Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0427%/8h= −46.7% APRpaid last 24h −0.075%

Price spread now: Aevo against Phemex−0.100%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$196as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1721.724% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.240%−$24 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now −0.100%, 7d avg −0.088%

Together, before fees−0.183%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.088%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.240% in total (about -12.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.975	0.0531	pay 0.0531% / 8h	4h 23m	$20.0M	$11.4M	50x
Short	Aevo LINK-PERP	12.962	0.0104	get 0.0013% / 1h	23m 03s	$544K	$2K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.100%Rate

Funding earned: −$89.59
Price spread: −0.100% → −0.088%: −$1.24
Slippage, 4 orders: −$144.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$263.24
Costs to cover: 1.724%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Aevo: live order book, 36 min ago.

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 Phemex live order book, 6 min ago	2.31 bp	9.9 bp −$10	13.9 bp −$139	doesn't fit	doesn't fit
Sell Aevo live order book, 36 min ago	33.99 bp	48.1 bp −$48	doesn't fit	doesn't fit	doesn't fit

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	12.957	−0.137%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.968	−0.057%	$519K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.960	−0.119%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.432%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.957	−0.139%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.961	−0.106%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.965	−0.077%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.970	−0.035%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.961	−0.105%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.961	−0.108%	$392K	$310K	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	12.963	−0.096%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.966	−0.072%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.960	−0.116%	$119.9M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.956	−0.146%	$83.6M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.956	−0.146%	$27.4M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.977	+0.015%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.962	−0.100%	$128.2M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.960	−0.116%	$33.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.962	−0.100%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.960	−0.116%	$53.9M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.961	−0.108%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.966	−0.069%	$339K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	−0.161%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.967	−0.059%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.967	−0.061%	$581K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	0.000%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.966	−0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.959	−0.123%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.977	+0.012%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.962	−0.100%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.909	−0.505%	$633K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.952	−0.176%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERPshort	+0.0104%	1h	12.962	−0.100%	$544K	$2K	3x
Deribit LINK_USDC-PERPETUAL	+0.0167%	1h	12.966	−0.069%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.966	−0.069%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0366%	1h	12.977	+0.015%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.957	−0.140%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.964	−0.082%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0425%	1h	12.965	−0.077%	$343K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0531%	8h	12.975	long leg	$20.0M	$11.4M	50x