Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.030%

Price spread now: BloFin against Deribit−0.110%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.400%+$40 on $10k

Price spread, last 4 days (all we have)+0.075%+$8 · spread now −0.110%, 7d avg −0.008%

Together, before fees+0.475%+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.102% cheaper against Deribit than usual: you would sell low and buy high (spread −0.110% now, against its 7-day average of −0.008%). If the spread goes back, that is −$10 on $10k: about 3.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	12.860	0.0116	pay 0.0015% / 1h	48m 39s	$892K	$369K	50x
Short	BloFin LINK-USDT	12.846	0.0220	get 0.0220% / 8h	4h 48m	$5.4M	$15.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.110%Rate

Funding earned: $21.84
Price spread: −0.110% → −0.008%: −$10.23
Slippage, 4 orders: −$14.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$22.13
Costs to cover: 0.337%
Break-even: 14.1 days

Slippage from Deribit: live order book, 58 min ago; BloFin: 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 Deribit live order book, 58 min ago	5.02 bp	9.3 bp −$9	15.9 bp −$159	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.78 bp	6.8 bp −$7	10.1 bp −$101	23.5 bp −$2,347	59.7 bp −$29.8K

LINK on 40 exchanges

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	−0.0249%	8h	12.845	−0.118%	$84K	$775K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.854	−0.048%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.866	+0.047%	$477K	$2.0M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	12.846	−0.110%	$114K	—	150x	as long as short
Phoenix LINK	+0.0025%	1h	12.891	+0.239%	$3K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.578%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0067%	8h	12.873	+0.100%	$3.3M	$1.7M	—	as long as short
Lighter LINK	+0.0096%	1h	12.896	+0.276%	$1.9M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.893	+0.259%	$31K	$600	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.848	−0.091%	$344K	$273K	10x	as long as short

Show all 40 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.896	+0.278%	$81.1M	$25.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.900	+0.312%	$1.2M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.897	+0.287%	$274K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.900	+0.308%	$120.0M	$264.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.891	+0.239%	$83.7M	$66.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.896	+0.278%	$27.4M	$72.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.905	+0.348%	$180K	$84K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.881	+0.162%	$132.8M	$17.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.899	+0.302%	$35.9M	$53.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.899	+0.302%	$23.1M	$11.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.891	+0.239%	$53.9M	$25.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.890	+0.232%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.874	+0.107%	$324K	$351K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.879	+0.148%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.879	+0.146%	$583K	$3.2M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.885	+0.193%	$104K	$686K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.874	+0.107%	$82K	$56K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.853	−0.057%	$16K	$18K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.871	+0.087%	$33K	$1.2M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.872	+0.092%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.820	−0.313%	$610K	$700K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.875	+0.116%	$622K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.860	−0.003%	$539K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0116%	1h	12.860	long leg	$892K	$369K	50x
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.862	+0.014%	$980K	$3.0M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0216%	1h	12.862	+0.016%	$6.6M	$7.5M	50x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	12.846	−0.110%	$5.4M	$15.0M	75x
Reya LINKRUSDPERP	+0.0411%	1h	12.866	+0.048%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0420%	8h	12.875	+0.115%	$19.9M	$10.1M	50x	as long as short
dYdX LINK-USD	+0.1035%	1h	12.895	+0.274%	$347K	$20K	10x	as long as short