Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0491%/8h= −53.8% APRpaid last 24h −0.086%

Price spread now: Extended against Phemex−0.145%7-day average −0.149% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.272%−$27 on $10k

Price spread, last 4 days (all we have)−0.179%−$18 · spread now −0.145%, 7d avg −0.149%

Together, before fees−0.451%+ Points / potential airdropExtended: Active · farm board−$45 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.149%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.272% in total (about -14.2% 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	13.000	0.0595	pay 0.0595% / 8h	5h 12m	$20.1M	$11.4M	50x
Short	Extended LINK-USD	12.981	0.0104	get 0.0013% / 1h	12m 05s	$647K	$2.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.145%Rate

Funding earned: −$103.14
Price spread: −0.145% → −0.149%: $0.38
Slippage, 4 orders: −$14.92
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$134.68
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Extended: live order book, 2 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	2.69 bp	10.7 bp −$11	16.6 bp −$166	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	1.54 bp	4.8 bp −$5	6.3 bp −$63	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	12.988	−0.094%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.997	−0.026%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.987	−0.103%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.615%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	12.984	−0.123%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.990	−0.077%	$962K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.985	−0.114%	$1.9M	$2.8M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0097%	1h	12.991	−0.067%	$772K	$175K	50x	as long as short
Phoenix LINK	+0.0098%	1h	13.026	+0.197%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.992	−0.060%	$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	12.986	−0.112%	$393K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.988	−0.090%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.996	−0.032%	$274K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.985	−0.114%	$120.0M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.980	−0.154%	$83.9M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.980	−0.154%	$27.4M	$82.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.010	+0.077%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.984	−0.123%	$128.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.983	−0.131%	$32.4M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.988	−0.092%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.983	−0.131%	$54.0M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.983	−0.131%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.989	−0.085%	$344K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.038	+0.292%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.032	+0.242%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.034	+0.262%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.039	+0.300%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.995	−0.038%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.985	−0.114%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.006	+0.047%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.988	−0.092%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.986	−0.112%	$641K	$690K	75x	as long as short
Extended LINK-USDshort	+0.0104%	1h	12.981	−0.145%	$647K	$2.0M	25x
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.074%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.004	+0.031%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.983	−0.129%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0518%	1h	12.992	−0.062%	$344K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0555%	1h	12.990	−0.076%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTlong	+0.0595%	8h	13.000	long leg	$20.1M	$11.4M	50x
Hyperliquid LINK	+0.0651%	1h	13.001	+0.008%	$81.8M	$27.3M	10x	as long as short