Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0699%/8h= −76.6% APRpaid last 24h −0.143%

Price spread now: GMX against Phemex−0.112%7-day average −0.072% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.467%−$47 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.112%, 7d avg −0.072%

Together, before fees−0.393%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and GMX is 0.040% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.961	0.0533	pay 0.0533% / 8h	4h 19m	$20.0M	$11.4M	50x
Short	GMX LINK/USD [LINK-USDC]	12.946	L −0.0090% / S +0.0167%	pay 0.0021% / 1h	19m 58s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$146.85
Price spread: −0.112% → −0.072%: −$3.95
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$174.8
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; GMX: 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, 4 min ago	1.93 bp	9.6 bp −$10	15.6 bp −$156	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0090% / S +0.0167%	1h	12.946	−0.112%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.951	−0.079%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.947	−0.111%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.328%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.944	−0.131%	$117K	$1.3M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.947	−0.104%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	−0.046%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.961	−0.002%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	−0.047%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.950	−0.081%	$391K	$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	12.951	−0.079%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.956	−0.039%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.947	−0.108%	$119.8M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.944	−0.131%	$83.5M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.950	−0.085%	$27.3M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.969	+0.062%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.944	−0.131%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.947	−0.108%	$32.7M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.950	−0.085%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.948	−0.100%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.945	−0.123%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.953	−0.062%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.939	−0.169%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	−0.009%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.961	0.000%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	+0.108%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.950	−0.085%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.943	−0.137%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.967	+0.049%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.946	−0.116%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.907	−0.415%	$633K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.941	−0.158%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	−0.096%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0129%	1h	12.951	−0.080%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.949	−0.093%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0370%	1h	12.963	+0.015%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.941	−0.152%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	−0.086%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0427%	1h	12.954	−0.055%	$343K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0533%	8h	12.961	long leg	$20.0M	$11.4M	50x