Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.025%

Price spread now: Phoenix against Bybit+0.002%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$13 on $10k

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

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	12.897	0.0100	pay 0.0100% / 8h	4h 43m	$83.2M	$72.0M	75x
Short	Phoenix LINK	12.897	0.0099	get 0.0012% / 1h	43m 28s	$3K	$84K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$0.24
Price spread: +0.002% → 0.000%: $0.23
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$18.01
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.39 bp	7.9 bp −$8	12.5 bp −$125	38.0 bp −$3,801	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 −0.0090% / S +0.0167%	1h	12.912	+0.118%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.909	+0.094%	$486K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.891	−0.050%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.854%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0060%	8h	12.912	+0.116%	$116K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.911	+0.109%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.904	+0.054%	$940K	$2.7M	50x	as long as short
Phoenix LINKshort	+0.0099%	1h	12.897	+0.002%	$3K	$84K	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.905	+0.059%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.900	+0.023%	$390K	$311K	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	12.912	+0.116%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.915	+0.136%	$273K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.899	+0.012%	$119.3M	$297.2M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.897	long leg	$83.2M	$72.0M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.891	−0.047%	$27.2M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.908	+0.085%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.909	+0.093%	$127.5M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.894	−0.023%	$32.1M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.896	−0.008%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.891	−0.047%	$53.6M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.906	+0.070%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.923	+0.202%	$338K	$389K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.878	−0.146%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.875	−0.169%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.886	−0.084%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.891	−0.047%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.904	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.907	+0.076%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.927	+0.230%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.912	+0.116%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.894	−0.024%	$631K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.901	+0.030%	$628K	$2.1M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.912	+0.116%	$541K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0168%	1h	12.914	+0.133%	$771K	$190K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.885	−0.093%	$5.2M	$15.6M	75x	as long as short
Hyperliquid LINK	+0.0357%	1h	12.905	+0.062%	$80.8M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0389%	1h	12.886	−0.086%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0396%	1h	12.914	+0.129%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0558%	1h	12.915	+0.136%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0597%	8h	12.929	+0.248%	$19.9M	$11.4M	50x	as long as short