Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.033%

Price spread now: Paradex against Phoenix+0.069%46s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paradex is 0.069% dearer against Phoenix than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 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	13.030	0.0049	pay 0.0006% / 1h	56m 38s	$3K	$83K	10x
Short	Paradex LINK-USD-PERP	13.039	0.0100	get 0.0100% / 8h	5h 56m	$31K	$2K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.069%Rate

Funding earned: $10.67
Price spread: +0.069% → 0.000%: $6.94
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $6.61
Costs to cover: 0.110%
Break-even: 2.7 days

Slippage unknown: Phoenix: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Phoenix and Paradex: 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 39 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	12.980	−0.385%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.981	−0.375%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.980	−0.384%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.836%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0049%	1h	13.030	long leg	$3K	$83K	10x
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.018	−0.094%	$953K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.977	−0.408%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.029	−0.011%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERPshort	+0.0100%	8h	13.039	+0.069%	$31K	$2K	20x
Nado LINK-PERP	+0.0100%	1h	12.977	−0.404%	$395K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.002	−0.213%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.032	+0.014%	$275K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.038	+0.060%	$120.0M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.038	+0.060%	$84.4M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.039	+0.068%	$27.4M	$82.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.052	+0.167%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.022	−0.063%	$128.5M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.042	+0.091%	$32.3M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.031	+0.006%	$23.1M	$13.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.043	+0.098%	$54.2M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.041	+0.083%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.992	−0.293%	$339K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	−0.084%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.027	−0.028%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.023	−0.053%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.039	+0.068%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.984	−0.355%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.977	−0.407%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	−0.302%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.976	−0.416%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.972	−0.449%	$640K	$686K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.037	+0.055%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.978	−0.401%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0197%	1h	12.983	−0.362%	$771K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.975	−0.423%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0555%	1h	12.979	−0.390%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0621%	8h	12.996	−0.262%	$20.1M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0632%	1h	13.023	−0.056%	$345K	$30K	10x	as long as short
Hyperliquid LINK	+0.0646%	1h	13.039	+0.068%	$81.5M	$26.5M	10x	as long as short