Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0531%/8h= +58.2% APRpaid last 24h +0.084%

Price spread now: Phemex against Coinbase International+0.077%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.308%+$31 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now +0.077%, 7d avg +0.080%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.080%, so right now this pair is about funding alone: +$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.308% in total (about 16.1% 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	Coinbase International LINK-PERP-INTX	12.990	0.0064	pay 0.0008% / 1h	11m 28s	$962K	$2.7M	50x
Short	Phemex LINKUSDT	13.000	0.0595	get 0.0595% / 8h	5h 11m	$20.1M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.077%Rate

Funding earned: $111.54
Price spread: +0.077% → +0.080%: −$0.32
Slippage, 4 orders: −$23.79
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $65.43
Costs to cover: 0.458%
Break-even: 2.9 days

Slippage from Coinbase International: live order book, 2 min ago; Phemex: live order book, 3 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 Coinbase International live order book, 2 min ago	3.46 bp	12.8 bp −$13	17.6 bp −$176	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.69 bp	11.0 bp −$11	16.6 bp −$166	doesn't fit	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	13.000	+0.077%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.997	+0.051%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.003	+0.098%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.542%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	13.009	+0.146%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTXlong	+0.0064%	1h	12.990	long leg	$962K	$2.7M	50x
Lighter LINK	+0.0096%	1h	12.992	+0.016%	$1.9M	$2.8M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0097%	1h	12.991	+0.010%	$772K	$175K	50x	as long as short
Phoenix LINK	+0.0098%	1h	13.026	+0.274%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.992	+0.017%	$31K	$2K	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	12.997	+0.054%	$393K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.992	+0.014%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.995	+0.035%	$274K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.004	+0.105%	$120.2M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.006	+0.123%	$84.0M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.009	+0.146%	$27.4M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.013	+0.177%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	+0.069%	$128.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.001	+0.085%	$32.5M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.002	+0.092%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	+0.062%	$54.1M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.003	+0.100%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.989	−0.008%	$344K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.038	+0.369%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.009	+0.149%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.996	+0.045%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.017	+0.208%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.004	+0.108%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.985	−0.037%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.006	+0.124%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.988	−0.015%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.986	−0.035%	$641K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.990	−0.002%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	+0.003%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.004	+0.108%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.996	+0.045%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0546%	1h	12.991	+0.009%	$344K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0555%	1h	12.990	+0.001%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTshort	+0.0595%	8h	13.000	+0.077%	$20.1M	$11.4M	50x
Hyperliquid LINK	+0.0652%	1h	13.017	+0.208%	$81.9M	$27.4M	10x	as long as short