Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Deribit against SunX−0.071%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$550.548% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.071%, 7d avg −0.097%

Together, before fees−0.179%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.027% dearer against SunX than usual: you sell high and buy low (spread −0.071% now, against its 7-day average of −0.097%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX LINK-USDT	13.170	0.0100	pay 0.0100% / 8h	2h 21m	$34K	$1.5M	30x
Short	Deribit LINK_USDC-PERPETUAL	13.161	0	get 0.0000% / 1h	21m 49s	$713K	$120K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$21
Price spread: −0.071% → −0.097%: $2.68
Slippage, 4 orders: −$39.8
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$73.12
Costs to cover: 0.548%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Deribit: live order book, 2 min ago.

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 SunX live order book, 3 min ago	13.64 bp	18.0 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	2.66 bp	11.5 bp −$11	15.6 bp −$156	doesn't fit	doesn't fit

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 −0.0092% / S +0.0166%	1h	13.159	−0.080%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.163	−0.056%	$474K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.161	−0.071%	$713K	$120K	50x
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.159	−0.080%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.152	−0.140%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0019%	1h	13.151	−0.143%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.847%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.151	−0.144%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0076%	8h	13.148	−0.167%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.159	−0.081%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.148	−0.166%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.158	−0.091%	$400K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.169	−0.009%	$77.9M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.161	−0.072%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.153	−0.129%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.163	−0.050%	$121.7M	$300.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.164	−0.046%	$84.8M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.167	−0.023%	$27.8M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.168	−0.015%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.167	−0.023%	$130.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.162	−0.061%	$36.8M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.156	−0.106%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.163	−0.053%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.166	−0.030%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.144	−0.194%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.146	−0.179%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.147	−0.175%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.162	−0.061%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.153	−0.126%	$16K	$22K	10x	as long as short
SunX LINK-USDTlong	+0.0100%	8h	13.170	long leg	$34K	$1.5M	30x
SoDEX LINK-USD	+0.0100%	1h	13.156	−0.106%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.135	−0.269%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.148	−0.164%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.159	−0.083%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.153	−0.129%	$989K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0118%	1h	13.165	−0.038%	$365K	$372K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.149	−0.159%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.158	−0.091%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0469%	8h	13.169	−0.008%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	13.166	−0.029%	$7.0M	$7.8M	50x	as long as short