K	339.7 bp −$169.9K

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 −0.0090% / S +0.0167%	1h	12.960	+0.023%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.967	+0.077%	$481K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.961	+0.029%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.299%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0063%	8h	12.957	long leg	$117K	$1.4M	20x
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.994	+0.286%	$964K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0074%	1h	12.958	+0.009%	$772K	$177K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.955	−0.015%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	12.989	+0.250%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.967	+0.074%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.961	+0.035%	$392K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.960	+0.023%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.967	+0.077%	$273K	$174K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.951	−0.046%	$119.8M	$296.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.949	−0.062%	$83.6M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.948	−0.069%	$27.3M	$82.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.979	+0.170%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.954	−0.023%	$128.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.951	−0.046%	$32.4M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.956	−0.008%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.947	−0.077%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.953	−0.031%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.961	+0.031%	$342K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	+0.247%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	+0.219%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.980	+0.178%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	+0.216%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.964	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.958	+0.004%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.977	+0.152%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.954	−0.023%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.954	−0.021%	$639K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.945	−0.096%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.958	+0.008%	$543K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.957	0.000%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.955	−0.014%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0556%	1h	12.958	+0.005%	$6.8M	$8.0M	50x	as long as short
dYdX LINK-USDshort	+0.0599%	1h	12.963	+0.043%	$343K	$30K	10x
Phemex LINKUSDT	+0.0622%	8h	12.976	+0.147%	$20.0M	$11.4M	50x	as long as short
Hyperliquid LINK	+0.0634%	1h	12.969	+0.093%	$81.6M	$27.3M	10x	as long as short