Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0252%/8h= +27.6% APRpaid last 24h +0.027%

Price spread now: dYdX against Orderly+0.009%7-day average −0.017% · you sell dearer than you buy

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

Long on Orderly Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.255%+$25 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.009%, 7d avg −0.017%

Together, before fees+0.184%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and dYdX is 0.025% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.202	0.0047	pay 0.0047% / 8h	7h 33m	$133K	$1.5M	20x
Short	dYdX LINK-USD	13.203	0.0300	get 0.0037% / 1h	33m 44s	$350K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.009%Rate

Funding earned: $53.02
Price spread: +0.009% → −0.017%: $2.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: $39.56
Costs to cover: 0.160%
Break-even: 1.8 days

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 40 min ago. 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 dYdX live order book, 40 min ago	44.42 bp	224.7 bp −$225	228.2 bp −$2,282	228.6 bp −$22.9K	238.7 bp −$119.4K

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 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 −0.0091% / S +0.0167%	1h	13.201	−0.006%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.207	+0.040%	$476K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.203	+0.005%	$134K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0023%	1h	13.208	+0.048%	$784K	$209K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.075%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.229	+0.205%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDClong	+0.0047%	8h	13.202	long leg	$133K	$1.5M	20x
Lighter LINK	+0.0096%	1h	13.204	+0.018%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.195	−0.054%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.202	+0.002%	$405K	$308K	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	13.205	+0.025%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.207	+0.035%	$277K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.205	+0.023%	$122.8M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.200	−0.015%	$85.1M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.203	+0.008%	$27.9M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.217	+0.114%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.199	−0.023%	$130.7M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.205	+0.023%	$37.0M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.204	+0.015%	$23.1M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.201	−0.008%	$54.9M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.199	−0.023%	—	$21.1M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.213	+0.087%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.204	+0.015%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.182	−0.151%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.220	+0.136%	$154K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.205	+0.023%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.204	+0.016%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.212	+0.077%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.201	−0.008%	$5K	$28K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.187	−0.117%	$649K	$853K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.196	−0.045%	$670K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.204	+0.018%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.207	+0.038%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0200%	1h	13.212	+0.076%	$369K	$368K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.200	−0.015%	$5.2M	$16.1M	75x	as long as short
dYdX LINK-USDshort	+0.0300%	1h	13.203	+0.009%	$350K	$48K	10x
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.209	+0.050%	$6.9M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0381%	1h	13.199	−0.022%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0425%	8h	13.220	+0.136%	$20.5M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0589%	1h	13.221	+0.144%	$81.7M	$24.9M	10x	as long as short