Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.020%

Price spread now: GRVT against Backpack−0.061%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$11 on $10k

Price spread, last 4 days (all we have)+0.302%+$30 · spread now −0.061%, 7d avg −0.013%

Together, before fees+0.187%+ Points / potential airdropGRVT: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and GRVT is 0.048% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.144	0.0189	pay 0.0024% / 1h	24m 27s	$364K	$375K	15x
Short	GRVT LINK_USDT_Perp	13.136	0.0100	get 0.0100% / 8h	1h 24m	$594K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$18.68
Price spread: −0.061% → −0.013%: −$4.78
Slippage, 4 orders: −$14.97
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$57.43
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; GRVT: live order book, 4 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, 59 min ago	0.38 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	3.81 bp	9.7 bp −$10	14.6 bp −$146	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 −0.0090% / S +0.0167%	1h	13.135	−0.066%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.134	−0.079%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.132	−0.090%	$460K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.138	−0.045%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.137	−0.053%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.660%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.111	−0.251%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.131	−0.099%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.142	−0.017%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.132	−0.093%	$32K	$3K	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	13.132	−0.091%	$401K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.147	+0.023%	$77.5M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.135	−0.071%	$1.5M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.139	−0.041%	$275K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.135	−0.068%	$121.8M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.133	−0.084%	$84.7M	$70.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.132	−0.091%	$27.6M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.145	+0.008%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.135	−0.068%	$130.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.135	−0.068%	$36.5M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.138	−0.046%	$22.5M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.135	−0.068%	$54.7M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.138	−0.046%	—	$21.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.119	−0.191%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.123	−0.161%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perpshort	+0.0100%	8h	13.136	−0.061%	$594K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	13.133	−0.084%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.138	−0.046%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.130	−0.109%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.140	−0.033%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.134	−0.076%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.121	−0.173%	$645K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.129	−0.118%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.136	−0.060%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.135	−0.068%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0189%	1h	13.144	long leg	$364K	$375K	15x
BloFin LINK-USDT	+0.0220%	8h	13.126	−0.137%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.135	−0.069%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0474%	8h	13.152	+0.061%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0696%	1h	13.143	−0.011%	$6.9M	$8.1M	50x	as long as short