Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h +0.038%

Price spread now: Kraken Futures against Bybit+0.153%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now +0.153%, 7d avg +0.042%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.111% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	12.910	0.0100	pay 0.0100% / 8h	3h 22m	$83.5M	$72.6M	75x
Short	Kraken Futures PF_LINKUSD	12.930	0.0245	get 0.0031% / 1h	22m 58s	$6.6M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.153%Rate

Funding earned: $30.39
Price spread: +0.153% → +0.042%: $11.09
Slippage, 4 orders: −$17.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $2.49
Costs to cover: 0.390%
Break-even: 6.4 days

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 1 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, 1 min ago	0.39 bp	6.3 bp −$6	11.9 bp −$119	35.7 bp −$3,572	doesn't fit
Sell Kraken Futures live order book, 1 min ago	0.39 bp	11.8 bp −$12	14.5 bp −$145	38.0 bp −$3,805	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 −0.0089% / S +0.0166%	1h	12.929	+0.150%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.935	+0.198%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.931	+0.160%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.950%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0048%	8h	12.924	+0.108%	$116K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.946	+0.277%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.927	+0.130%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.927	+0.135%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.925	+0.112%	$390K	$306K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.921	+0.081%	$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	12.933	+0.178%	$276K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.914	+0.032%	$119.8M	$300.1M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.910	long leg	$83.5M	$72.6M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.910	0.000%	$27.3M	$80.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.945	+0.271%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.919	+0.070%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.914	+0.031%	$32.5M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.916	+0.046%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.917	+0.054%	$53.8M	$29.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.917	+0.054%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.925	+0.116%	$340K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.938	+0.218%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.952	+0.324%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.938	+0.220%	$586K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.955	+0.349%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	+0.170%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.925	+0.115%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.940	+0.234%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.926	+0.124%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.918	+0.063%	$634K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.913	+0.027%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.927	+0.135%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.936	+0.201%	$920K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0145%	1h	12.932	+0.173%	$785K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	+0.124%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0245%	1h	12.930	+0.153%	$6.6M	$8.1M	50x
Hyperliquid LINK	+0.0321%	1h	12.932	+0.170%	$80.8M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.925	+0.118%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0548%	8h	12.940	+0.232%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0860%	1h	12.930	+0.155%	$343K	$31K	10x	as long as short