Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0237%/8h= −26.0% APRpaid last 24h −0.026%

Price spread now: Orderly against Nado−0.035%7-day average +0.039% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.213%+$21 · spread now −0.035%, 7d avg +0.039%

Together, before fees+0.209%+ Points / potential airdropNado: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Orderly is 0.074% cheaper against Nado than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.003% in total (about -0.4% 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	Nado LINK-PERP	12.930	0.0100	pay 0.0012% / 1h	54m 34s	$348K	$311K	10x
Short	Orderly PERP_LINK_USDC	12.926	−0.0137	pay 0.0137% / 8h	6h 54m	$86K	$929K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Nado. 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 NadobpFee OrderlybpOrdersPrice spread, now −0.035%Rate

Funding earned: −$49.87
Price spread: −0.035% → +0.039%: −$7.36
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$70.22
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 38 min ago; Orderly: no order-book sample. Net counts fees only.

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 Nado live order book, 38 min ago	1.17 bp	4.7 bp −$5	17.6 bp −$176	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_USDCshort	−0.0137%	8h	12.926	−0.035%	$86K	$929K	20x
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.924	−0.047%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.934	+0.028%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	13.046	+0.896%	$107K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.103%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0044%	1h	12.929	−0.012%	$6.4M	$8.2M	50x	as long as short
SoDEX LINK-USD	+0.0084%	1h	12.923	−0.058%	$11K	$61K	10x	as long as short
Phoenix LINK	+0.0087%	1h	13.016	+0.660%	$3K	$84K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.905	−0.198%	$1.9M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.900	−0.238%	$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-PERPlong	+0.0100%	1h	12.930	long leg	$348K	$311K	10x
Hyperliquid LINK	+0.0100%	1h	12.919	−0.089%	$80.6M	$27.4M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.908	−0.170%	$1.3M	$2.6M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.901	−0.228%	$274K	$167K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.910	−0.159%	$119.6M	$287.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.902	−0.220%	$83.6M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.903	−0.213%	$27.0M	$77.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	−0.073%	$180K	$86K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.900	−0.236%	$133.3M	$17.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.892	−0.298%	$35.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.909	−0.166%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.900	−0.236%	$54.0M	$28.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.905	−0.197%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.921	−0.073%	$335K	$370K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.976	+0.352%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.995	+0.496%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.011	+0.623%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.000	+0.537%	$133K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.928	−0.019%	$82K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.934	+0.029%	$33K	$1.3M	30x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.893	−0.293%	$621K	$689K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.900	−0.239%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.946	+0.123%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0208%	1h	12.931	+0.004%	$935K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	−0.035%	$5.3M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0261%	1h	12.932	+0.015%	$880K	$342K	50x	as long as short
Reya LINKRUSDPERP	+0.0405%	1h	12.927	−0.028%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0528%	8h	12.946	+0.120%	$20.0M	$11.0M	50x	as long as short
dYdX LINK-USD	+0.1478%	1h	12.911	−0.153%	$347K	$48K	10x	as long as short