Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.041%

Price spread now: HTX against Phoenix−0.110%48s7-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 HTX

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—needs both histories

Funding pays, the price is against you. HTX is 0.110% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.110% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 5.8 days of funding at the current rate (+$2 a day). The two prices were read 48 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	13.144	0.0037	pay 0.0005% / 1h	49m 23s	$3K	$81K	10x
Short	HTX LINK-USDT	13.130	0.0100	get 0.0100% / 8h	1h 49m	$645K	$903K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.110%Rate

Funding earned: $13.32
Price spread: −0.110% → 0.000%: −$11.03
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$16.72
Costs to cover: 0.190%
Break-even: 15.8 days

Slippage unknown: Phoenix: no order-book sample; HTX: live order book, 34 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 HTX live order book, 34 min ago	23.16 bp	29.2 bp −$29	214.0 bp −$2,140	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	13.143	−0.004%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.137	−0.052%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.147	+0.020%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.135	−0.067%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.145	+0.008%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.660%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0037%	1h	13.144	long leg	$3K	$81K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.130	−0.107%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.139	−0.036%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.131	−0.101%	$32K	$3K	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	13.136	−0.065%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.153	+0.068%	$77.6M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.139	−0.040%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.136	−0.064%	$275K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.141	−0.023%	$121.8M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.142	−0.015%	$84.7M	$69.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.145	+0.008%	$27.6M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.145	+0.008%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.132	−0.091%	$130.3M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.144	0.000%	$36.4M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.133	−0.084%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.143	−0.008%	$54.5M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.142	−0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.128	−0.119%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.134	−0.072%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	−0.061%	$599K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.160	+0.122%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.147	+0.023%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.129	−0.115%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.150	+0.043%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.132	−0.091%	$5K	$38K	10x	as long as short
HTX LINK-USDTshort	+0.0100%	8h	13.130	−0.110%	$645K	$903K	75x
Extended LINK-USD	+0.0104%	1h	13.126	−0.135%	$675K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.134	−0.074%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.137	−0.053%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0128%	1h	13.141	−0.023%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.139	−0.038%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.144	−0.002%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0474%	8h	13.149	+0.038%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0696%	1h	13.141	−0.026%	$6.9M	$8.0M	50x	as long as short