Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h +0.039%

Price spread now: dYdX against Bybit+0.028%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$244as in the Funding arb table

Net, price: spread back to 7d avg − costs−$279as in the Price arb table

costs, in and out, $10k−$2792.785% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.028%, 7d avg +0.036%

Together, before fees+0.342%+$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.344%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.120	0.0100	pay 0.0100% / 8h	2h 06m	$84.5M	$69.8M	75x
Short	dYdX LINK-USD	13.124	0.0013	get 0.0002% / 1h	6m 36s	$348K	$60K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$18.19
Price spread: +0.028% → +0.036%: −$0.82
Slippage, 4 orders: −$257.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$297.53
Costs to cover: 2.785%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; dYdX: live order book, 18 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 Bybit live order book, 2 min ago	0.38 bp	9.7 bp −$10	17.1 bp −$171	42.0 bp −$4,201	doesn't fit
Sell dYdX live order book, 18 min ago	125.69 bp	130.7 bp −$131	130.7 bp −$1,307	133.9 bp −$13.4K	195.3 bp −$97.6K

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	13.135	+0.111%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.147	+0.208%	$469K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.134	+0.107%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.136	+0.123%	$133K	—	150x	as long as short
dYdX LINK-USDshort	+0.0013%	1h	13.124	+0.028%	$348K	$60K	10x
Phoenix LINK	+0.0018%	1h	13.163	+0.330%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.488%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.131	+0.084%	$133K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.126	+0.046%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.120	−0.002%	$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	13.135	+0.114%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.137	+0.130%	$77.4M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.125	+0.039%	$1.6M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.124	+0.032%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.123	+0.023%	$121.6M	$302.3M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.120	long leg	$84.5M	$69.8M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.122	+0.015%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.140	+0.152%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.122	+0.015%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.121	+0.008%	$36.6M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.126	+0.046%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.118	−0.015%	$54.3M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.121	+0.008%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.268%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	+0.204%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	+0.190%	$596K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	+0.213%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.140	+0.152%	$80K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.127	+0.054%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.150	+0.229%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.128	+0.061%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.132	+0.088%	$646K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.120	−0.001%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.131	+0.084%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	+0.213%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.137	+0.130%	$365K	$373K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.127	+0.053%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.133	+0.102%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0471%	8h	13.147	+0.206%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.137	+0.129%	$6.9M	$7.9M	50x	as long as short