Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.032%

Price spread now: Phoenix against OKX+0.185%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.185% dearer against OKX than usual: you sell high and buy low (spread +0.185% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	13.000	0.0100	pay 0.0100% / 8h	6h 21m	$27.4M	$84.3M	50x
Short	Phoenix LINK	13.024	0.0049	get 0.0006% / 1h	21m 09s	$3K	$86K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.185%Rate

Funding earned: −$10.72
Price spread: +0.185% → 0.000%: $18.46
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.26
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: OKX: live order book, 3 min ago; Phoenix: 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 OKX live order book, 3 min ago	0.38 bp	6.4 bp −$6	17.1 bp −$171	32.0 bp −$3,198	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	13.009	+0.073%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.024	+0.182%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.010	+0.074%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.615%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0042%	1h	13.012	+0.091%	$773K	$212K	50x	as long as short
Phoenix LINKshort	+0.0049%	1h	13.024	+0.185%	$3K	$86K	10x
Orderly PERP_LINK_USDC	+0.0068%	8h	13.003	+0.023%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.049	+0.377%	$957K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.005	+0.037%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.012	+0.089%	$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-PERP	+0.0100%	1h	13.013	+0.104%	$396K	$322K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.016	+0.123%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.018	+0.137%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.002	+0.012%	$119.4M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.998	−0.015%	$83.9M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	13.000	long leg	$27.4M	$84.3M	50x
Arcus LINK-USD	+0.0100%	1h	13.030	+0.231%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.012	+0.092%	$128.3M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.002	+0.015%	$33.0M	$59.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.012	+0.092%	$22.5M	$14.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.003	+0.023%	$54.1M	$31.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.999	−0.008%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	+0.341%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.033	+0.257%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.032	+0.246%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.038	+0.292%	$134K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.018	+0.138%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.006	+0.046%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.026	+0.200%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.005	+0.038%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.004	+0.029%	$641K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.002	+0.015%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.009	+0.069%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0115%	1h	13.007	+0.054%	$338K	$386K	15x	as long as short
dYdX LINK-USD	+0.0261%	1h	13.016	+0.122%	$345K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.010	+0.076%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0450%	1h	13.030	+0.231%	$80.5M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.009	+0.070%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0608%	8h	13.019	+0.146%	$20.1M	$11.5M	50x	as long as short