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 −0.014%

Price spread now: Gate against Backpack−0.008%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$440.439% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.008%, 7d avg −0.050%

Together, before fees−0.098%−$10 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: Gate is 0.043% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.990	0.0100	pay 0.0013% / 1h	53m 11s	$344K	$385K	15x
Short	Gate LINK_USDT	12.989	0.0100	get 0.0100% / 8h	6h 53m	$128.7M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → −0.050%: $4.28
Slippage, 4 orders: −$18.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$39.66
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Backpack: live order book, 15 min ago; Gate: live order book, 6 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, 15 min ago	0.38 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	1.92 bp	15.7 bp −$16	21.0 bp −$210	33.8 bp −$3,375	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
ApeX Omni LINKUSDT	−0.0265%	1h	13.058	+0.523%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.983	−0.053%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	+0.011%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	12.984	−0.048%	$131K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.542%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	+0.058%	$3K	$86K	10x	as long as short
dYdX LINK-USD	+0.0053%	1h	12.973	−0.128%	$344K	$48K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.985	−0.038%	$125K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	+0.023%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.987	−0.024%	$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	13.043	+0.411%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.983	−0.054%	$397K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.985	−0.041%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.981	−0.072%	$272K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.989	−0.004%	$120.8M	$301.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.986	−0.031%	$83.6M	$71.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.990	0.000%	$27.3M	$83.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.991	+0.008%	$182K	$168K	10x	as long as short
Gate LINK_USDTshort	+0.0100%	8h	12.989	−0.008%	$128.7M	$12.2M	75x
MEXC LINK_USDT	+0.0100%	8h	12.989	−0.008%	$36.9M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.989	−0.008%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.988	−0.015%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.989	−0.008%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.990	long leg	$344K	$385K	15x
Variational Omni LINK	+0.0100%	8h	13.000	+0.081%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.495%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.097%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.990	0.000%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.984	−0.047%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.996	+0.048%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.986	−0.031%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.961	−0.226%	$639K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.982	−0.065%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.002%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0112%	1h	12.993	+0.022%	$772K	$212K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.092%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.987	−0.026%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.992	+0.012%	$6.8M	$8.0M	50x	as long as short
Hyperliquid LINK	+0.0639%	1h	12.990	0.000%	$80.8M	$28.7M	10x	as long as short
Phemex LINKUSDT	+0.0709%	8h	13.005	+0.115%	$20.1M	$11.5M	50x	as long as short