Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.040%

Price spread now: edgeX against Phoenix−0.041%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$23 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2.7 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.235% in total) that is about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	13.022	0.0049	pay 0.0006% / 1h	46m 08s	$3K	$86K	10x
Short	edgeX LINKUSDC	13.017	0.0100	get 0.0050% / 4h	2h 46m	$43K	$310K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $10.72
Price spread: −0.041% → 0.000%: −$4.12
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$9.41
Costs to cover: 0.160%
Break-even: 13.1 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 22 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 edgeX live order book, 22 min ago	2.65 bp	7.2 bp −$7	10.5 bp −$105	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 −0.0090% / S +0.0167%	1h	12.989	−0.253%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.000	−0.168%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.998	−0.188%	$772K	$212K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.990	−0.250%	$150K	—	150x	as long as short
dYdX LINK-USD	+0.0030%	1h	12.996	−0.201%	$344K	$48K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.779%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0049%	1h	13.022	long leg	$3K	$86K	10x
Orderly PERP_LINK_USDC	+0.0069%	8h	12.986	−0.279%	$120K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	−0.225%	$955K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.994	−0.217%	$1.9M	$2.7M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0099%	8h	13.054	+0.242%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.999	−0.175%	$392K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.996	−0.199%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	−0.178%	$276K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.994	−0.217%	$120.2M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.992	−0.233%	$83.8M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.991	−0.240%	$27.2M	$84.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.011	−0.087%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.991	−0.240%	$128.5M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.994	−0.217%	$35.2M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.997	−0.194%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.987	−0.271%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.992	−0.233%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.996	−0.202%	$341K	$389K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.988	−0.260%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	13.017	−0.041%	$43K	$310K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.013	−0.071%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.024	+0.013%	$134K	$681K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	−0.202%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.990	−0.248%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	−0.144%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.233%	$15K	$42K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.977	−0.349%	$640K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.989	−0.254%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.995	−0.210%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.004	−0.141%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.987	−0.270%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0453%	1h	13.007	−0.117%	$79.9M	$29.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.999	−0.182%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0557%	8h	13.009	−0.102%	$20.1M	$11.5M	50x	as long as short