Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0478%/8h= −52.3% APRpaid last 24h −0.093%

Price spread now: gTrade (Gains Network) against Phemex−0.110%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$306as in the Price arb table

costs, in and out, $10k−$3043.043% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.263%−$26 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now −0.110%, 7d avg −0.091%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.091%, 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	13.139	0.0484	pay 0.0484% / 8h	19m 04s	$20.3M	$11.6M	50x
Short	gTrade (Gains Network) LINK/USD	13.125	L +0.0004% / S −0.0007%	get 0.0001% / 1h	19m 04s	$133K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.110%Rate

Funding earned: −$100.29
Price spread: −0.110% → −0.091%: −$1.91
Slippage, 4 orders: −$282.33
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$406.53
Costs to cover: 3.043%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 55 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	2.29 bp	10.3 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 55 min ago	130.05 bp	142.5 bp −$143	1049.2 bp −$10.5K	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 −0.0091% / S +0.0167%	1h	13.124	−0.116%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	−0.103%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.126	−0.102%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USDshort	L +0.0004% / S −0.0007%	1h	13.125	−0.110%	$133K	—	150x
Phoenix LINK	+0.0012%	1h	13.129	−0.073%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.624%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.120	−0.145%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.119	−0.155%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.114	−0.191%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.123	−0.118%	$401K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.124	−0.117%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.120	−0.146%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.121	−0.139%	$121.9M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.118	−0.160%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.117	−0.167%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.135	−0.030%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.119	−0.152%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.122	−0.129%	$36.7M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.128	−0.084%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.120	−0.145%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.120	−0.145%	—	$21.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.185%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.274%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	−0.167%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	−0.190%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.130	−0.068%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.120	−0.144%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.141	+0.017%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.121	−0.137%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.295%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.118	−0.159%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.124	−0.116%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.122	−0.129%	$993K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.119	−0.152%	$5.2M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0221%	1h	13.128	−0.084%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0288%	1h	13.133	−0.048%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.123	−0.120%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.130	−0.065%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTlong	+0.0484%	8h	13.139	long leg	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0563%	1h	13.115	−0.186%	$347K	$48K	10x	as long as short