Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0187%/8h= −20.4% APRpaid last 24h +0.006%

Price spread now: Orderly against SoDEX−0.047%7-day average — · you buy dearer than you sell

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

Long on SoDEX 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—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.047% cheaper against SoDEX than usual: you would sell low and buy high (−$5 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	SoDEX LINK-USD	12.880	0.0100	pay 0.0013% / 1h	15m 49s	$10K	$62K	10x
Short	Orderly PERP_LINK_USDC	12.874	−0.0087	pay 0.0087% / 8h	15m 49s	$90K	$1.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now −0.047%Rate

Funding earned: −$39.21
Price spread: −0.047% → 0.000%: −$4.66
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$57.87
Costs to cover: 0.140%
Break-even: never at this rate

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

SoDEX 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 −0.0087% / S +0.0165%	1h	12.878	−0.019%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDCshort	−0.0087%	8h	12.874	−0.047%	$90K	$1.0M	20x
Kalshi KXLINKPERP	0.0000%	8h	12.888	+0.064%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.879	−0.009%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.727%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.842	−0.291%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.877	−0.027%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.881	+0.004%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.878	−0.016%	$348K	$344K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.897	+0.132%	$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	12.887	+0.052%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.884	+0.035%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.887	+0.052%	$119.1M	$299.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.879	−0.008%	$83.3M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.885	+0.039%	$27.0M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.900	+0.155%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.879	−0.008%	$132.5M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.883	+0.023%	$34.5M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.882	+0.016%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.883	+0.023%	$53.8M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.884	+0.031%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.886	+0.047%	$335K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.871	−0.074%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.858	−0.170%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.868	−0.090%	$577K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.860	−0.155%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.886	+0.047%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.865	−0.114%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.899	+0.148%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USDlong	+0.0100%	1h	12.880	long leg	$10K	$62K	10x
HTX LINK-USDT	+0.0100%	8h	12.867	−0.104%	$629K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.880	+0.003%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.872	−0.059%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.881	+0.009%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.832	−0.373%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.878	−0.016%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0239%	1h	12.885	+0.038%	$806K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.870	−0.077%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0547%	8h	12.894	+0.109%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0627%	1h	12.883	+0.022%	$343K	$45K	10x	as long as short