Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0463%/8h= −50.7% APRpaid last 24h −0.036%

Price spread now: KuCoin against dYdX−0.029%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1171.165% of the position

Long on dYdX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.375%−$37 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.029%, 7d avg −0.010%

Together, before fees−0.385%−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, 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	dYdX LINK-USD	12.864	0.0563	pay 0.0070% / 1h	37m 04s	$343K	$45K	10x
Short	KuCoin LINKUSDTM	12.860	0.0100	get 0.0100% / 8h	37m 04s	$22.8M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$97.2
Price spread: −0.029% → −0.010%: −$1.89
Slippage, 4 orders: −$94.54
Fee dYdX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$215.63
Costs to cover: 1.165%
Break-even: never at this rate

Slippage from dYdX: live order book, 2 min ago; KuCoin: live order book, 2 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, 2 min ago	40.13 bp	46.3 bp −$46	47.3 bp −$473	53.6 bp −$5,356	316.1 bp −$158.0K
Sell KuCoin live order book, 2 min ago	0.78 bp	8.9 bp −$9	16.5 bp −$165	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 −0.0087% / S +0.0165%	1h	12.859	−0.035%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0069%	8h	12.853	−0.083%	$90K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.868	+0.031%	$504K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.861	−0.021%	$804K	$268K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.859	−0.040%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.605%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.920	+0.440%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.854	−0.072%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.868	+0.037%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.861	−0.025%	$353K	$341K	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	12.865	+0.010%	$80.4M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.865	+0.012%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.868	+0.033%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.865	+0.010%	$118.8M	$299.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.860	−0.029%	$83.2M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.853	−0.083%	$27.0M	$79.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.890	+0.204%	$180K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.856	−0.060%	$132.8M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.855	−0.068%	$34.2M	$58.1M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	12.860	−0.029%	$22.8M	$12.2M	75x
Bitget LINKUSDT	+0.0100%	8h	12.866	+0.018%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.867	+0.026%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.870	+0.049%	$334K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.900	+0.282%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	+0.141%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	+0.179%	$585K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	+0.368%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.863	−0.006%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.874	+0.078%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.875	+0.089%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.856	−0.060%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.829	−0.273%	$627K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.857	−0.052%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.851	−0.098%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.858	−0.048%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.875	+0.088%	$929K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.858	−0.044%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0400%	1h	12.856	−0.061%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0559%	8h	12.873	+0.072%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USDlong	+0.0563%	1h	12.864	long leg	$343K	$45K	10x