Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: edgeX against Backpack+0.253%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs+$2as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.171%−$17 · spread now +0.253%, 7d avg −0.057%

Together, before fees−0.175%+ Points / potential airdropedgeX: Active · farm board−$17 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: edgeX is 0.309% dearer against Backpack than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.038	0.0100	pay 0.0013% / 1h	56m 48s	$349K	$383K	15x
Short	edgeX LINKUSDC	13.071	0.0100	get 0.0050% / 4h	2h 56m	$43K	$308K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.253%Rate

Funding earned: $0
Price spread: +0.253% → −0.057%: $30.94
Slippage, 4 orders: −$9.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $2.2
Costs to cover: 0.287%
Break-even: from the start

Slippage from Backpack: live order book, 12 min ago; edgeX: live order book, 11 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, 12 min ago	0.38 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 11 min ago	2.65 bp	7.2 bp −$7	10.5 bp −$105	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	13.042	+0.031%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.066	+0.215%	$463K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.046	+0.058%	$775K	$212K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.044	+0.047%	$131K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.893%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.118	+0.614%	$4K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0071%	8h	13.040	+0.015%	$131K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.066	+0.215%	$1.0M	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.025	−0.100%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.107	+0.533%	$32K	$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	13.060	+0.173%	$399K	$305K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.027	−0.082%	$1.3M	$3.0M	50x	as long as short
dYdX LINK-USD	+0.0100%	1h	13.054	+0.126%	$346K	$48K	10x	as long as short
Pacifica LINK	+0.0100%	1h	13.058	+0.153%	$274K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.023	−0.115%	$120.9M	$299.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.020	−0.138%	$84.0M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.020	−0.138%	$27.4M	$83.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.074	+0.276%	$183K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.032	−0.046%	$129.0M	$12.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.033	−0.038%	$34.8M	$56.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.037	−0.008%	$22.6M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.019	−0.146%	$54.0M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.026	−0.092%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.038	long leg	$349K	$383K	15x
Variational Omni LINK	+0.0100%	8h	13.052	+0.109%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	13.071	+0.253%	$43K	$308K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.074	+0.278%	$589K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.080	+0.322%	$152K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.067	+0.222%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.041	+0.021%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.056	+0.139%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.036	−0.015%	$18K	$34K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.042	+0.033%	$644K	$869K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.026	−0.091%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.043	+0.040%	$547K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.037	−0.008%	$5.3M	$15.2M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	13.045	+0.054%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.047	+0.067%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0622%	8h	13.056	+0.138%	$20.2M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0901%	1h	13.045	+0.054%	$83.4M	$27.0M	10x	as long as short