Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0431%/8h= −47.2% APRpaid last 24h −0.076%

Price spread now: Arcus against Phemex+0.039%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$510.510% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.228%−$23 on $10k

Price spread, last 4 days (all we have)−0.156%−$16 · spread now +0.039%, 7d avg −0.028%

Together, before fees−0.384%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Arcus is 0.067% dearer against Phemex than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.028%): +$7 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 4 days (−0.228% in total) that is about 25 hours.

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 22m	$20.0M	$11.4M	50x
Short	Arcus LINK-USD	12.980	0.0100	get 0.0013% / 1h	22m 21s	$181K	$166K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$90.43
Price spread: +0.039% → −0.028%: $6.67
Slippage, 4 orders: −$34.53
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$134.79
Costs to cover: 0.510%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Arcus: 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, 2 min ago	1.93 bp	9.6 bp −$10	15.6 bp −$156	doesn't fit	doesn't fit
Sell Arcus live order book, 36 min ago	13.93 bp	16.3 bp −$16	26.0 bp −$260	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	12.956	−0.143%	$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	12.958	−0.133%	$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	12.956	−0.145%	$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	12.960	−0.118%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.955	−0.154%	$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	12.962	−0.101%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.959	−0.124%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.959	−0.122%	$119.9M	$297.2M	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	12.962	−0.100%	$27.4M	$81.4M	50x	as long as short
Arcus LINK-USDshort	+0.0100%	1h	12.980	+0.039%	$181K	$166K	10x
Gate LINK_USDT	+0.0100%	8h	12.956	−0.146%	$128.1M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.961	−0.108%	$33.0M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.965	−0.077%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.961	−0.108%	$53.9M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.960	−0.116%	—	$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	12.968	−0.054%	$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	12.959	−0.126%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.962	−0.100%	$544K	$2K	3x	as long as short
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	+0.0368%	1h	12.976	+0.008%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.956	−0.147%	$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	+0.0414%	1h	12.958	−0.135%	$343K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0531%	8h	12.975	long leg	$20.0M	$11.4M	50x