Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h +0.024%

Price spread now: OKX against Phoenix−0.167%96s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. OKX is 0.167% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.167% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 22 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.156% in total) that is about 7.5 days. The two prices were read 96 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	12.857	0.0074	pay 0.0009% / 1h	21m 54s	$3K	$85K	10x
Short	OKX LINK-USDT-SWAP	12.835	0.0100	get 0.0100% / 8h	21m 54s	$27.0M	$79.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Phoenix. 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 PhoenixbpFee OKXbpOrdersPrice spread, now −0.167%Rate

Funding earned: $5.4
Price spread: −0.167% → 0.000%: −$16.72
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$28.33
Costs to cover: 0.170%
Break-even: 43.7 days

Slippage unknown: Phoenix: no order-book sample; OKX: live order book, 2 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell OKX live order book, 2 min ago	0.39 bp	6.3 bp −$6	14.5 bp −$145	30.4 bp −$3,039	doesn't fit

Phoenix: 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 −0.0087% / S +0.0165%	1h	12.837	−0.150%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0082%	8h	12.831	−0.198%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.847	−0.076%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.838	−0.147%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.551%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0074%	1h	12.857	long leg	$3K	$85K	10x
Lighter LINK	+0.0096%	1h	12.835	−0.170%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.844	−0.098%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.843	−0.105%	$345K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.845	−0.089%	$80.2M	$28.1M	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	12.839	−0.135%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.847	−0.075%	$273K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.838	−0.144%	$118.7M	$299.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.830	−0.206%	$83.0M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.835	−0.167%	$27.0M	$79.7M	50x
Arcus LINK-USD	+0.0100%	1h	12.857	+0.004%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.835	−0.167%	$132.0M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.836	−0.159%	$34.5M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.836	−0.159%	$22.6M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.831	−0.198%	$53.6M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.835	−0.167%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.841	−0.121%	$333K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.835	−0.166%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.846	−0.080%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.839	−0.135%	$574K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.853	−0.027%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.843	−0.105%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.833	−0.181%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.856	−0.007%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.836	−0.159%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.835	−0.170%	$627K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0103%	1h	12.837	−0.153%	$6.4M	$8.5M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.830	−0.209%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.840	−0.125%	$538K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.834	−0.175%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.840	−0.128%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0334%	1h	12.845	−0.090%	$803K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.833	−0.183%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0552%	8h	12.849	−0.058%	$19.8M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0606%	1h	12.840	−0.127%	$342K	$45K	10x	as long as short