Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.008%

Price spread now: Reya against Phemex−0.107%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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 0.107% cheaper against Phemex than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.208	0.0465	pay 0.0465% / 8h	1h 05m	$20.5M	$11.6M	50x
Short	Reya LINKRUSDPERP	13.194	0.0377	get 0.0047% / 1h	5m 43s	$5K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.107%Rate

Funding earned: −$18.59
Price spread: −0.107% → 0.000%: −$10.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$47.33
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Reya: 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, 3 min ago	0.76 bp	8.6 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	13.194	−0.108%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.197	−0.080%	$503K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.195	−0.101%	$723K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.194	−0.103%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.118%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.190	−0.135%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.191	−0.129%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0050%	1h	13.187	−0.159%	$349K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.189	−0.147%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.194	−0.105%	$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	13.197	−0.085%	$403K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.202	−0.045%	$78.0M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.190	−0.133%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.192	−0.122%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.191	−0.129%	$122.7M	$303.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.194	−0.106%	$85.2M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.197	−0.083%	$27.8M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.208	0.000%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.188	−0.151%	$130.7M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.196	−0.091%	$36.4M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.191	−0.129%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.197	−0.083%	$54.9M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.195	−0.098%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.165	−0.328%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	−0.219%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.189	−0.147%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	−0.159%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.200	−0.061%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.188	−0.150%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.211	+0.020%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.190	−0.136%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.169	−0.291%	$648K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.194	−0.103%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.194	−0.102%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.184	−0.182%	$992K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0215%	1h	13.198	−0.076%	$365K	$379K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.190	−0.136%	$5.2M	$17.2M	75x	as long as short
Reya LINKRUSDPERPshort	+0.0377%	1h	13.194	−0.107%	$5K	—	20x
Phemex LINKUSDTlong	+0.0465%	8h	13.208	long leg	$20.5M	$11.6M	50x
Kraken Futures PF_LINKUSD	+0.0693%	1h	13.199	−0.071%	$7.0M	$8.1M	50x	as long as short