Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.017%

Price spread now: Bybit against Backpack−0.124%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.174%+$17 · spread now −0.124%, 7d avg −0.064%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.060% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.064%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.917	0.0119	pay 0.0015% / 1h	58m 08s	$339K	$388K	15x
Short	Bybit LINKUSDT	12.901	0.0100	get 0.0100% / 8h	4h 58m	$83.3M	$71.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$3.99
Price spread: −0.124% → −0.064%: −$5.98
Slippage, 4 orders: −$6.76
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$37.74
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from Backpack: live order book, 65 min ago; Bybit: live order book, 1 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, 65 min ago	0.38 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.39 bp	7.3 bp −$7	12.0 bp −$120	36.0 bp −$3,603	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 −0.0090% / S +0.0167%	1h	12.923	+0.048%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.948	+0.243%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.924	+0.057%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.002%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.919	+0.015%	$116K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.916	−0.008%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.938	+0.163%	$942K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.926	+0.071%	$771K	$181K	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.941	+0.186%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.954	+0.284%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.940	+0.174%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.926	+0.070%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.955	+0.293%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.906	−0.082%	$119.5M	$296.5M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	12.901	−0.124%	$83.3M	$71.7M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.903	−0.108%	$27.3M	$81.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.959	+0.325%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.916	−0.008%	$127.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.915	−0.015%	$32.3M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.928	+0.085%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.909	−0.062%	$53.6M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.912	−0.039%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.941	+0.185%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	+0.199%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.946	+0.224%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	+0.217%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	+0.163%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.920	+0.022%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.937	+0.155%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.921	+0.031%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.931	+0.108%	$633K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.918	+0.004%	$644K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	+0.031%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERPlong	+0.0119%	1h	12.917	long leg	$339K	$388K	15x
BloFin LINK-USDT	+0.0220%	8h	12.931	+0.108%	$5.3M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0376%	1h	12.928	+0.085%	$81.3M	$27.3M	10x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.927	+0.078%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.922	+0.041%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0408%	1h	12.949	+0.250%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0608%	8h	12.934	+0.132%	$19.9M	$11.4M	50x	as long as short