Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: HTX against Backpack−0.282%52s7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$770.773% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.220%+$22 · spread now −0.282%, 7d avg −0.119%

Together, before fees+0.212%+$21 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: HTX is 0.162% cheaper against Backpack than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.119%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.850	0.0100	pay 0.0013% / 1h	40m 11s	$337K	$390K	15x
Short	HTX LINK-USDT	12.814	0.0100	get 0.0100% / 8h	2h 40m	$629K	$678K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.282%Rate

Funding earned: $0
Price spread: −0.282% → −0.119%: −$16.24
Slippage, 4 orders: −$55.26
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$93.5
Costs to cover: 0.773%
Break-even: never at this rate

Slippage from Backpack: live order book, 8 min ago; HTX: live order book, 8 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, 8 min ago	0.39 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 8 min ago	17.45 bp	32.1 bp −$32	221.2 bp −$2,212	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 −0.0089% / S +0.0166%	1h	12.829	−0.164%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.866	+0.127%	$499K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.831	−0.148%	$183K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.502%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0052%	8h	12.827	−0.179%	$99K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.879	+0.226%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.834	−0.123%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.829	−0.161%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.820	−0.230%	$342K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.833	−0.132%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.832	−0.138%	$273K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.834	−0.125%	$118.5M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.830	−0.156%	$82.8M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.832	−0.140%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.842	−0.062%	$179K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.820	−0.233%	$123.5M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.836	−0.109%	$32.9M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.836	−0.109%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.834	−0.125%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.829	−0.163%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.850	long leg	$337K	$390K	15x
Variational Omni LINK	+0.0100%	8h	12.841	−0.067%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	+0.250%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.898	+0.374%	$585K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.884	+0.265%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.830	−0.156%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.833	−0.130%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.851	+0.005%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.834	−0.125%	$10K	$63K	10x	as long as short
HTX LINK-USDTshort	+0.0100%	8h	12.814	−0.282%	$629K	$678K	75x
Extended LINK-USD	+0.0104%	1h	12.831	−0.149%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.838	−0.089%	$538K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0108%	1h	12.842	−0.061%	$785K	$228K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.835	−0.117%	$914K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.849	−0.008%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0246%	1h	12.836	−0.105%	$80.0M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.836	−0.111%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.823	−0.212%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0584%	8h	12.843	−0.054%	$19.8M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.1029%	1h	12.828	−0.171%	$342K	$33K	10x	as long as short