Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0142%/8h= +15.6% APRpaid last 24h −0.004%

Price spread now: Phemex against Reya+0.149%46s7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phemex

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 airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phemex is 0.149% dearer against Reya than usual: you sell high and buy low: +$15 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	Reya LINKRUSDPERP	12.890	0.0401	pay 0.0050% / 1h	12m 28s	$4K	—	20x
Short	Phemex LINKUSDT	12.909	0.0544	get 0.0544% / 8h	12m 28s	$19.9M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.149%Rate

Funding earned: $29.91
Price spread: +0.149% → 0.000%: $14.86
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $26.77
Costs to cover: 0.180%
Break-even: 0.7 days

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 7 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 7 min ago	0.78 bp	9.8 bp −$10	14.9 bp −$149	doesn't fit	doesn't fit

Reya: 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
Orderly PERP_LINK_USDC	−0.0089%	8h	12.888	−0.014%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.877	−0.100%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.900	+0.082%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.893	+0.023%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.800%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.886	−0.032%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.890	−0.002%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.889	−0.003%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.886	−0.026%	$348K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.902	+0.094%	$80.5M	$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	12.894	+0.031%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.891	+0.009%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.893	+0.024%	$119.1M	$298.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.883	−0.053%	$83.4M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.891	+0.009%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.907	+0.133%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.892	+0.017%	$132.6M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.891	+0.009%	$34.5M	$58.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.893	+0.025%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.887	−0.022%	$53.8M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.890	+0.001%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.896	+0.048%	$335K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.871	−0.150%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.879	−0.085%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.876	−0.107%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.882	−0.061%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.895	+0.040%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.891	+0.008%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.908	+0.144%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.894	+0.032%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.853	−0.283%	$628K	$775K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.895	+0.039%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.884	−0.047%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.898	+0.059%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.909	+0.149%	$933K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.897	+0.056%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0262%	1h	12.902	+0.095%	$807K	$268K	50x	as long as short
Reya LINKRUSDPERPlong	+0.0401%	1h	12.890	long leg	$4K	—	20x
Phemex LINKUSDTshort	+0.0544%	8h	12.909	+0.149%	$19.9M	$11.4M	50x
dYdX LINK-USD	+0.0581%	1h	12.887	−0.023%	$343K	$45K	10x	as long as short