Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0513%/8h= +56.2% APRpaid last 24h +0.076%

Price spread now: Phemex against Nado+0.125%7-day average +0.119% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.215%+$21 on $10k

Price spread, last 4 days (all we have)+0.166%+$17 · spread now +0.125%, 7d avg +0.119%

Together, before fees+0.381%+ Points / potential airdropNado: Active · farm board+$38 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.119%, so right now this pair is about funding alone: +$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado LINK-PERP	12.979	0.0100	pay 0.0012% / 1h	8m 16s	$393K	$311K	10x
Short	Phemex LINKUSDT	12.995	0.0613	get 0.0613% / 8h	5h 08m	$20.1M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.125%Rate

Funding earned: $107.81
Price spread: +0.125% → +0.119%: $0.66
Slippage, 4 orders: −$17.29
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $72.18
Costs to cover: 0.363%
Break-even: 2.3 days

Slippage from Nado: live order book, 54 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 Nado live order book, 54 min ago	0.38 bp	6.9 bp −$7	17.3 bp −$173	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	2.69 bp	11.0 bp −$11	16.6 bp −$166	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	12.979	+0.003%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	+0.094%	$481K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.982	+0.022%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.459%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0063%	8h	12.979	+0.002%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.994	+0.117%	$964K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.978	−0.002%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	12.989	+0.082%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.982	+0.027%	$31K	$2K	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	12.979	long leg	$393K	$311K	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.979	0.000%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.979	+0.005%	$274K	$174K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.977	−0.012%	$120.0M	$296.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.974	−0.037%	$83.8M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.967	−0.091%	$27.4M	$82.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.992	+0.102%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.974	−0.037%	$128.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.977	−0.013%	$32.5M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.982	+0.025%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.979	+0.002%	$54.0M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.982	+0.025%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.986	+0.056%	$344K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	+0.079%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.993	+0.110%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.011	+0.246%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.017	+0.295%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.982	+0.025%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.977	−0.011%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.992	+0.103%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.977	−0.013%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.963	−0.119%	$639K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.975	−0.033%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.980	+0.010%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0143%	1h	12.984	+0.041%	$774K	$177K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.988	+0.071%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.974	−0.035%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0555%	1h	12.982	+0.025%	$6.8M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0580%	1h	12.979	+0.005%	$344K	$30K	10x	as long as short
Phemex LINKUSDTshort	+0.0613%	8h	12.995	+0.125%	$20.1M	$11.4M	50x
Hyperliquid LINK	+0.0641%	1h	12.991	+0.094%	$81.7M	$27.3M	10x	as long as short