Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0352%/8h= −38.5% APRpaid last 24h −0.085%

Price spread now: Orderly against Reya−0.021%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Orderly

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 −$11 a day on $10k at the current rate, and Orderly is 0.021% cheaper against Reya than usual: you would sell low and buy high (−$2 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	Reya LINKRUSDPERP	12.804	0.0395	pay 0.0049% / 1h	27m 12s	$4K	—	20x
Short	Orderly PERP_LINK_USDC	12.801	0.0043	get 0.0043% / 8h	2h 27m	$94K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Reya. 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 ReyabpFee OrderlybpOrdersPrice spread, now −0.021%Rate

Funding earned: −$73.91
Price spread: −0.021% → 0.000%: −$2.05
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$87.96
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Reya 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 −0.0089% / S +0.0166%	1h	12.806	+0.020%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.817	+0.106%	$502K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.806	+0.020%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.152%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0043%	8h	12.801	−0.021%	$94K	$1.2M	20x
Phoenix LINK	+0.0074%	1h	12.848	+0.343%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.810	+0.048%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.809	+0.044%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.806	+0.022%	$343K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.810	+0.051%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.814	+0.081%	$273K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.811	+0.058%	$117.9M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.807	+0.026%	$82.7M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.810	+0.050%	$27.1M	$79.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.828	+0.190%	$179K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.802	−0.013%	$123.5M	$15.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.811	+0.058%	$32.7M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.812	+0.065%	$22.6M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.801	−0.021%	$53.5M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.806	+0.019%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.833	+0.229%	$334K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.825	+0.163%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.846	+0.333%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.838	+0.268%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.845	+0.323%	$131K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.814	+0.081%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.803	−0.006%	$15K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.822	+0.146%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.809	+0.042%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.801	−0.023%	$628K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.804	+0.002%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.810	+0.051%	$537K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.805	+0.011%	$911K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0187%	1h	12.815	+0.089%	$791K	$241K	50x	as long as short
Hyperliquid LINK	+0.0216%	1h	12.823	+0.151%	$79.8M	$27.6M	10x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.814	+0.081%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.812	+0.065%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERPlong	+0.0395%	1h	12.804	long leg	$4K	—	20x
Phemex LINKUSDT	+0.0590%	8h	12.825	+0.167%	$19.8M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0839%	1h	12.811	+0.056%	$341K	$33K	10x	as long as short