Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h −0.004%

Price spread now: Derive against Orderly+0.087%57s7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.087% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.227	0.0041	pay 0.0041% / 8h	49m 29s	$134K	$1.5M	20x
Short	Derive LINK-PERP	13.239	0.0100	get 0.0013% / 1h	49m 29s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Orderly. 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 OrderlybpFee DerivebpOrdersPrice spread, now +0.087%Rate

Funding earned: $12.4
Price spread: +0.087% → 0.000%: $8.72
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Derive: 3 bp × 2 orders: −$6
Net: $9.13
Costs to cover: 0.120%
Break-even: 1.9 days

Slippage unknown: Orderly: no order-book sample; Derive: 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 Orderly no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Orderly and Derive: 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 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	13.238	+0.080%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.247	+0.150%	$476K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.245	+0.137%	$726K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.239	+0.088%	$135K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.240	+0.098%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.252%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0041%	8h	13.227	long leg	$134K	$1.5M	20x
Lighter LINK	+0.0096%	1h	13.242	+0.110%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.239	+0.090%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.245	+0.138%	$406K	$311K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.241	+0.103%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.246	+0.143%	$278K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.236	+0.071%	$123.3M	$303.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.224	−0.023%	$85.4M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.230	+0.023%	$28.0M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.259	+0.242%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.237	+0.076%	$131.2M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.239	+0.091%	$36.9M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.243	+0.121%	$22.6M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.235	+0.060%	$55.1M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.239	+0.091%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.238	+0.082%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.245	+0.135%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.244	+0.126%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.251	+0.181%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.242	+0.113%	$82K	$69K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.239	+0.087%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.265	+0.285%	$35K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.242	+0.113%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.239	+0.095%	$651K	$888K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.239	+0.087%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.245	+0.140%	$555K	$2K	3x	as long as short
dYdX LINK-USD	+0.0113%	1h	13.241	+0.103%	$351K	$48K	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.244	+0.129%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.240	+0.098%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0289%	1h	13.253	+0.193%	$78.4M	$24.0M	10x	as long as short
Backpack LINK_USDC_PERP	+0.0377%	1h	13.249	+0.166%	$366K	$379K	15x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.235	+0.063%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0468%	8h	13.256	+0.219%	$20.5M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0474%	1h	13.247	+0.152%	$7.0M	$8.2M	50x	as long as short