Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.060%

Price spread now: Phemex against Kraken Futures+0.084%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.084%, 7d avg +0.081%

Together, before fees+0.210%+$21 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	13.126	0.0478	pay 0.0060% / 1h	18m 16s	$6.9M	$8.2M	50x
Short	Phemex LINKUSDT	13.137	0.0485	get 0.0485% / 8h	18m 16s	$20.3M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.084%Rate

Funding earned: $1.33
Price spread: +0.084% → +0.081%: $0.33
Slippage, 4 orders: −$22.38
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.72
Costs to cover: 0.444%
Break-even: 232.7 days

Slippage from Kraken Futures: live order book, 6 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 Kraken Futures live order book, 6 min ago	3.81 bp	10.6 bp −$11	11.8 bp −$118	44.0 bp −$4,399	doesn't fit
Sell Phemex live order book, 6 min ago	2.29 bp	10.5 bp −$10	16.3 bp −$163	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 −0.0091% / S +0.0167%	1h	13.122	−0.026%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.127	+0.007%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.123	−0.024%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.123	−0.025%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.026%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.531%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.117	−0.068%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.119	−0.055%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.119	−0.053%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.121	−0.034%	$401K	$310K	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	13.123	−0.022%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.121	−0.036%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.118	−0.059%	$121.8M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.114	−0.091%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.114	−0.091%	$27.7M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.135	+0.069%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.123	−0.022%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.115	−0.083%	$36.7M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.127	+0.008%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.119	−0.053%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.121	−0.038%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.085%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.175%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	−0.068%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	−0.091%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.126	0.000%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.117	−0.069%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.138	+0.089%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.118	−0.060%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.091	−0.262%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.115	−0.083%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.122	−0.031%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.122	−0.030%	$993K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.119	−0.053%	$5.2M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0221%	1h	13.128	+0.016%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0288%	1h	13.137	+0.084%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.118	−0.059%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0478%	1h	13.126	long leg	$6.9M	$8.2M	50x
Phemex LINKUSDTshort	+0.0485%	8h	13.137	+0.084%	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0549%	1h	13.125	−0.007%	$348K	$48K	10x	as long as short