Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h +0.001%

Price spread now: Coinbase International against OKX+0.077%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$390.392% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.077%, 7d avg +0.036%

Together, before fees−0.015%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.041% dearer against OKX than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of +0.036%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.005% in total) that is about 60 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	13.020	0.0100	pay 0.0100% / 8h	6h 00m	$27.5M	$82.6M	50x
Short	Coinbase International LINK-PERP-INTX	13.030	0.0072	get 0.0009% / 1h	0m 58s	$954K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$5.88
Price spread: +0.077% → +0.036%: $4.1
Slippage, 4 orders: −$19.25
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$41.02
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Coinbase International: 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 OKX live order book, 3 min ago	0.38 bp	6.6 bp −$7	12.9 bp −$129	27.3 bp −$2,730	doesn't fit
Sell Coinbase International live order book, 3 min ago	1.92 bp	11.7 bp −$12	14.6 bp −$146	doesn't fit	doesn't fit

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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	13.024	+0.029%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.035	+0.113%	$470K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.025	+0.038%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.762%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.030	+0.078%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.024	+0.031%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0072%	1h	13.030	+0.077%	$954K	$2.6M	50x
Lighter LINK	+0.0096%	1h	13.027	+0.054%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.030	+0.078%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.023	+0.023%	$396K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.031	+0.083%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.028	+0.061%	$276K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.023	+0.023%	$119.7M	$298.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.017	−0.023%	$84.2M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	13.020	long leg	$27.5M	$82.6M	50x
Arcus LINK-USD	+0.0100%	1h	13.041	+0.161%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.025	+0.038%	$128.5M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.024	+0.031%	$33.1M	$59.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.026	+0.046%	$23.1M	$13.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.026	+0.046%	$54.2M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.019	−0.008%	—	$22.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	−0.006%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.031	+0.087%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.036	+0.121%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.037	+0.131%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.030	+0.077%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.025	+0.040%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.036	+0.124%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.027	+0.054%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.011	−0.067%	$642K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.020	−0.001%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.022	+0.016%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0144%	1h	13.030	+0.077%	$339K	$378K	15x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	13.022	+0.015%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0412%	1h	13.029	+0.072%	$345K	$30K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0472%	1h	13.030	+0.081%	$774K	$212K	50x	as long as short
Hyperliquid LINK	+0.0488%	1h	13.040	+0.154%	$81.4M	$26.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.030	+0.073%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0625%	8h	13.044	+0.184%	$20.1M	$11.5M	50x	as long as short