Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0472%/8h= +51.7% APRpaid last 24h +0.095%

Price spread now: Phemex against Deribit+0.083%7-day average +0.096% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.436%+$44 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now +0.083%, 7d avg +0.096%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.096%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.146	0	get 0.0000% / 1h	7m 49s	$718K	$125K	50x
Short	Phemex LINKUSDT	13.157	0.0472	get 0.0472% / 8h	2h 07m	$20.3M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.083%Rate

Funding earned: $99.11
Price spread: +0.083% → +0.096%: −$1.27
Slippage, 4 orders: −$17.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $61.07
Costs to cover: 0.368%
Break-even: 2.7 days

Slippage from Deribit: live order book, 16 min ago; Phemex: 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, 16 min ago	2.66 bp	6.2 bp −$6	12.4 bp −$124	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.76 bp	10.0 bp −$10	14.7 bp −$147	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 −0.0092% / S +0.0167%	1h	13.142	−0.028%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.150	+0.030%	$469K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.146	long leg	$718K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.143	−0.024%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0014%	1h	13.139	−0.055%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.163	+0.131%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.675%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.140	−0.046%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.147	+0.007%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.141	−0.035%	$32K	$3K	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	13.143	−0.024%	$400K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.153	+0.052%	$77.5M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.144	−0.014%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.143	−0.020%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.142	−0.027%	$121.8M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.141	−0.039%	$84.6M	$69.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.146	−0.001%	$27.7M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.160	+0.106%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	−0.024%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.141	−0.039%	$36.7M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.145	−0.008%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.141	−0.039%	$54.4M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.141	−0.039%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.069%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.158	+0.092%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.154	+0.059%	$597K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.163	+0.129%	$153K	$665K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.147	+0.007%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.138	−0.060%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.157	+0.082%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.141	−0.039%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.136	−0.077%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.137	−0.068%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.146	−0.005%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	+0.014%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.151	+0.037%	$365K	$373K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.142	−0.031%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.138	−0.061%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0472%	8h	13.157	+0.083%	$20.3M	$11.6M	50x
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.153	+0.051%	$6.9M	$7.9M	50x	as long as short