Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0026%/8h= +2.9% APRpaid last 24h +0.035%

Price spread now: BingX against Phoenix+0.519%7-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 BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.207%+$21 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 +$1 a day on $10k at the current rate, and BingX is 0.519% dearer against Phoenix than usual: you sell high and buy low: +$52 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	12.981	0.0074	pay 0.0009% / 1h	52m 48s	$3K	$82K	10x
Short	BingX LINK-USDT	13.048	0.0100	get 0.0100% / 8h	3h 52m	—	$22.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.519%Rate

Funding earned: $5.49
Price spread: +0.519% → 0.000%: $51.92
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $40.41
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 11 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 BingX live order book, 11 min ago	1.54 bp	6.5 bp −$7	8.0 bp −$80	19.9 bp −$1,992	44.2 bp −$22.1K

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 −0.0089% / S +0.0166%	1h	13.040	+0.456%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.028	+0.367%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.041	+0.462%	$186K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.473%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	13.044	+0.488%	$118K	$1.2M	20x	as long as short
Phoenix LINKlong	+0.0074%	1h	12.981	long leg	$3K	$82K	10x
Lighter LINK	+0.0096%	1h	13.048	+0.518%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.024	+0.337%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.027	+0.354%	$393K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.047	+0.512%	$1.3M	$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	13.022	+0.321%	$276K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.044	+0.492%	$121.4M	$299.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.039	+0.450%	$84.3M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.045	+0.496%	$27.6M	$81.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.039	+0.450%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.045	+0.496%	$129.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.051	+0.542%	$33.1M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.051	+0.542%	$22.9M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.041	+0.465%	$54.2M	$29.5M	75x	as long as short
BingX LINK-USDTshort	+0.0100%	8h	13.048	+0.519%	—	$22.5M	—
Variational Omni LINK	+0.0100%	8h	13.005	+0.190%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.022	+0.321%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.999	+0.142%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.023	+0.327%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.042	+0.473%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.043	+0.483%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.053	+0.555%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.047	+0.512%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.016	+0.273%	$639K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.047	+0.511%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.049	+0.523%	$547K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.015	+0.265%	$947K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0207%	1h	13.058	+0.596%	$344K	$389K	15x	as long as short
dYdX LINK-USD	+0.0208%	1h	13.017	+0.283%	$345K	$30K	10x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.043	+0.481%	$5.3M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0242%	1h	13.053	+0.559%	$6.7M	$8.1M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0379%	1h	13.052	+0.552%	$785K	$202K	50x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	13.037	+0.438%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0411%	1h	13.059	+0.604%	$81.8M	$27.4M	10x	as long as short
Phemex LINKUSDT	+0.0518%	8h	13.061	+0.619%	$20.2M	$11.3M	50x	as long as short