Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0815%/8h= −89.3% APRpaid last 24h −0.044%

Price spread now: Bybit against dYdX−0.029%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$900.903% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.029%, 7d avg −0.033%

Together, before fees−0.337%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.033%, so right now this pair is about funding alone: −$24 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 -0.364% in total (about -19.0% 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	dYdX LINK-USD	12.904	0.0915	pay 0.0114% / 1h	54m 15s	$343K	$32K	10x
Short	Bybit LINKUSDT	12.900	0.0100	get 0.0100% / 8h	2h 54m	$83.2M	$73.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$171.19
Price spread: −0.029% → −0.033%: $0.47
Slippage, 4 orders: −$69.3
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$261.02
Costs to cover: 0.903%
Break-even: never at this rate

Slippage from dYdX: live order book, 60 min ago; Bybit: live order book, 5 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 dYdX live order book, 60 min ago	33.30 bp	38.3 bp −$38	87.0 bp −$870	96.9 bp −$9,687	129.1 bp −$64.5K
Sell Bybit live order book, 5 min ago	0.39 bp	6.7 bp −$7	11.7 bp −$117	37.3 bp −$3,727	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 −0.0089% / S +0.0166%	1h	12.900	−0.025%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.913	+0.074%	$486K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.902	−0.016%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.904%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.900	−0.029%	$115K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.890	−0.105%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.903	−0.005%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.904	+0.003%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.901	−0.021%	$342K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.907	+0.022%	$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	12.908	+0.030%	$275K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.904	+0.004%	$119.5M	$300.8M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.900	−0.029%	$83.2M	$73.3M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.901	−0.021%	$27.3M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.918	+0.111%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.899	−0.036%	$124.1M	$14.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.904	+0.002%	$33.0M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.908	+0.033%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.901	−0.021%	$54.2M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.903	−0.005%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.906	+0.018%	$338K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.918	+0.113%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.910	+0.046%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.924	+0.159%	$582K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.914	+0.080%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.908	+0.033%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.901	−0.019%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.919	+0.117%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.905	+0.010%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.850	−0.415%	$631K	$677K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.900	−0.032%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.907	+0.025%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.930	+0.204%	$920K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0168%	1h	12.910	+0.048%	$789K	$216K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.911	+0.056%	$5.3M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0273%	1h	12.915	+0.087%	$80.6M	$27.5M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.907	+0.022%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.899	−0.037%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0576%	8h	12.922	+0.142%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USDlong	+0.0915%	1h	12.904	long leg	$343K	$32K	10x