Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0146%/8h= −15.9% APRpaid last 24h −0.065%

Price spread now: Phoenix against BloFin−0.035%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.035% cheaper against BloFin than usual: you would sell low and buy high (−$3 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	BloFin LINK-USDT	12.892	0.0220	pay 0.0220% / 8h	2h 35m	$5.2M	$15.8M	75x
Short	Phoenix LINK	12.887	0.0074	get 0.0009% / 1h	35m 16s	$3K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$30.58
Price spread: −0.035% → 0.000%: −$3.49
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$53.07
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 4 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 BloFin live order book, 4 min ago	2.73 bp	8.7 bp −$9	11.8 bp −$118	19.6 bp −$1,956	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 −0.0089% / S +0.0166%	1h	12.897	+0.040%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.899	+0.054%	$506K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.897	+0.039%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.816%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0048%	8h	12.892	0.000%	$97K	$1.2M	20x	as long as short
Phoenix LINKshort	+0.0074%	1h	12.887	−0.035%	$3K	$82K	10x
Lighter LINK	+0.0096%	1h	12.894	+0.015%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.899	+0.052%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.894	+0.016%	$344K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.896	+0.029%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.898	+0.048%	$275K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.894	+0.019%	$118.9M	$302.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.889	−0.023%	$83.1M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.888	−0.031%	$27.2M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.909	+0.132%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.892	0.000%	$124.2M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.899	+0.054%	$33.1M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.899	+0.054%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.897	+0.039%	$53.8M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.896	+0.031%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.894	+0.016%	$336K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	−0.151%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.869	−0.175%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	−0.093%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.877	−0.116%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.902	+0.078%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.898	+0.045%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	+0.167%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.897	+0.039%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.197%	$631K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.895	+0.020%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.902	+0.078%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.884	−0.062%	$916K	$2.8M	50x	as long as short
BloFin LINK-USDTlong	+0.0220%	8h	12.892	long leg	$5.2M	$15.8M	75x
Hyperliquid LINK	+0.0239%	1h	12.908	+0.124%	$80.4M	$27.6M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0246%	1h	12.906	+0.112%	$792K	$233K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.900	+0.059%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.896	+0.028%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0571%	8h	12.907	+0.116%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0826%	1h	12.894	+0.017%	$343K	$33K	10x	as long as short