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 −0.040%

Price spread now: Phoenix against SunX−0.153%69s7-day average — · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.235%−$23 on $10k

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 −$2 a day on $10k at the current rate, and Phoenix is 0.153% cheaper against SunX than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 69 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	SunX LINK-USDT	13.044	0.0100	pay 0.0100% / 8h	6h 24m	$34K	$1.5M	30x
Short	Phoenix LINK	13.024	0.0049	get 0.0006% / 1h	24m 00s	$3K	$86K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.153%Rate

Funding earned: −$10.72
Price spread: −0.153% → 0.000%: −$15.26
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.98
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 11 min ago; Phoenix: 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 SunX live order book, 11 min ago	13.68 bp	18.1 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	13.027	−0.126%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.045	+0.007%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	13.030	−0.109%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.936%	$4K	$48K	12x	as long as short
Phoenix LINKshort	+0.0049%	1h	13.024	−0.153%	$3K	$86K	10x
Orderly PERP_LINK_USDC	+0.0068%	8h	13.028	−0.122%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.041	−0.022%	$957K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.035	−0.067%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.030	−0.103%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.032	−0.089%	$396K	$322K	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	13.041	−0.021%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.046	+0.013%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.042	−0.015%	$119.7M	$303.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.040	−0.030%	$84.2M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.042	−0.015%	$27.4M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.049	+0.039%	$183K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.034	−0.076%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.039	−0.038%	$33.2M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.034	−0.076%	$22.6M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.042	−0.015%	$54.2M	$31.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.042	−0.015%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	+0.003%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.024	−0.151%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.020	−0.180%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.992	−0.398%	$133K	$677K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.036	−0.061%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.026	−0.134%	$16K	$22K	10x	as long as short
SunX LINK-USDTlong	+0.0100%	8h	13.044	long leg	$34K	$1.5M	30x
SoDEX LINK-USD	+0.0100%	1h	13.033	−0.084%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.018	−0.195%	$642K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.030	−0.110%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.033	−0.085%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.045	+0.008%	$339K	$386K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0118%	1h	13.037	−0.052%	$774K	$212K	50x	as long as short
dYdX LINK-USD	+0.0263%	1h	13.048	+0.030%	$346K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.029	−0.111%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0449%	1h	13.059	+0.116%	$80.7M	$26.2M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.039	−0.037%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0610%	8h	13.047	+0.024%	$20.1M	$11.5M	50x	as long as short