Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0473%/8h= −51.7% APRpaid last 24h −0.088%

Price spread now: SoDEX against Phemex−0.154%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 SoDEX

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—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and SoDEX is 0.154% cheaper against Phemex than usual: you would sell low and buy high (−$15 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	12.949	0.0572	pay 0.0572% / 8h	2h 48m	$20.0M	$11.3M	50x
Short	SoDEX LINK-USD	12.929	0.0100	get 0.0013% / 1h	48m 36s	$10K	$63K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.154%Rate

Funding earned: −$99.22
Price spread: −0.154% → 0.000%: −$15.45
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$134.67
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; SoDEX: 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	1.55 bp	8.5 bp −$9	15.7 bp −$157	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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 −0.0089% / S +0.0166%	1h	12.936	−0.098%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.945	−0.031%	$516K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.938	−0.088%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.240%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0055%	8h	12.932	−0.131%	$116K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.945	−0.030%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.933	−0.126%	$1.9M	$2.8M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.939	−0.076%	$791K	$218K	50x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.929	−0.153%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.938	−0.085%	$343K	$339K	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	12.939	−0.078%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.934	−0.117%	$275K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.937	−0.093%	$119.7M	$300.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.934	−0.116%	$83.4M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.937	−0.093%	$27.4M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.954	+0.039%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.929	−0.154%	$124.5M	$14.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.934	−0.116%	$33.2M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.937	−0.093%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.934	−0.116%	$54.3M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.937	−0.093%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.936	−0.100%	$339K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.930	−0.145%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.906	−0.334%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.937	−0.093%	$587K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.934	−0.116%	$132K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.944	−0.039%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.931	−0.135%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.951	+0.019%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USDshort	+0.0100%	1h	12.929	−0.154%	$10K	$63K	10x
HTX LINK-USDT	+0.0100%	8h	12.927	−0.170%	$634K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.933	−0.124%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.935	−0.108%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.937	−0.093%	$919K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.934	−0.116%	$5.2M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.930	−0.144%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0305%	1h	12.945	−0.031%	$80.8M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.935	−0.108%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0572%	8h	12.949	long leg	$20.0M	$11.3M	50x
dYdX LINK-USD	+0.1030%	1h	12.930	−0.146%	$343K	$32K	10x	as long as short