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 −0.021%

Price spread now: Phoenix against Variational Omni−0.162%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.162% cheaper against Variational Omni than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	13.155	0.0100	pay 0.0100% / 8h	1h 30m	$3.3M	$1.5M	—
Short	Phoenix LINK	13.134	0.0037	get 0.0005% / 1h	30m 58s	$3K	$81K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.162%Rate

Funding earned: −$13.32
Price spread: −0.162% → 0.000%: −$16.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.5
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phoenix: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	3.12 bp	doesn't fit	10.0 bp −$100	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	13.113	−0.319%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.123	−0.241%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.123	−0.243%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.106	−0.369%	$716K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.114	−0.312%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.739%	$4K	$48K	12x	as long as short
Phoenix LINKshort	+0.0037%	1h	13.134	−0.162%	$3K	$81K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.101	−0.410%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.107	−0.366%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.119	−0.273%	$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	13.117	−0.289%	$398K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.116	−0.296%	$77.4M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.107	−0.361%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.121	−0.256%	$275K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.106	−0.372%	$121.6M	$302.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.107	−0.365%	$84.5M	$70.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.102	−0.403%	$27.5M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.136	−0.144%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.107	−0.365%	$130.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.108	−0.357%	$36.2M	$56.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.108	−0.357%	$22.4M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.106	−0.372%	$54.6M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.108	−0.357%	—	$21.5M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	13.155	long leg	$3.3M	$1.5M	—
edgeX LINKUSDC	+0.0100%	4h	13.147	−0.061%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.146	−0.068%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.154	−0.008%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.119	−0.274%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.102	−0.400%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.129	−0.198%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.104	−0.388%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.082	−0.559%	$643K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.102	−0.401%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.106	−0.371%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.123	−0.243%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0175%	1h	13.113	−0.319%	$363K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.097	−0.441%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.114	−0.308%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0476%	8h	13.122	−0.251%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0697%	1h	13.112	−0.330%	$6.9M	$8.1M	50x	as long as short