Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Pacifica against Backpack+0.011%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Backpack Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now +0.011%, 7d avg −0.028%

Together, before fees−0.064%+ Points / potential airdropPacifica: Active · farm board−$6 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: Pacifica is 0.039% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.998	0.0100	pay 0.0013% / 1h	52m 21s	$342K	$387K	15x
Short	Pacifica LINK	12.999	0.0100	get 0.0013% / 1h	52m 21s	$272K	$156K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.028%: $3.87
Slippage, 4 orders: −$19.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$33.79
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Pacifica: live order book, 16 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, 16 min ago	0.38 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 16 min ago	5.31 bp	11.5 bp −$12	doesn't fit	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
ApeX Omni LINKUSDT	−0.0265%	1h	13.058	+0.462%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.986	−0.091%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.051%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.985	−0.102%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.601%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.000	+0.019%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	−0.004%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.983	−0.115%	$124K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.003	+0.038%	$955K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	12.994	−0.032%	$772K	$212K	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter LINK	+0.0096%	1h	12.998	+0.001%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.058	+0.459%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	+0.004%	$397K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.997	−0.011%	$1.3M	$3.0M	50x	as long as short
Pacifica LINKshort	+0.0100%	1h	12.999	+0.011%	$272K	$156K	10x
Binance LINKUSDT	+0.0100%	8h	12.990	−0.062%	$120.8M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.985	−0.100%	$83.7M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.986	−0.092%	$27.3M	$83.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	+0.069%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	+0.008%	$128.7M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.998	0.000%	$35.7M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.004	+0.046%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.987	−0.085%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.987	−0.085%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.998	long leg	$342K	$387K	15x
Variational Omni LINK	+0.0100%	8h	13.000	+0.019%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.433%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.035%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.008	+0.077%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	−0.094%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	+0.044%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.046%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.961	−0.287%	$639K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.986	−0.094%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.060%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.154%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.993	−0.042%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.998	−0.002%	$6.8M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0540%	1h	13.008	+0.077%	$79.9M	$29.5M	10x	as long as short
Phemex LINKUSDT	+0.0709%	8h	13.005	+0.054%	$20.1M	$11.5M	50x	as long as short