Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: Binance against Backpack−0.066%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.066%, 7d avg −0.040%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.025% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.004	0.0100	pay 0.0013% / 1h	51m 24s	$342K	$388K	15x
Short	Binance LINKUSDT	12.995	0.0100	get 0.0100% / 8h	6h 51m	$120.8M	$301.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.066%Rate

Funding earned: $0
Price spread: −0.066% → −0.040%: −$2.55
Slippage, 4 orders: −$5.86
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.41
Costs to cover: 0.259%
Break-even: never at this rate

Slippage from Backpack: live order book, 17 min ago; Binance: live order book, 7 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, 17 min ago	0.38 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.38 bp	6.0 bp −$6	12.4 bp −$124	34.5 bp −$3,454	130.8 bp −$65.4K

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	12.986	−0.137%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.992	−0.092%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.993	−0.084%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.645%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0040%	1h	12.984	−0.151%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	−0.050%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.993	−0.085%	$124K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.003	−0.008%	$955K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	12.994	−0.078%	$772K	$212K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.980	−0.185%	$1.9M	$2.7M	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	+0.0099%	8h	13.038	+0.263%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.979	−0.188%	$392K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.988	−0.125%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.981	−0.175%	$272K	$156K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	12.995	−0.066%	$120.8M	$301.9M	75x
Bybit LINKUSDT	+0.0100%	8h	12.994	−0.077%	$83.7M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.997	−0.054%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.001	−0.023%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.985	−0.146%	$128.6M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.990	−0.108%	$35.8M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.992	−0.092%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.982	−0.169%	$53.7M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.995	−0.069%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.004	long leg	$342K	$388K	15x
Variational Omni LINK	+0.0100%	8h	13.000	−0.027%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.980	−0.183%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.984	−0.157%	$584K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.985	−0.146%	$134K	$681K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.989	−0.115%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	−0.140%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	−0.002%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.092%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.982	−0.167%	$640K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.980	−0.187%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.107%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.200%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.982	−0.169%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0499%	1h	12.998	−0.046%	$79.8M	$29.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.998	−0.048%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0671%	8h	13.012	+0.062%	$20.1M	$11.5M	50x	as long as short