Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0445%/8h= −48.7% APRpaid last 24h −0.076%

Price spread now: Nado against Phemex−0.143%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.209%−$21 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.143%, 7d avg −0.118%

Together, before fees−0.177%+ Points / potential airdropNado: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Nado is 0.026% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.118%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.905	0.0545	pay 0.0545% / 8h	11m 35s	$19.9M	$11.4M	50x
Short	Nado LINK-PERP	12.886	0.0100	get 0.0012% / 1h	11m 35s	$348K	$336K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.143%Rate

Funding earned: −$93.36
Price spread: −0.143% → −0.118%: −$2.56
Slippage, 4 orders: −$11.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$125.97
Costs to cover: 0.301%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Nado: live order book, 26 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, 2 min ago	0.77 bp	7.4 bp −$7	13.3 bp −$133	doesn't fit	doesn't fit
Sell Nado live order book, 26 min ago	0.78 bp	7.1 bp −$7	19.3 bp −$193	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
Orderly PERP_LINK_USDC	−0.0090%	8h	12.880	−0.194%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.890	−0.119%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.895	−0.080%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.888	−0.130%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.913%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.886	−0.150%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.895	−0.078%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.895	−0.074%	$31K	$2K	20x	as long as short
Nado LINK-PERPshort	+0.0100%	1h	12.886	−0.143%	$348K	$336K	10x
Hyperliquid LINK	+0.0100%	1h	12.906	+0.008%	$80.5M	$28.1M	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	12.899	−0.047%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.897	−0.064%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.899	−0.046%	$119.2M	$298.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.892	−0.101%	$83.4M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.896	−0.070%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.914	+0.070%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.895	−0.077%	$132.8M	$17.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.898	−0.054%	$34.5M	$58.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.901	−0.031%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.895	−0.077%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.896	−0.070%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.900	−0.039%	$335K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.871	−0.267%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.879	−0.203%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.891	−0.105%	$585K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	−0.046%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.895	−0.077%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.885	−0.155%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.908	+0.022%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.890	−0.116%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.858	−0.363%	$628K	$765K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.894	−0.083%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.894	−0.086%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.892	−0.105%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.909	+0.031%	$933K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.897	−0.062%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0293%	1h	12.895	−0.080%	$806K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.890	−0.117%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0545%	8h	12.905	long leg	$19.9M	$11.4M	50x
dYdX LINK-USD	+0.0571%	1h	12.894	−0.088%	$343K	$45K	10x	as long as short