Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0338%/8h= −37.0% APRpaid last 24h −0.105%

Price spread now: Pacifica against Phemex−0.117%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now −0.117%, 7d avg −0.084%

Together, before fees−0.432%+ Points / potential airdropPacifica: Active · farm board−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Pacifica is 0.033% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.084%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.937	0.0438	pay 0.0438% / 8h	7h 45m	$20.0M	$11.5M	50x
Short	Pacifica LINK	12.922	0.0100	get 0.0013% / 1h	45m 50s	$275K	$182K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.117%Rate

Funding earned: −$70.96
Price spread: −0.117% → −0.084%: −$3.31
Slippage, 4 orders: −$19.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$114.27
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Pacifica: live order book, 52 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	9.7 bp −$10	16.0 bp −$160	doesn't fit	doesn't fit
Sell Pacifica live order book, 52 min ago	4.27 bp	10.5 bp −$11	doesn't fit	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	−0.0109%	8h	12.914	−0.178%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.922	−0.120%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.926	−0.083%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.921	−0.124%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.151%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.922	−0.113%	$6.4M	$8.4M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0083%	1h	12.925	−0.093%	$808K	$268K	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.915	−0.169%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.921	−0.124%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.921	−0.126%	$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	12.921	−0.120%	$349K	$335K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.928	−0.070%	$80.7M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.926	−0.085%	$1.2M	$2.4M	50x	as long as short
Pacifica LINKshort	+0.0100%	1h	12.922	−0.117%	$275K	$182K	10x
Binance LINKUSDT	+0.0100%	8h	12.924	−0.098%	$119.3M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.921	−0.124%	$83.7M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.924	−0.100%	$27.2M	$80.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.938	+0.008%	$181K	$98K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.927	−0.077%	$134.0M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.926	−0.085%	$35.2M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.929	−0.062%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.918	−0.147%	$53.9M	$29.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.924	−0.100%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.929	−0.062%	$336K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.913	−0.183%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.912	−0.195%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.913	−0.182%	$580K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.918	−0.147%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.926	−0.085%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.914	−0.181%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.938	+0.005%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.920	−0.131%	$11K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.877	−0.464%	$629K	$724K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.921	−0.126%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.919	−0.139%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.924	−0.100%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	−0.085%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.917	−0.158%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0438%	8h	12.937	long leg	$20.0M	$11.5M	50x
dYdX LINK-USD	+0.0913%	1h	12.920	−0.128%	$344K	$45K	10x	as long as short