Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h +0.007%

Price spread now: Binance against Deribit−0.098%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.098%, 7d avg −0.003%

Together, before fees+0.229%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.096% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.003%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.168%, 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	Deribit LINK_USDC-PERPETUAL	12.914	0.0207	pay 0.0026% / 1h	53m 03s	$808K	$268K	50x
Short	Binance LINKUSDT	12.901	0.0100	get 0.0100% / 8h	7h 53m	$119.1M	$297.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.098%Rate

Funding earned: −$22.47
Price spread: −0.098% → −0.003%: −$9.58
Slippage, 4 orders: −$13.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$62.78
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Deribit: live order book, 46 min ago; Binance: live order book, 6 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 Deribit live order book, 46 min ago	3.10 bp	6.6 bp −$7	15.2 bp −$152	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.39 bp	5.4 bp −$5	10.9 bp −$109	40.4 bp −$4,044	126.6 bp −$63.3K

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
Orderly PERP_LINK_USDC	−0.0104%	8h	12.900	−0.109%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.907	−0.053%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.909	−0.042%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.899	−0.121%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.981%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.910	−0.029%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.910	−0.033%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.906	−0.065%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.898	−0.127%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.901	−0.100%	$349K	$336K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.908	−0.047%	$80.6M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.904	−0.079%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.897	−0.134%	$274K	$182K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	12.901	−0.098%	$119.1M	$297.5M	75x
Bybit LINKUSDT	+0.0100%	8h	12.892	−0.171%	$83.6M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.899	−0.117%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.919	+0.038%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.905	−0.070%	$133.9M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.907	−0.055%	$34.8M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.908	−0.047%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.900	−0.109%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.902	−0.094%	—	$23.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.891	−0.176%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.879	−0.270%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.882	−0.246%	$580K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.873	−0.318%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.909	−0.039%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.919	+0.041%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.924	+0.074%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.906	−0.063%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.885	−0.224%	$630K	$745K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.895	−0.150%	$615K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.909	−0.039%	$541K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0105%	1h	12.910	−0.032%	$335K	$385K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.941	+0.208%	$930K	$3.1M	50x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0207%	1h	12.914	long leg	$808K	$268K	50x
BloFin LINK-USDT	+0.0220%	8h	12.906	−0.063%	$5.3M	$15.8M	75x	as long as short
dYdX LINK-USD	+0.0363%	1h	12.901	−0.104%	$344K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.904	−0.076%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0486%	8h	12.920	+0.046%	$20.0M	$11.5M	50x	as long as short