Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0471%/8h= −51.6% APRpaid last 24h −0.095%

Price spread now: Deribit against Phemex−0.099%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.436%−$44 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.099%, 7d avg −0.096%

Together, before fees−0.388%−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.096%, so right now this pair is about funding alone: −$14 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.147	0.0471	pay 0.0471% / 8h	2h 06m	$20.3M	$11.6M	50x
Short	Deribit LINK_USDC-PERPETUAL	13.134	0	get 0.0000% / 1h	6m 40s	$717K	$125K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$99
Price spread: −0.099% → −0.096%: −$0.32
Slippage, 4 orders: −$18.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$137.15
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 17 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	1.90 bp	9.9 bp −$10	14.8 bp −$148	doesn't fit	doesn't fit
Sell Deribit live order book, 17 min ago	2.66 bp	11.5 bp −$11	15.6 bp −$156	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	13.135	−0.095%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.147	+0.002%	$469K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.134	−0.099%	$717K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.136	−0.082%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0013%	1h	13.124	−0.178%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.163	+0.124%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.682%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.131	−0.122%	$133K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.126	−0.159%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.120	−0.207%	$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	13.135	−0.091%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.137	−0.076%	$77.4M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.125	−0.167%	$1.6M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.124	−0.174%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.123	−0.183%	$121.6M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.120	−0.205%	$84.5M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.122	−0.190%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.140	−0.053%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.122	−0.190%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.121	−0.198%	$36.6M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.126	−0.160%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.118	−0.221%	$54.3M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.121	−0.198%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.062%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	−0.002%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.016%	$596K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	+0.008%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.140	−0.053%	$80K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.127	−0.152%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.150	+0.024%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.128	−0.145%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.132	−0.118%	$646K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.120	−0.206%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.131	−0.122%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	+0.008%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.137	−0.076%	$365K	$373K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.127	−0.152%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.133	−0.104%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0471%	8h	13.147	long leg	$20.3M	$11.6M	50x
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.137	−0.077%	$6.9M	$7.9M	50x	as long as short