Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.065%

Price spread now: Phemex against Pacifica−0.061%7-day average +0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.294%+$29 on $10k

Price spread, last 3 days (all we have)+0.205%+$20 · spread now −0.061%, 7d avg +0.087%

Together, before fees+0.499%+ Points / potential airdropPacifica: Active · farm board+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.148% cheaper against Pacifica than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of +0.087%). If the spread goes back, that is −$15 on $10k: about 32 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.294% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica LINK	13.248	0.0100	pay 0.0013% / 1h	42m 47s	$278K	$150K	10x
Short	Phemex LINKUSDT	13.240	0.0472	get 0.0472% / 8h	42m 47s	$20.5M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.061%Rate

Funding earned: $78.03
Price spread: −0.061% → +0.087%: −$14.83
Slippage, 4 orders: −$20.32
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: $22.87
Costs to cover: 0.403%
Break-even: 4.9 days

Slippage from Pacifica: live order book, 35 min ago; Phemex: live order book, 6 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 Pacifica live order book, 35 min ago	4.18 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.13 bp	10.1 bp −$10	14.9 bp −$149	doesn't fit	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	13.230	−0.138%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.245	−0.026%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.228	−0.154%	$725K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.230	−0.134%	$135K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.267	+0.145%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.402%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.226	−0.167%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.220	−0.212%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.238	−0.076%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.238	−0.076%	$405K	$311K	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	13.223	−0.193%	$1.4M	$3.0M	50x	as long as short
Pacifica LINKlong	+0.0100%	1h	13.248	long leg	$278K	$150K	10x
Binance LINKUSDT	+0.0100%	8h	13.213	−0.265%	$123.1M	$304.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.212	−0.272%	$85.3M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.214	−0.257%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.256	+0.060%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.219	−0.220%	$131.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.215	−0.250%	$36.8M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.221	−0.205%	$22.6M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.209	−0.295%	$55.0M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.216	−0.242%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.249	+0.006%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.246	−0.014%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.251	+0.023%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.250	+0.014%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.238	−0.076%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.223	−0.186%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.240	−0.060%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.219	−0.220%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.229	−0.140%	$651K	$888K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.213	−0.268%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.228	−0.149%	$555K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.242	−0.046%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.229	−0.144%	$5.3M	$17.3M	75x	as long as short
dYdX LINK-USD	+0.0221%	1h	13.248	0.000%	$351K	$48K	10x	as long as short
Hyperliquid LINK	+0.0293%	1h	13.228	−0.152%	$78.3M	$24.0M	10x	as long as short
Backpack LINK_USDC_PERP	+0.0348%	1h	13.229	−0.144%	$365K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.230	−0.133%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0472%	8h	13.240	−0.061%	$20.5M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0475%	1h	13.227	−0.160%	$7.0M	$8.2M	50x	as long as short