Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.035%

Price spread now: Phoenix against Orderly+0.114%7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.224%−$22 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 0.114% dearer against Orderly than usual: you sell high and buy low (spread +0.114% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.224% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.174	0.0070	pay 0.0070% / 8h	7h 06m	$133K	$1.5M	20x
Short	Phoenix LINK	13.189	0.0036	get 0.0005% / 1h	6m 37s	$4K	$89K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$7.04
Price spread: +0.114% → 0.000%: $11.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8.66
Costs to cover: 0.130%
Break-even: never at this rate

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

Orderly and 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 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	13.174	0.000%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.182	+0.062%	$464K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.175	+0.008%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.875%	$4K	$48K	12x	as long as short
Phoenix LINKshort	+0.0036%	1h	13.189	+0.114%	$4K	$89K	10x
Deribit LINK_USDC-PERPETUAL	+0.0069%	1h	13.181	+0.055%	$783K	$212K	50x	as long as short
Orderly PERP_LINK_USDClong	+0.0070%	8h	13.174	long leg	$133K	$1.5M	20x
Lighter LINK	+0.0096%	1h	13.158	−0.123%	$2.0M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.220	+0.353%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.156	−0.133%	$403K	$307K	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	13.160	−0.103%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.161	−0.097%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.147	−0.205%	$122.0M	$297.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.145	−0.220%	$84.7M	$70.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.147	−0.205%	$27.5M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.169	−0.038%	$185K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.156	−0.137%	$130.3M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.154	−0.152%	$36.4M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.161	−0.099%	$23.0M	$14.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.151	−0.175%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.152	−0.167%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.169	−0.035%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.193	+0.147%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.076%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.199	+0.190%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.178	+0.030%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.174	−0.003%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.189	+0.116%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.173	−0.008%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.168	−0.049%	$649K	$866K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.145	−0.222%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.176	+0.015%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.183	+0.068%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0162%	1h	13.180	+0.046%	$365K	$361K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.169	−0.038%	$5.2M	$15.5M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.181	+0.054%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.169	−0.034%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0430%	1h	13.158	−0.124%	$348K	$48K	10x	as long as short
Phemex LINKUSDT	+0.0486%	8h	13.190	+0.121%	$20.4M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0547%	1h	13.174	0.000%	$81.4M	$25.0M	10x	as long as short