Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: MEXC against Backpack−0.031%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.031%, 7d avg −0.036%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.064	0.0100	pay 0.0013% / 1h	5m 08s	$339K	$371K	15x
Short	MEXC LINK_USDT	13.060	0.0100	get 0.0100% / 8h	7h 05m	$36.3M	$60.4M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.031%Rate

Funding earned: $0
Price spread: −0.031% → −0.036%: $0.51
Slippage, 4 orders: −$10.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$20.22
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; MEXC: 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, 28 min ago	0.39 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.77 bp	0.9 bp −$1	3.4 bp −$34	25.9 bp −$2,594	47.4 bp −$23.7K

LINK on 39 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
Orderly PERP_LINK_USDC	−0.0128%	8h	13.054	−0.077%	$91K	$916K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	13.071	+0.052%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.072	+0.057%	$501K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	13.070	+0.045%	$107K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.083%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	13.065	+0.009%	$6.5M	$8.3M	50x	as long as short
Phoenix LINK	+0.0087%	1h	13.062	−0.014%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.060	−0.031%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.064	−0.003%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.053	−0.080%	$351K	$315K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	13.065	+0.008%	$81.6M	$27.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.067	+0.021%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.064	+0.004%	$278K	$172K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.057	−0.052%	$120.7M	$287.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.058	−0.046%	$84.6M	$70.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.059	−0.038%	$27.5M	$77.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.078	+0.107%	$183K	$86K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.058	−0.046%	$135.2M	$18.0M	75x	as long as short
MEXC LINK_USDTshort	+0.0100%	8h	13.060	−0.031%	$36.3M	$60.4M	300x
KuCoin LINKUSDTM	+0.0100%	8h	13.066	+0.015%	$23.2M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.055	−0.069%	$54.6M	$28.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.059	−0.038%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.064	long leg	$339K	$371K	15x
Variational Omni LINK	+0.0100%	8h	13.065	+0.010%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.057	−0.054%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.057	−0.055%	$591K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.066	+0.015%	$134K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.062	−0.015%	$83K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.068	+0.028%	$34K	$1.3M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.061	−0.023%	$15K	$59K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.037	−0.205%	$626K	$679K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.055	−0.069%	$624K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.062	−0.012%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	13.050	−0.107%	$937K	$3.2M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0194%	1h	13.066	+0.019%	$872K	$322K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.062	−0.015%	$5.3M	$16.1M	75x	as long as short
Phemex LINKUSDT	+0.0262%	8h	13.074	+0.077%	$20.2M	$11.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0404%	1h	13.052	−0.092%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0869%	1h	13.069	+0.037%	$351K	$48K	10x	as long as short