Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0454%/8h= −49.7% APRpaid last 24h −0.022%

Price spread now: Binance against Kraken Futures+0.029%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−0.256%−$26 · spread now +0.029%, 7d avg −0.018%

Together, before fees−0.303%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.047% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.029% now, against its 7-day average of −0.018%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.048% in total) that is about 7.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.048% in total (about -2.5% 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	Kraken Futures PF_LINKUSD	13.008	0.0554	pay 0.0069% / 1h	10m 26s	$6.8M	$8.1M	50x
Short	Binance LINKUSDT	13.012	0.0100	get 0.0100% / 8h	5h 10m	$120.3M	$296.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now +0.029%Rate

Funding earned: −$95.3
Price spread: +0.029% → −0.018%: $4.74
Slippage, 4 orders: −$17.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$128.35
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Binance: 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 Kraken Futures live order book, 4 min ago	3.84 bp	13.6 bp −$14	14.8 bp −$148	38.5 bp −$3,854	doesn't fit
Sell Binance live order book, 3 min ago	0.38 bp	6.0 bp −$6	11.3 bp −$113	34.4 bp −$3,439	109.8 bp −$54.9K

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 −0.0090% / S +0.0167%	1h	13.006	−0.020%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.000	−0.060%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.008	−0.005%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.676%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	13.004	−0.033%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.024	+0.121%	$964K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.014	+0.047%	$1.9M	$2.8M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0096%	1h	13.008	−0.001%	$773K	$175K	50x	as long as short
Phoenix LINK	+0.0098%	1h	13.026	+0.133%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.019	+0.083%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.013	+0.036%	$394K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.020	+0.089%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.017	+0.071%	$275K	$173K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	13.012	+0.029%	$120.3M	$296.2M	75x
Bybit LINKUSDT	+0.0100%	8h	13.006	−0.017%	$84.0M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.005	−0.025%	$27.4M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.031	+0.175%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.008	−0.002%	$128.5M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.012	+0.029%	$32.6M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.021	+0.098%	$23.0M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.004	−0.033%	$54.1M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.008	−0.002%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.020	+0.090%	$345K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	−0.148%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.009	+0.008%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.996	−0.096%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.017	+0.067%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.024	+0.121%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.004	−0.036%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.028	+0.152%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.005	−0.025%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.972	−0.279%	$640K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.998	−0.078%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.005	−0.029%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.010	+0.013%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	13.004	−0.029%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0554%	1h	13.008	long leg	$6.8M	$8.1M	50x
dYdX LINK-USD	+0.0575%	1h	13.016	+0.060%	$345K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0590%	8h	13.026	+0.136%	$20.1M	$11.4M	50x	as long as short
Hyperliquid LINK	+0.0651%	1h	13.027	+0.144%	$82.0M	$27.4M	10x	as long as short