Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.002%

Price spread now: Aster against Backpack−0.029%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.029%, 7d avg +0.001%

Together, before fees+0.114%+ Points / potential airdropAster: Stage 5 · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Aster is 0.030% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.132	0.0218	pay 0.0027% / 1h	16m 32s	$362K	$375K	15x
Short	Aster LINKUSDT	13.128	0.0100	get 0.0100% / 8h	16m 32s	$1.4M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$24.73
Price spread: −0.029% → +0.001%: −$3
Slippage, 4 orders: −$11.56
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$57.29
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Backpack: live order book, 62 min ago; Aster: 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 Backpack live order book, 62 min ago	0.38 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	1.14 bp	10.3 bp −$10	18.1 bp −$181	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 −0.0091% / S +0.0167%	1h	13.103	−0.222%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.117	−0.112%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.112	−0.152%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.125	−0.053%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.123	−0.065%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.574%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.101	−0.236%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.127	−0.038%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.126	−0.043%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.127	−0.034%	$401K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDTshort	+0.0100%	8h	13.128	−0.029%	$1.4M	$3.0M	50x
Pacifica LINK	+0.0100%	1h	13.131	−0.011%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.124	−0.060%	$121.9M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.123	−0.069%	$84.6M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.123	−0.069%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.137	+0.038%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.127	−0.038%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.124	−0.061%	$36.5M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.128	−0.030%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.124	−0.061%	$54.6M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.125	−0.053%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.132%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.118	−0.105%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.119	−0.097%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.123	−0.069%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.127	−0.038%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.102	−0.227%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.123	−0.071%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.120	−0.091%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.088	−0.333%	$644K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.120	−0.095%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.112	−0.152%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.129	−0.023%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0218%	1h	13.132	long leg	$362K	$375K	15x
BloFin LINK-USDT	+0.0220%	8h	13.101	−0.236%	$5.2M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0289%	1h	13.141	+0.065%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.122	−0.079%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.133	+0.007%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0486%	8h	13.140	+0.061%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0546%	1h	13.128	−0.033%	$348K	$48K	10x	as long as short