Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0437%/8h= −47.8% APRpaid last 24h −0.085%

Price spread now: Injective against Phemex−5.925%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.750%+$75 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Injective is 5.925% cheaper against Phemex than usual: you would sell low and buy high (−$593 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.750%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.181	0.0470	pay 0.0470% / 8h	1h 19m	$20.4M	$11.5M	50x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	19m 01s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.925%Rate

Funding earned: −$91.77
Price spread: −5.925% → 0.000%: −$592.52
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$696.3
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Injective: 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, 5 min ago	1.14 bp	9.9 bp −$10	14.3 bp −$143	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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]	L −0.0090% / S +0.0167%	1h	13.169	−0.088%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.165	−0.119%	$349K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.170	−0.082%	$460K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.167	−0.108%	$719K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.169	−0.087%	$134K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−5.925%	$4K	$48K	12x
Phoenix LINK	+0.0037%	1h	13.193	+0.091%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.163	−0.137%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.171	−0.072%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.157	−0.184%	$32K	$3K	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	13.162	−0.140%	$402K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.179	−0.015%	$77.7M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.171	−0.073%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.162	−0.147%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.165	−0.120%	$122.2M	$303.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.164	−0.129%	$84.9M	$70.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.166	−0.114%	$27.7M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.177	−0.030%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.168	−0.099%	$130.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.166	−0.114%	$36.3M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.169	−0.091%	$22.5M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.162	−0.144%	$54.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.168	−0.099%	—	$21.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.187	+0.044%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.189	+0.064%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.193	+0.088%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.196	+0.114%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.170	−0.083%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.161%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.173	−0.060%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.163	−0.137%	$5K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.147	−0.256%	$646K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.161	−0.148%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.165	−0.118%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.174	−0.053%	$991K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0209%	1h	13.174	−0.053%	$365K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.166	−0.114%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.166	−0.111%	$5K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0470%	8h	13.181	long leg	$20.4M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0694%	1h	13.171	−0.079%	$7.0M	$8.1M	50x	as long as short