Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0453%/8h= −49.6% APRpaid last 24h −0.085%

Price spread now: Injective against Phemex−5.495%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.750%+$75 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Injective is 5.495% cheaper against Phemex than usual: you would sell low and buy high (−$550 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.750%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.121	0.0487	pay 0.0487% / 8h	22m 55s	$20.3M	$11.6M	50x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	22m 55s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.495%Rate

Funding earned: −$95.21
Price spread: −5.495% → 0.000%: −$549.5
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$656.73
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Injective: no order-book sample. 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 Phemex live order book, 6 min ago	1.14 bp	10.1 bp −$10	16.0 bp −$160	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0091% / S +0.0167%	1h	13.112	−0.066%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.113	−0.060%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.121	−0.002%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.113	−0.059%	$132K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.062%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−5.495%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0043%	8h	13.116	−0.038%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.117	−0.029%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.104	−0.128%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.101	−0.156%	$400K	$312K	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	13.121	+0.003%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.106	−0.111%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.112	−0.067%	$121.9M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.108	−0.099%	$84.4M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.111	−0.076%	$27.6M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.120	−0.008%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.117	−0.030%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.115	−0.046%	$36.3M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.121	0.000%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.118	−0.023%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.113	−0.061%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.138	+0.129%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	−0.026%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.144	+0.173%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.118	−0.023%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.112	−0.069%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.114	−0.053%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.120	−0.008%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.118	−0.023%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.094	−0.210%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.113	−0.060%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.119	−0.014%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.123	+0.015%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.111	−0.076%	$5.2M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0222%	1h	13.128	+0.053%	$362K	$377K	15x	as long as short
Hyperliquid LINK	+0.0284%	1h	13.134	+0.099%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.106	−0.117%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.128	+0.051%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTlong	+0.0487%	8h	13.121	long leg	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0612%	1h	13.114	−0.057%	$347K	$48K	10x	as long as short