Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h −0.002%

Price spread now: KuCoin against Backpack−0.053%7-day average −0.043% · 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−$37as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.053%, 7d avg −0.043%

Together, before fees−0.031%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.167	0.0279	pay 0.0035% / 1h	32m 56s	$363K	$379K	15x
Short	KuCoin LINKUSDTM	13.160	0.0100	get 0.0100% / 8h	32m 56s	$22.7M	$15.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$37.6
Price spread: −0.053% → −0.043%: −$1.01
Slippage, 4 orders: −$14.12
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$74.73
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Backpack: live order book, 46 min ago; KuCoin: 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, 46 min ago	0.38 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	1.14 bp	10.5 bp −$10	19.8 bp −$198	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	13.166	−0.008%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.171	+0.027%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.166	−0.005%	$727K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.166	−0.009%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	+0.029%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.825%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.162	−0.038%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.158	−0.072%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.159	−0.062%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.160	−0.049%	$401K	$311K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.162	−0.040%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.165	−0.012%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.159	−0.061%	$122.4M	$304.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.157	−0.076%	$84.8M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.162	−0.038%	$27.8M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.182	+0.114%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.156	−0.084%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.155	−0.091%	$36.9M	$57.5M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	13.160	−0.053%	$22.7M	$15.3M	75x
Bitget LINKUSDT	+0.0100%	8h	13.153	−0.106%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.157	−0.076%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.182	+0.114%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.190	+0.171%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.185	+0.137%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.178	+0.084%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.171	+0.030%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.160	−0.050%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.175	+0.065%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.161	−0.046%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.110%	$647K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.153	−0.105%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.165	−0.017%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.174	+0.053%	$997K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.158	−0.068%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0273%	1h	13.173	+0.043%	$77.9M	$24.1M	10x	as long as short
Backpack LINK_USDC_PERPlong	+0.0279%	1h	13.167	long leg	$363K	$379K	15x
Reya LINKRUSDPERP	+0.0378%	1h	13.165	−0.015%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.170	+0.024%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0478%	8h	13.179	+0.091%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0622%	1h	13.161	−0.048%	$349K	$48K	10x	as long as short