Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0216%/8h= +23.6% APRpaid last 24h +0.059%

Price spread now: BloFin against gTrade (Gains Network)−0.007%50s7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$3003.004% of the position

Long on gTrade (Gains Network)Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.211%+$21 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.007%, 7d avg −0.005%

Together, before fees+0.195%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) LINK/USD	12.879	L +0.0004% / S −0.0005%	pay 0.0001% / 1h	16m 03s	$155K	—	150x
Short	BloFin LINK-USDT	12.878	0.0220	get 0.0220% / 8h	16m 03s	$5.3M	$15.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BloFinbpOrdersPrice spread, now −0.007%Rate

Funding earned: $45.29
Price spread: −0.007% → −0.005%: −$0.23
Slippage, 4 orders: −$278.37
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$255.31
Costs to cover: 3.004%
Break-even: 46.5 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 18 min ago; BloFin: live order book, 3 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 gTrade (Gains Network) virtual book (oracle venue), 18 min ago	130.05 bp	141.1 bp −$141	963.5 bp −$9,635	10292.4 bp −$1.03M	doesn't fit
Sell BloFin live order book, 3 min ago	1.17 bp	7.9 bp −$8	11.4 bp −$114	26.7 bp −$2,673	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	12.878	−0.010%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0087%	8h	12.874	−0.038%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.888	+0.072%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USDlong	L +0.0004% / S −0.0005%	1h	12.879	long leg	$155K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.718%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.842	−0.283%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.877	−0.018%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.881	+0.013%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.878	−0.007%	$348K	$344K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.889	+0.078%	$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	12.882	+0.021%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.884	+0.043%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.880	+0.009%	$119.1M	$299.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.873	−0.046%	$83.3M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.878	−0.007%	$27.0M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.900	+0.164%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.880	+0.009%	$132.5M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.880	+0.009%	$34.5M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.882	+0.024%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.874	−0.038%	$53.8M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.876	−0.023%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.886	+0.055%	$335K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.823	−0.432%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.858	−0.161%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.868	−0.082%	$577K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.860	−0.147%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.886	+0.055%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.865	−0.106%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.899	+0.157%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.880	+0.009%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.096%	$629K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.880	+0.012%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.872	−0.050%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.881	+0.017%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.832	−0.364%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	12.878	−0.007%	$5.3M	$15.8M	75x
Deribit LINK_USDC-PERPETUAL	+0.0239%	1h	12.885	+0.047%	$806K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.870	−0.069%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0547%	8h	12.894	+0.117%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0627%	1h	12.883	+0.030%	$343K	$45K	10x	as long as short