Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0372%/8hpaid last 24h −0.070%

Price spread now: Derive against Phemex−0.156%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Derive is 0.156% cheaper against Phemex than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.029	0.0472	pay 0.0472% / 8h	4h 06m	$20.2M	$11.3M	50x
Short	Derive LINK-PERP	13.009	0.0100	get 0.0013% / 1h	6m 37s	$24K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.156%Rate

Funding earned: −$78.22
Price spread: −0.156% → 0.000%: −$15.63
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$111.85
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Derive: 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 Phemex live order book, 2 min ago	0.38 bp	8.8 bp −$9	15.3 bp −$153	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 −0.0091% / S +0.0165%	1h	13.015	−0.110%	$1.7M	—	200x	as long as short
Variational Omni LINK	−0.0077%	8h	13.000	−0.219%	$3.2M	$1.2M	—	as long as short
Phoenix LINK	−0.0019%	1h	13.003	−0.201%	$9K	$78K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.014	−0.119%	$345K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.024	−0.039%	$473K	$2.2M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.016	−0.098%	$691K	$107K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	13.015	−0.106%	$118K	—	150x	as long as short
Coinbase International LINK-PERP-INTX	+0.0008%	1h	13.016	−0.100%	$990K	$2.7M	50x	as long as short
Bybit LINKUSDT	+0.0012%	8h	13.000	−0.223%	$83.5M	$65.0M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0018%	1h	13.015	−0.110%	$6.1M	$6.3M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.828%	$4K	$48K	12x	as long as short
OKX LINK-USDT-SWAP	+0.0035%	8h	12.999	−0.230%	$27.0M	$81.2M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0066%	8h	13.015	−0.107%	$150K	$1.6M	20x	as long as short
HTX LINK-USDT	+0.0092%	8h	12.992	−0.283%	$631K	$887K	75x	as long as short
Lighter LINK	+0.0096%	1h	13.006	−0.176%	$2.0M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	12.999	−0.232%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.005	−0.184%	$391K	$291K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.015	−0.107%	$76.0M	$21.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.013	−0.126%	$1.4M	$2.5M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.004	−0.189%	$272K	$162K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.001	−0.213%	$119.2M	$290.0M	75x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.018	−0.084%	$196K	$153K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.005	−0.184%	$130.2M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.001	−0.215%	$34.8M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.006	−0.177%	$21.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	−0.238%	$54.0M	$29.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.999	−0.230%	—	$21.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.020	−0.069%	$354K	$361K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.011	−0.138%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	−0.198%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.014	−0.115%	$132K	$650K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.012	−0.130%	$78K	$58K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.009	−0.156%	$24K	$13K	10x
SunX LINK-USDT	+0.0100%	8h	13.020	−0.068%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.008	−0.161%	$5K	$39K	10x	as long as short
Extended LINK-USD	+0.0104%	1h	12.997	−0.242%	$635K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.014	−0.115%	$547K	$340	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.010	−0.146%	$5.2M	$13.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0369%	1h	13.009	−0.150%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0472%	8h	13.029	long leg	$20.2M	$11.3M	50x