Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h +0.040%

Price spread now: Phemex against dYdX+0.138%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1151.153% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.138%, 7d avg +0.088%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.049% dearer against dYdX than usual: you sell high and buy low (spread +0.138% now, against its 7-day average of +0.088%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 38 hours. At the pace of the last 7 days (−0.056% in total) that is about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	12.861	0.0651	pay 0.0081% / 1h	18m 27s	$343K	$45K	10x
Short	Phemex LINKUSDT	12.879	0.0548	get 0.0548% / 8h	18m 27s	$19.9M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$21.62
Price spread: +0.138% → +0.088%: $4.94
Slippage, 4 orders: −$93.31
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$132
Costs to cover: 1.153%
Break-even: never at this rate

Slippage from dYdX: live order book, 21 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 dYdX live order book, 21 min ago	40.13 bp	46.3 bp −$46	47.3 bp −$473	53.6 bp −$5,356	316.1 bp −$158.0K
Sell Phemex live order book, 6 min ago	1.56 bp	13.2 bp −$13	16.0 bp −$160	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	12.866	+0.040%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0085%	8h	12.859	−0.018%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.861	−0.002%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.867	+0.044%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.587%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.842	−0.146%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.867	+0.041%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.870	+0.067%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.864	+0.021%	$346K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.872	+0.085%	$80.4M	$28.1M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.871	+0.076%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.869	+0.058%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.870	+0.065%	$119.0M	$299.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.862	+0.006%	$83.2M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.868	+0.052%	$27.0M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.883	+0.169%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.864	+0.021%	$132.3M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.868	+0.052%	$34.6M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.870	+0.068%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.863	+0.013%	$53.7M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.865	+0.029%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.878	+0.130%	$334K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.823	−0.296%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.838	−0.180%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.830	−0.242%	$575K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.845	−0.127%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.868	+0.052%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.866	+0.035%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.883	+0.173%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.870	+0.068%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.850	−0.088%	$628K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.872	+0.084%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.863	+0.011%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.873	+0.088%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.832	−0.228%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.870	+0.068%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0278%	1h	12.877	+0.118%	$805K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.858	−0.025%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0548%	8h	12.879	+0.138%	$19.9M	$11.4M	50x
dYdX LINK-USDlong	+0.0651%	1h	12.861	long leg	$343K	$45K	10x