Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0496%/8h= −54.3% APRpaid last 24h −0.076%

Price spread now: edgeX against Phemex+0.265%7-day average −0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs+$6as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.236%−$24 on $10k

Price spread, last 3 days (all we have)−0.364%−$36 · spread now +0.265%, 7d avg −0.118%

Together, before fees−0.599%+ Points / potential airdropedgeX: Active · farm board−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.383% dearer against Phemex than usual: you sell high and buy low (spread +0.265% now, against its 7-day average of −0.118%): +$38 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.236% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.236% in total (about -12.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.975	0.0596	pay 0.0596% / 8h	6h 44m	$20.0M	$11.5M	50x
Short	edgeX LINKUSDC	13.009	0.0100	get 0.0050% / 4h	2h 44m	$43K	$310K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.265%Rate

Funding earned: −$104.07
Price spread: +0.265% → −0.118%: $38.3
Slippage, 4 orders: −$11.75
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$98.52
Costs to cover: 0.328%
Break-even: from the start

Slippage from Phemex: live order book, 5 min ago; edgeX: live order book, 24 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, 5 min ago	0.38 bp	9.0 bp −$9	14.6 bp −$146	doesn't fit	doesn't fit
Sell edgeX live order book, 24 min ago	2.65 bp	7.2 bp −$7	10.5 bp −$105	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	12.962	−0.103%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.979	+0.028%	$460K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.962	−0.103%	$149K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0020%	1h	12.967	−0.062%	$770K	$212K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.432%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.022	+0.365%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.959	−0.123%	$119K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.973	−0.015%	$954K	$2.7M	50x	as long as short
dYdX LINK-USD	+0.0087%	1h	12.982	+0.057%	$344K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.978	+0.023%	$1.9M	$2.7M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0099%	8h	13.046	+0.549%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.992	+0.131%	$392K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.977	+0.016%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.982	+0.058%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.991	+0.120%	$120.1M	$302.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.993	+0.139%	$83.8M	$71.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.994	+0.146%	$27.2M	$84.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.995	+0.154%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.979	+0.031%	$128.2M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.980	+0.039%	$34.8M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.984	+0.069%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.991	+0.123%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.982	+0.054%	—	$22.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.972	−0.023%	$341K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.988	+0.104%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	13.009	+0.265%	$43K	$310K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.013	+0.294%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.015	+0.308%	$134K	$683K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	+0.162%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.962	−0.099%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.983	+0.064%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.960	−0.116%	$15K	$42K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.967	−0.063%	$640K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.981	+0.047%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.966	−0.073%	$544K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.004	+0.224%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.987	+0.093%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0443%	1h	12.992	+0.131%	$79.8M	$29.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.966	−0.066%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTlong	+0.0596%	8h	12.975	long leg	$20.0M	$11.5M	50x