Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0593%/8h= +65.0% APRpaid last 24h +0.002%

Price spread now: Kraken Futures against Binance+0.142%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.053%−$5 · spread now +0.142%, 7d avg +0.016%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Kraken Futures is 0.126% dearer against Binance than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.016%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% 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	Binance LINKUSDT	13.165	0.0100	pay 0.0100% / 8h	1h 13m	$122.2M	$303.1M	75x
Short	Kraken Futures PF_LINKUSD	13.184	0.0693	get 0.0087% / 1h	13m 46s	$7.0M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.142%Rate

Funding earned: $124.61
Price spread: +0.142% → +0.016%: $12.6
Slippage, 4 orders: −$16.2
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $101.01
Costs to cover: 0.362%
Break-even: 1.3 days

Slippage from Binance: live order book, 15 min ago; Kraken Futures: live order book, 5 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 Binance live order book, 15 min ago	0.38 bp	5.8 bp −$6	11.3 bp −$113	38.9 bp −$3,893	126.1 bp −$63.1K
Sell Kraken Futures live order book, 5 min ago	3.79 bp	12.0 bp −$12	14.8 bp −$148	45.5 bp −$4,548	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	13.179	+0.109%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.196	+0.232%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.182	+0.129%	$720K	$125K	50x	as long as short
dYdX LINK-USD	+0.0003%	1h	13.183	+0.140%	$349K	$48K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.181	+0.125%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.811%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.167	+0.012%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.176	+0.084%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.175	+0.078%	$2.0M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.178	+0.100%	$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	13.178	+0.103%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.181	+0.118%	$77.8M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.174	+0.071%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.189	+0.183%	$276K	$148K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	13.165	long leg	$122.2M	$303.1M	75x
Bybit LINKUSDT	+0.0100%	8h	13.164	−0.008%	$84.9M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.164	−0.008%	$27.8M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.192	+0.205%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.172	+0.053%	$130.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.167	+0.015%	$36.3M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.169	+0.030%	$22.4M	$15.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.163	−0.015%	$54.8M	$30.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.167	+0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.184	+0.143%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	+0.109%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.144%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	+0.167%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.182	+0.129%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.175	+0.078%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.194	+0.217%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.176	+0.084%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.159	−0.046%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.162	−0.021%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.180	+0.115%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.192	+0.205%	$995K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.183	+0.137%	$365K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.183	+0.137%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.178	+0.097%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0468%	8h	13.190	+0.190%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0693%	1h	13.184	+0.142%	$7.0M	$8.1M	50x