Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0235%/8h= −25.7% APRpaid last 24h −0.060%

Price spread now: GMX against Orderly−0.002%7-day average +0.001% · you buy dearer than you sell

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.262%−$26 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now −0.002%, 7d avg +0.001%

Together, before fees−0.246%−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.024	0.0068	pay 0.0068% / 8h	6h 00m	$118K	$1.5M	20x
Short	GMX LINK/USD [LINK-USDC]	13.024	L −0.0090% / S +0.0167%	pay 0.0021% / 1h	0m 35s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$49.34
Price spread: −0.002% → +0.001%: −$0.31
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$67.65
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; GMX: 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 GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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]short	L −0.0090% / S +0.0167%	1h	13.024	−0.002%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	13.035	+0.082%	$470K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.025	+0.008%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.791%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.030	+0.048%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDClong	+0.0068%	8h	13.024	long leg	$118K	$1.5M	20x
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.030	+0.046%	$954K	$2.6M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.021	−0.023%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.021	−0.022%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.019	−0.035%	$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	13.029	+0.040%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.023	−0.006%	$276K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.020	−0.031%	$119.7M	$297.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.016	−0.061%	$84.2M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.017	−0.054%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.038	+0.107%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.023	−0.008%	$128.5M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.023	−0.008%	$33.1M	$59.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.027	+0.023%	$23.1M	$13.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.023	−0.008%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.019	−0.038%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	−0.037%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.031	+0.056%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.036	+0.090%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.037	+0.100%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.030	+0.046%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.025	+0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.036	+0.094%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.027	+0.023%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.011	−0.098%	$642K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.015	−0.069%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.022	−0.015%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0144%	1h	13.030	+0.046%	$339K	$378K	15x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	13.022	−0.016%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0409%	1h	13.022	−0.013%	$345K	$30K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0472%	1h	13.030	+0.050%	$774K	$212K	50x	as long as short
Hyperliquid LINK	+0.0490%	1h	13.041	+0.131%	$81.4M	$26.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.030	+0.042%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0625%	8h	13.044	+0.154%	$20.1M	$11.5M	50x	as long as short