Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0522%/8h= −57.1% APRpaid last 24h −0.076%

Price spread now: Nado against Phemex−0.112%7-day average −0.119% · 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−$34as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.215%−$21 on $10k

Price spread, last 4 days (all we have)−0.180%−$18 · spread now −0.112%, 7d avg −0.119%

Together, before fees−0.394%+ Points / potential airdropNado: Active · farm board−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.119%, so right now this pair is about funding alone: −$16 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	12.976	0.0622	pay 0.0622% / 8h	5h 06m	$20.0M	$11.4M	50x
Short	Nado LINK-PERP	12.961	0.0100	get 0.0012% / 1h	6m 52s	$392K	$311K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.112%Rate

Funding earned: −$109.54
Price spread: −0.112% → −0.119%: $0.69
Slippage, 4 orders: −$16.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$144.03
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Nado: live order book, 56 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	1.54 bp	10.3 bp −$10	16.1 bp −$161	doesn't fit	doesn't fit
Sell Nado live order book, 56 min ago	0.38 bp	7.7 bp −$8	18.1 bp −$181	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	12.960	−0.123%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.967	−0.069%	$481K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.961	−0.118%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.439%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0063%	8h	12.957	−0.146%	$117K	$1.4M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.994	+0.139%	$964K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0074%	1h	12.958	−0.137%	$772K	$177K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.949	−0.206%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	12.989	+0.103%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.967	−0.073%	$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-PERPshort	+0.0100%	1h	12.961	−0.112%	$392K	$311K	10x
Aster LINKUSDT	+0.0100%	8h	12.958	−0.137%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.967	−0.069%	$273K	$174K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.949	−0.209%	$119.7M	$296.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.947	−0.223%	$83.6M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.946	−0.231%	$27.3M	$82.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.979	+0.023%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.950	−0.200%	$128.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.951	−0.193%	$32.4M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.956	−0.154%	$22.9M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.947	−0.223%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.949	−0.208%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.961	−0.116%	$342K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	+0.100%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.985	+0.073%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.980	+0.031%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	+0.069%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.964	−0.092%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.958	−0.142%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.977	+0.005%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.954	−0.170%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.954	−0.167%	$639K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.945	−0.242%	$647K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.958	−0.139%	$543K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.957	−0.146%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.955	−0.160%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0556%	1h	12.958	−0.141%	$6.8M	$8.0M	50x	as long as short
dYdX LINK-USD	+0.0599%	1h	12.963	−0.104%	$343K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0622%	8h	12.976	long leg	$20.0M	$11.4M	50x
Hyperliquid LINK	+0.0632%	1h	12.967	−0.069%	$81.6M	$27.3M	10x	as long as short