Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0296%/8h= +32.4% APRpaid last 24h −0.040%

Price spread now: dYdX against Phemex−0.051%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1011.014% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now −0.051%, 7d avg −0.088%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and dYdX is 0.037% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.088%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.049% in total (about 2.5% 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	Phemex LINKUSDT	12.879	0.0575	pay 0.0575% / 8h	1h 45m	$19.9M	$11.3M	50x
Short	dYdX LINK-USD	12.872	0.0871	get 0.0109% / 1h	45m 57s	$343K	$33K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Phemex. 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 PhemexbpFee dYdXbpOrdersPrice spread, now −0.051%Rate

Funding earned: $62.15
Price spread: −0.051% → −0.088%: $3.67
Slippage, 4 orders: −$79.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$35.61
Costs to cover: 1.014%
Break-even: 11.0 days

Slippage from Phemex: live order book, 3 min ago; dYdX: live order book, 63 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 Phemex live order book, 3 min ago	1.16 bp	9.1 bp −$9	15.3 bp −$153	doesn't fit	doesn't fit
Sell dYdX live order book, 63 min ago	36.55 bp	41.7 bp −$42	163.2 bp −$1,632	177.3 bp −$17.7K	224.9 bp −$112.4K

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	12.862	−0.131%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.871	−0.062%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.863	−0.121%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0006%	8h	12.858	−0.163%	$94K	$1.1M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.719%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.892	+0.099%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.862	−0.132%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.865	−0.112%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.858	−0.163%	$348K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.868	−0.085%	$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	12.870	−0.066%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.868	−0.085%	$118.7M	$301.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.865	−0.109%	$83.0M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.868	−0.085%	$26.9M	$80.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.881	+0.016%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.858	−0.163%	$123.7M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.869	−0.078%	$34.3M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.870	−0.070%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.865	−0.109%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.862	−0.132%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	+0.088%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	+0.104%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	+0.114%	$578K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.893	+0.109%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.866	−0.101%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.862	−0.132%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.876	−0.023%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.866	−0.101%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.834	−0.347%	$629K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.863	−0.123%	$626K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.865	−0.107%	$539K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0113%	1h	12.870	−0.070%	$335K	$387K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.893	+0.109%	$931K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0170%	1h	12.868	−0.084%	$805K	$261K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0194%	1h	12.865	−0.107%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.878	−0.008%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0316%	1h	12.879	0.000%	$80.3M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.857	−0.170%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0575%	8h	12.879	long leg	$19.9M	$11.3M	50x
dYdX LINK-USDshort	+0.0871%	1h	12.872	−0.051%	$343K	$33K	10x