Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0344%/8h= +37.7% APRpaid last 24h +0.084%

Price spread now: Reya against Orderly+0.002%54s7-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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$10 a day on $10k at the current rate. The two prices were read 54 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	12.925	0.0048	pay 0.0048% / 8h	3h 23m	$116K	$1.1M	20x
Short	Reya LINKRUSDPERP	12.925	0.0392	get 0.0049% / 1h	23m 33s	$4K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.002%Rate

Funding earned: $72.3
Price spread: +0.002% → 0.000%: $0.2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $60.5
Costs to cover: 0.120%
Break-even: 1.1 days

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

Orderly and Reya: 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 −0.0089% / S +0.0166%	1h	12.929	+0.030%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.941	+0.125%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.931	+0.043%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.062%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0048%	8h	12.925	long leg	$116K	$1.1M	20x
Phoenix LINK	+0.0074%	1h	12.946	+0.160%	$3K	$82K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0075%	1h	12.931	+0.043%	$785K	$210K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.932	+0.057%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.927	+0.018%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.925	−0.004%	$390K	$306K	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	12.932	+0.057%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.933	+0.062%	$276K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.927	+0.015%	$120.0M	$299.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.924	−0.008%	$83.5M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.925	0.000%	$27.3M	$80.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.945	+0.155%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.930	+0.039%	$128.1M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.928	+0.023%	$32.7M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.933	+0.062%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.928	+0.023%	$53.9M	$29.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.928	+0.023%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.937	+0.093%	$340K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.938	+0.101%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.952	+0.207%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.938	+0.104%	$586K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.955	+0.232%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.924	−0.005%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.947	+0.172%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.926	+0.008%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.911	−0.106%	$634K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.922	−0.020%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.928	+0.022%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.953	+0.217%	$922K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.939	+0.108%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.930	+0.038%	$6.6M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0322%	1h	12.942	+0.132%	$80.9M	$27.4M	10x	as long as short
Reya LINKRUSDPERPshort	+0.0392%	1h	12.925	+0.002%	$4K	—	20x
Phemex LINKUSDT	+0.0553%	8h	12.946	+0.162%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0860%	1h	12.930	+0.039%	$343K	$31K	10x	as long as short