Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0595%/8h= −65.2% APRpaid last 24h +0.003%

Price spread now: SunX against Kraken Futures+0.074%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)−0.078%−$8 · spread now +0.074%, 7d avg +0.084%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.084%, so right now this pair is about funding alone: −$18 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.045% in total (about 2.3% 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	13.154	0.0695	pay 0.0087% / 1h	49m 11s	$6.9M	$8.0M	50x
Short	SunX LINK-USDT	13.163	0.0100	get 0.0100% / 8h	1h 49m	$34K	$1.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$124.95
Price spread: +0.074% → +0.084%: −$1.01
Slippage, 4 orders: −$43.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$187.24
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; SunX: 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, 5 min ago	3.42 bp	11.9 bp −$12	15.0 bp −$150	46.1 bp −$4,607	doesn't fit
Sell SunX live order book, 6 min ago	13.65 bp	19.2 bp −$19	doesn't fit	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 −0.0090% / S +0.0167%	1h	13.143	−0.076%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.137	−0.124%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.147	−0.047%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.146	−0.055%	$718K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.145	−0.065%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.729%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.144	−0.072%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.142	−0.088%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.151	−0.016%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.131	−0.173%	$32K	$3K	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	13.136	−0.137%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.153	−0.004%	$77.6M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.147	−0.051%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.136	−0.136%	$275K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.143	−0.078%	$121.8M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.144	−0.072%	$84.6M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.143	−0.080%	$27.7M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.145	−0.065%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	−0.080%	$130.4M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.145	−0.065%	$36.3M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.148	−0.042%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.141	−0.095%	$54.6M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.144	−0.072%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.128	−0.191%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.134	−0.145%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	−0.133%	$599K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.160	+0.049%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.147	−0.050%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.139	−0.108%	$16K	$22K	10x	as long as short
SunX LINK-USDTshort	+0.0100%	8h	13.163	+0.074%	$34K	$1.6M	30x
SoDEX LINK-USD	+0.0100%	1h	13.142	−0.088%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.124	−0.222%	$645K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.140	−0.106%	$675K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.145	−0.065%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.144	−0.072%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0123%	1h	13.154	+0.004%	$366K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.145	−0.065%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.144	−0.075%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0473%	8h	13.148	−0.042%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0695%	1h	13.154	long leg	$6.9M	$8.0M	50x