Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h −0.050%

Price spread now: dYdX against Phemex−0.094%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1401.397% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)−0.110%−$11 · spread now −0.094%, 7d avg −0.090%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.952	0.0623	pay 0.0623% / 8h	5h 06m	$20.0M	$11.4M	50x
Short	dYdX LINK-USD	12.940	0.0618	get 0.0077% / 1h	6m 18s	$343K	$30K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$1.06
Price spread: −0.094% → −0.090%: −$0.39
Slippage, 4 orders: −$117.73
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$141.18
Costs to cover: 1.397%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; dYdX: live order book, 58 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, 3 min ago	1.54 bp	10.3 bp −$10	16.1 bp −$161	doesn't fit	doesn't fit
Sell dYdX live order book, 58 min ago	54.59 bp	59.6 bp −$60	144.0 bp −$1,440	199.1 bp −$19.9K	339.7 bp −$169.9K

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	12.936	−0.121%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.950	−0.016%	$481K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.935	−0.127%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.262%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0063%	8h	12.931	−0.162%	$117K	$1.4M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.949	−0.023%	$961K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0067%	1h	12.939	−0.103%	$771K	$177K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.936	−0.122%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	12.989	+0.289%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.940	−0.093%	$31K	$2K	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	12.934	−0.143%	$391K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.933	−0.145%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.944	−0.058%	$273K	$174K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.937	−0.116%	$119.6M	$296.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.935	−0.131%	$83.5M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.935	−0.131%	$27.3M	$82.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.953	+0.008%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.935	−0.131%	$127.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.937	−0.116%	$32.3M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.937	−0.116%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.932	−0.154%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.934	−0.139%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.961	+0.069%	$342K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	+0.285%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	+0.258%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.980	+0.216%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	+0.255%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.936	−0.124%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.933	−0.149%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.952	−0.003%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.936	−0.124%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.911	−0.314%	$632K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.929	−0.180%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.935	−0.127%	$542K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.957	+0.039%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.931	−0.162%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0557%	1h	12.942	−0.079%	$6.7M	$8.0M	50x	as long as short
dYdX LINK-USDshort	+0.0618%	1h	12.940	−0.094%	$343K	$30K	10x
Phemex LINKUSDTlong	+0.0623%	8h	12.952	long leg	$20.0M	$11.4M	50x
Hyperliquid LINK	+0.0630%	1h	12.951	−0.008%	$81.5M	$27.3M	10x	as long as short