Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0123%/8hnext payment +$0.15 per $10,000 · paid last 24h +0.042%

Price spread now: Aevo against Phoenix+0.022%66s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Aevo is 0.022% dearer against Phoenix than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	13.003	−0.0019	get 0.0002% / 1h	6m 11s	$9K	$78K	10x
Short	Aevo LINK-PERP	13.006	0.0104	get 0.0013% / 1h	6m 11s	$547K	$340	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phoenix. 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 PhoenixbpFee AevobpOrdersPrice spread, now +0.022%Rate

Funding earned: $25.73
Price spread: +0.022% → 0.000%: $2.2
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aevo: 8 bp × 2 orders: −$16
Net: $4.93
Costs to cover: 0.230%
Break-even: 5.7 days

Slippage unknown: Phoenix: no order-book sample; Aevo: live order book, 27 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Aevo live order book, 27 min ago	24.66 bp	40.0 bp −$40	225.4 bp −$2,254	doesn't fit	doesn't fit

Phoenix: 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 +0.0165%	1h	13.004	+0.007%	$1.7M	—	200x	as long as short
Variational Omni LINK	−0.0077%	8h	13.000	−0.018%	$3.2M	$1.2M	—	as long as short
Phoenix LINKlong	−0.0019%	1h	13.003	long leg	$9K	$78K	10x
dYdX LINK-USD	0.0000%	1h	13.014	+0.082%	$345K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.013	+0.077%	$473K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.003	−0.001%	$690K	$107K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	13.005	+0.017%	$118K	—	150x	as long as short
Coinbase International LINK-PERP-INTX	+0.0008%	1h	13.016	+0.102%	$990K	$2.7M	50x	as long as short
Bybit LINKUSDT	+0.0012%	8h	12.999	−0.029%	$83.5M	$65.0M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0018%	1h	13.002	−0.006%	$6.1M	$6.3M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.636%	$4K	$48K	12x	as long as short
OKX LINK-USDT-SWAP	+0.0036%	8h	13.000	−0.022%	$27.0M	$81.3M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0066%	8h	13.005	+0.017%	$150K	$1.6M	20x	as long as short
HTX LINK-USDT	+0.0092%	8h	12.956	−0.360%	$629K	$887K	75x	as long as short
Lighter LINK	+0.0096%	1h	13.004	+0.008%	$2.0M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.999	−0.031%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.010	+0.055%	$391K	$291K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.010	+0.055%	$76.0M	$21.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.005	+0.019%	$1.4M	$2.5M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.004	+0.012%	$272K	$162K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.999	−0.029%	$119.1M	$290.0M	75x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.018	+0.117%	$196K	$153K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.998	−0.037%	$130.1M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.998	−0.037%	$34.9M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.000	−0.022%	$21.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.997	−0.045%	$54.0M	$29.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.999	−0.029%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.009	+0.048%	$353K	$361K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.011	+0.063%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.003%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.014	+0.086%	$132K	$650K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.004	+0.009%	$78K	$58K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.998	−0.041%	$24K	$13K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.011	+0.066%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.997	−0.045%	$5K	$39K	10x	as long as short
Extended LINK-USD	+0.0104%	1h	12.998	−0.041%	$635K	$1.9M	25x	as long as short
Aevo LINK-PERPshort	+0.0104%	1h	13.006	+0.022%	$547K	$340	3x
BloFin LINK-USDT	+0.0220%	8h	13.010	+0.055%	$5.2M	$13.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0369%	1h	12.998	−0.034%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0475%	8h	13.018	+0.117%	$20.2M	$11.3M	50x	as long as short