Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0428%/8h= +46.8% APRpaid last 24h +0.105%

Price spread now: Phemex against edgeX−0.374%7-day average +0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$360.358% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 4 days (all we have)+0.682%+$68 · spread now −0.374%, 7d avg +0.118%

Together, before fees+0.963%+ Points / potential airdropedgeX: Active · farm board+$96 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.492% cheaper against edgeX than usual: you would sell low and buy high (spread −0.374% now, against its 7-day average of +0.118%). If the spread goes back, that is −$49 on $10k: about 3.8 days of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.280% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.280% in total (about 14.6% 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	edgeX LINKUSDC	12.995	0.0100	pay 0.0050% / 4h	2h 54m	$43K	$306K	20x
Short	Phemex LINKUSDT	12.946	0.0528	get 0.0528% / 8h	6h 54m	$20.0M	$11.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against edgeX. 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 edgeXbpFee PhemexbpOrdersPrice spread, now −0.374%Rate

Funding earned: $89.8
Price spread: −0.374% → +0.118%: −$49.18
Slippage, 4 orders: −$14.77
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $4.85
Costs to cover: 0.358%
Break-even: 6.6 days

Slippage from edgeX: live order book, 38 min ago; Phemex: live order book, 4 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 edgeX live order book, 38 min ago	2.72 bp	7.3 bp −$7	11.3 bp −$113	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.38 bp	13.1 bp −$13	19.6 bp −$196	doesn't fit	doesn't fit

LINK on 39 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
Orderly PERP_LINK_USDC	−0.0137%	8h	12.926	−0.528%	$86K	$929K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.924	−0.540%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.934	−0.466%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	13.046	+0.398%	$107K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.576%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0044%	1h	12.929	−0.505%	$6.4M	$8.2M	50x	as long as short
SoDEX LINK-USD	+0.0084%	1h	12.923	−0.551%	$11K	$61K	10x	as long as short
Phoenix LINK	+0.0087%	1h	13.016	+0.163%	$3K	$84K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.905	−0.691%	$1.9M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.900	−0.731%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.930	−0.494%	$348K	$311K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.919	−0.582%	$80.6M	$27.4M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.908	−0.663%	$1.3M	$2.6M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.901	−0.721%	$274K	$167K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.910	−0.651%	$119.6M	$287.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.902	−0.713%	$83.6M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.903	−0.705%	$27.0M	$77.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	−0.567%	$180K	$86K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.900	−0.728%	$133.3M	$17.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.892	−0.790%	$35.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.909	−0.659%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.900	−0.728%	$54.0M	$28.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.905	−0.690%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.921	−0.567%	$335K	$370K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.976	−0.144%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	12.995	long leg	$43K	$306K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.011	+0.126%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.000	+0.041%	$133K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.928	−0.513%	$82K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.934	−0.465%	$33K	$1.3M	30x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.893	−0.785%	$621K	$689K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.900	−0.731%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.946	−0.371%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0208%	1h	12.931	−0.490%	$935K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	−0.528%	$5.3M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0261%	1h	12.932	−0.478%	$880K	$342K	50x	as long as short
Reya LINKRUSDPERP	+0.0405%	1h	12.927	−0.521%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0528%	8h	12.946	−0.374%	$20.0M	$11.0M	50x
dYdX LINK-USD	+0.1478%	1h	12.911	−0.646%	$347K	$48K	10x	as long as short