Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0139%/8h= −15.2% APRpaid last 24h +0.024%

Price spread now: BingX against Deribit−0.053%7-day average −0.014% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now −0.053%, 7d avg −0.014%

Together, before fees+0.184%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BingX is 0.040% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.014%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.208%, 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	12.899	0.0239	pay 0.0030% / 1h	1m 01s	$788K	$215K	50x
Short	BingX LINK-USDT	12.892	0.0100	get 0.0100% / 8h	3h 01m	—	$22.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$29.19
Price spread: −0.053% → −0.014%: −$4
Slippage, 4 orders: −$11.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$61.29
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Deribit: live order book, 53 min ago; BingX: live order book, 8 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, 53 min ago	3.07 bp	6.6 bp −$7	13.8 bp −$138	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	1.16 bp	6.2 bp −$6	7.8 bp −$78	16.7 bp −$1,670	39.2 bp −$19.6K

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 −0.0089% / S +0.0166%	1h	12.889	−0.075%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.896	−0.022%	$483K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.892	−0.056%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.868%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.888	−0.085%	$115K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.922	+0.178%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.892	−0.052%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.888	−0.085%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.119%	$389K	$309K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.892	−0.054%	$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	12.890	−0.066%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.894	−0.040%	$119.5M	$300.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.890	−0.069%	$83.3M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.890	−0.069%	$27.3M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.909	+0.078%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.889	−0.077%	$124.3M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.894	−0.038%	$33.0M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.898	−0.007%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.893	−0.046%	$54.1M	$29.9M	75x	as long as short
BingX LINK-USDTshort	+0.0100%	8h	12.892	−0.053%	—	$22.6M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	12.899	+0.001%	$338K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.884	−0.114%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.900	+0.005%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.914	+0.119%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.896	−0.022%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.900	+0.009%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.888	−0.082%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.905	+0.050%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.892	−0.053%	$9K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.878	−0.161%	$632K	$677K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.888	−0.088%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.893	−0.045%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.899	+0.001%	$918K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.030%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0239%	1h	12.899	long leg	$788K	$215K	50x
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.894	−0.035%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0298%	1h	12.906	+0.055%	$80.5M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.893	−0.046%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0569%	8h	12.910	+0.086%	$20.0M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0785%	1h	12.884	−0.115%	$342K	$32K	10x	as long as short