Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0435%/8h= +47.6% APRpaid last 24h +0.076%

Price spread now: Phemex against Arcus−0.100%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$510.510% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.228%+$23 on $10k

Price spread, last 4 days (all we have)+0.217%+$22 · spread now −0.100%, 7d avg +0.028%

Together, before fees+0.445%+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.128% cheaper against Arcus than usual: you would sell low and buy high (spread −0.100% now, against its 7-day average of +0.028%). If the spread goes back, that is −$13 on $10k: about 24 hours of funding at the current rate (+$13 a day). At the pace of the last 4 days (+0.228% in total) that is about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus LINK-USD	12.980	0.0100	pay 0.0013% / 1h	22m 12s	$181K	$166K	10x
Short	Phemex LINKUSDT	12.967	0.0535	get 0.0535% / 8h	4h 22m	$20.0M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now −0.100%Rate

Funding earned: $91.3
Price spread: −0.100% → +0.028%: −$12.83
Slippage, 4 orders: −$34.53
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $27.43
Costs to cover: 0.510%
Break-even: 4.9 days

Slippage from Arcus: live order book, 36 min ago; Phemex: live order book, 2 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 Arcus live order book, 36 min ago	13.93 bp	16.2 bp −$16	27.9 bp −$279	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.93 bp	8.9 bp −$9	14.1 bp −$141	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	12.956	−0.182%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.962	−0.141%	$519K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.958	−0.172%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.468%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.955	−0.193%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.957	−0.174%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.965	−0.116%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.970	−0.074%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.960	−0.157%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.955	−0.193%	$392K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.961	−0.144%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.959	−0.162%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.954	−0.201%	$119.9M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.946	−0.262%	$83.5M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.946	−0.262%	$27.4M	$81.3M	50x	as long as short
Arcus LINK-USDlong	+0.0100%	1h	12.980	long leg	$181K	$166K	10x
Gate LINK_USDT	+0.0100%	8h	12.961	−0.146%	$128.2M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.961	−0.146%	$33.0M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.965	−0.116%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.960	−0.154%	$53.9M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.957	−0.177%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.966	−0.108%	$339K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	−0.200%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.967	−0.098%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.967	−0.099%	$581K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	−0.039%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.968	−0.092%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.957	−0.176%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	−0.057%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.958	−0.169%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.944	−0.281%	$635K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.956	−0.187%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.960	−0.158%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0167%	1h	12.964	−0.120%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.966	−0.108%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0368%	1h	12.976	−0.031%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.956	−0.186%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.961	−0.143%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0414%	1h	12.958	−0.173%	$343K	$30K	10x	as long as short
Phemex LINKUSDTshort	+0.0535%	8h	12.967	−0.100%	$20.0M	$11.4M	50x