Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0508%/8h= +55.6% APRpaid last 24h +0.116%

Price spread now: Phemex against Phoenix−0.102%47s7-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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.470%+$47 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. Phemex is 0.102% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.102% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 16 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.470% in total) that is about 36 hours. The two prices were read 47 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	13.022	0.0049	pay 0.0006% / 1h	45m 26s	$3K	$86K	10x
Short	Phemex LINKUSDT	13.009	0.0557	get 0.0557% / 8h	6h 45m	$20.1M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.102%Rate

Funding earned: $106.68
Price spread: −0.102% → 0.000%: −$10.21
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $77.47
Costs to cover: 0.190%
Break-even: 1.9 days

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 4 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 Phemex live order book, 4 min ago	0.38 bp	9.5 bp −$9	14.6 bp −$146	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	12.962	−0.466%	$149K	—	150x	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
dYdX LINK-USD	+0.0067%	1h	12.979	−0.333%	$344K	$48K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.959	−0.486%	$119K	$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	12.973	−0.375%	$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	13.040	+0.138%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.966	−0.428%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.979	−0.334%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.977	−0.345%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.963	−0.455%	$119.9M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.962	−0.463%	$83.6M	$71.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.963	−0.455%	$27.2M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.991	−0.240%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.966	−0.432%	$128.3M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.963	−0.455%	$34.8M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.975	−0.363%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.964	−0.448%	$53.7M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.965	−0.440%	—	$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 LINKUSDC	+0.0100%	4h	13.009	−0.100%	$43K	$310K	20x	as long as short
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	13.015	−0.056%	$134K	$683K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.970	−0.402%	$80K	$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	12.969	−0.412%	$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	12.963	−0.458%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0442%	1h	12.982	−0.313%	$79.7M	$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 LINKUSDTshort	+0.0557%	8h	13.009	−0.102%	$20.1M	$11.5M	50x