Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.072%

Price spread now: Coinbase International against Phemex−0.046%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$450.445% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.278%−$28 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now −0.046%, 7d avg −0.078%

Together, before fees−0.324%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.033% dearer against Phemex than usual: you sell high and buy low (spread −0.046% now, against its 7-day average of −0.078%): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.278% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.181	0.0468	pay 0.0468% / 8h	1h 17m	$20.4M	$11.5M	50x
Short	Coinbase International LINK-PERP-INTX	13.175	0.0120	get 0.0015% / 1h	17m 46s	$991K	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$73.01
Price spread: −0.046% → −0.078%: $3.27
Slippage, 4 orders: −$22.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$114.28
Costs to cover: 0.445%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Coinbase International: live order book, 6 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	1.14 bp	9.9 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell Coinbase International live order book, 6 min ago	2.66 bp	12.7 bp −$13	15.7 bp −$157	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	13.173	−0.062%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.180	−0.009%	$349K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.176	−0.038%	$460K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.177	−0.028%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.173	−0.064%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.925%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.193	+0.091%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.168	−0.099%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.187	+0.048%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.176	−0.039%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.160	−0.156%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.194	+0.099%	$77.8M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.182	+0.008%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.183	+0.014%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.182	+0.008%	$122.4M	$302.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.183	+0.015%	$85.1M	$70.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.184	+0.023%	$27.7M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.184	+0.023%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.180	−0.008%	$130.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.182	+0.008%	$36.3M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.178	−0.023%	$22.5M	$15.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.177	−0.030%	$54.9M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.178	−0.023%	—	$21.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.187	+0.044%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.189	+0.064%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.193	+0.088%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.196	+0.114%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.171	−0.076%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.169	−0.089%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.181	−0.002%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.172	−0.068%	$5K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.159	−0.166%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.171	−0.076%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.174	−0.052%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0120%	1h	13.175	−0.046%	$991K	$2.8M	50x
Backpack LINK_USDC_PERP	+0.0209%	1h	13.181	0.000%	$365K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.166	−0.114%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.167	−0.103%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0468%	8h	13.181	long leg	$20.4M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0694%	1h	13.178	−0.019%	$7.0M	$8.1M	50x	as long as short