Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Backpack against Aster−0.013%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.075%−$7 · spread now −0.013%, 7d avg −0.001%

Together, before fees−0.069%+ Points / potential airdropAster: Stage 5 · farm board−$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster LINKUSDT	12.854	0.0100	pay 0.0100% / 8h	2h 32m	$1.2M	$2.4M	50x
Short	Backpack LINK_USDC_PERP	12.852	0.0100	get 0.0013% / 1h	32m 45s	$335K	$391K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now −0.013%Rate

Funding earned: $0
Price spread: −0.013% → −0.001%: −$1.18
Slippage, 4 orders: −$15.48
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.66
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Aster: live order book, 1 min ago; Backpack: live order book, 16 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 Aster live order book, 1 min ago	2.34 bp	7.7 bp −$8	15.4 bp −$154	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	0.39 bp	7.9 bp −$8	507.7 bp −$5,077	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 −0.0089% / S +0.0166%	1h	12.840	−0.109%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.845	−0.071%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.838	−0.124%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.529%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0047%	8h	12.830	−0.184%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.887	+0.263%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.853	−0.006%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.833	−0.161%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.833	−0.157%	$342K	$341K	10x	as long as short
Aster LINKUSDTlong	+0.0100%	8h	12.854	long leg	$1.2M	$2.4M	50x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.839	−0.111%	$273K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.856	+0.016%	$118.5M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.852	−0.013%	$82.9M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.855	+0.010%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.859	+0.042%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.842	−0.091%	$123.8M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.849	−0.036%	$32.9M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.845	−0.067%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.850	−0.029%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.846	−0.060%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.852	−0.013%	$335K	$391K	15x
Variational Omni LINK	+0.0100%	8h	12.873	+0.147%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.894	+0.313%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	+0.205%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	+0.353%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.844	−0.075%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.834	−0.151%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.852	−0.012%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.838	−0.122%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.825	−0.224%	$629K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.844	−0.079%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.837	−0.129%	$538K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.866	+0.096%	$915K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0186%	1h	12.845	−0.067%	$793K	$239K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.843	−0.083%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0230%	1h	12.866	+0.096%	$80.1M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.842	−0.094%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.838	−0.125%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0594%	8h	12.854	+0.003%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0865%	1h	12.853	−0.002%	$342K	$33K	10x	as long as short