Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.035%

Price spread now: Orderly against Phoenix−0.311%66s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 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. Orderly is 0.311% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.311% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$31 on $10k: about 31 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.224% in total) that is about 9.7 days. The two prices were read 66 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	13.189	0.0036	pay 0.0005% / 1h	6m 10s	$4K	$89K	10x
Short	Orderly PERP_LINK_USDC	13.148	0.0070	get 0.0070% / 8h	7h 06m	$133K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.311%Rate

Funding earned: $7.06
Price spread: −0.311% → 0.000%: −$31.09
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$37.03
Costs to cover: 0.130%
Break-even: 43.7 days

Slippage unknown: Phoenix: no order-book sample; Orderly: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: 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 −0.0091% / S +0.0167%	1h	13.149	−0.300%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.161	−0.213%	$471K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.151	−0.289%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.982%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0036%	1h	13.189	long leg	$4K	$89K	10x
Deribit LINK_USDC-PERPETUAL	+0.0047%	1h	13.157	−0.244%	$781K	$212K	50x	as long as short
Orderly PERP_LINK_USDCshort	+0.0070%	8h	13.148	−0.311%	$133K	$1.5M	20x
Lighter LINK	+0.0096%	1h	13.157	−0.240%	$2.0M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.220	+0.239%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.156	−0.246%	$403K	$307K	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	13.156	−0.252%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.161	−0.211%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.155	−0.256%	$122.1M	$297.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.149	−0.303%	$84.7M	$70.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.151	−0.288%	$27.6M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.169	−0.152%	$185K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.149	−0.303%	$130.2M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.155	−0.258%	$36.4M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.156	−0.250%	$23.0M	$14.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.153	−0.273%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.152	−0.281%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.145	−0.333%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.193	+0.033%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	−0.038%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.199	+0.076%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.151	−0.288%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.148	−0.309%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.164	−0.192%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.155	−0.258%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.147	−0.317%	$648K	$866K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.146	−0.326%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.152	−0.283%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.159	−0.227%	$998K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0162%	1h	13.180	−0.068%	$365K	$361K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.169	−0.152%	$5.2M	$15.5M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.164	−0.188%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.145	−0.332%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0430%	1h	13.158	−0.237%	$348K	$48K	10x	as long as short
Phemex LINKUSDT	+0.0536%	8h	13.169	−0.152%	$20.4M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0546%	1h	13.165	−0.182%	$81.3M	$25.0M	10x	as long as short