Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0492%/8h= +53.9% APRpaid last 24h +0.075%

Price spread now: Phemex against Aevo+0.080%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$890.887% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.240%+$24 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now +0.080%, 7d avg +0.088%

Together, before fees+0.258%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.088%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.240% in total (about 12.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo LINK-PERP	13.001	0.0104	pay 0.0013% / 1h	13m 06s	$545K	$2K	3x
Short	Phemex LINKUSDT	13.011	0.0596	get 0.0596% / 8h	5h 13m	$20.1M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.080%Rate

Funding earned: $103.34
Price spread: +0.080% → +0.088%: −$0.85
Slippage, 4 orders: −$60.73
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: $13.76
Costs to cover: 0.887%
Break-even: 6.1 days

Slippage from Aevo: live order book, 51 min ago; Phemex: live order book, 6 min ago.

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 Aevo live order book, 51 min ago	19.56 bp	33.1 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.38 bp	10.4 bp −$10	14.8 bp −$148	doesn't fit	doesn't fit

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	13.004	+0.024%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.006	+0.040%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.005	+0.031%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.620%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	12.994	−0.051%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.041	+0.311%	$965K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	13.002	+0.011%	$772K	$175K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.999	−0.014%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.026	+0.192%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.012	+0.088%	$31K	$2K	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	13.006	+0.041%	$393K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.004	+0.023%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.017	+0.128%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.995	−0.043%	$120.1M	$296.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.992	−0.066%	$83.9M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.991	−0.074%	$27.4M	$82.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.030	+0.226%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	−0.012%	$128.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.996	−0.036%	$32.4M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.999	−0.012%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.991	−0.074%	$54.0M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.993	−0.059%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.999	−0.012%	$344K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.038	+0.287%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.032	+0.238%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.034	+0.257%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.039	+0.295%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.017	+0.126%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.996	−0.037%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.031	+0.233%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.998	−0.020%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.976	−0.188%	$640K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.988	−0.094%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERPlong	+0.0104%	1h	13.001	long leg	$545K	$2K	3x
BloFin LINK-USDT	+0.0220%	8h	13.004	+0.026%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.007	+0.048%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0490%	1h	13.012	+0.087%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0554%	1h	13.002	+0.008%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTshort	+0.0596%	8h	13.011	+0.080%	$20.1M	$11.4M	50x
Hyperliquid LINK	+0.0653%	1h	13.012	+0.088%	$81.9M	$27.3M	10x	as long as short