Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0497%/8h= +54.4% APRpaid last 24h +0.072%

Price spread now: Phemex against Backpack+0.108%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.231%+$23 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.108%, 7d avg +0.055%

Together, before fees+0.224%+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Phemex is 0.053% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.055%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.231% in total (about 12.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.969	0.0127	pay 0.0016% / 1h	9m 57s	$337K	$383K	15x
Short	Phemex LINKUSDT	12.983	0.0623	get 0.0623% / 8h	6h 09m	$20.0M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.108%Rate

Funding earned: $104.27
Price spread: +0.108% → +0.055%: $5.33
Slippage, 4 orders: −$15.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $72.26
Costs to cover: 0.373%
Break-even: 2.1 days

Slippage from Backpack: live order book, 59 min ago; Phemex: 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	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	3.46 bp	11.6 bp −$12	16.2 bp −$162	doesn't fit	doesn't fit

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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.966	−0.024%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.973	+0.031%	$469K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.967	−0.019%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.387%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.005	+0.275%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.965	−0.031%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.993	+0.185%	$952K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0089%	1h	12.972	+0.026%	$770K	$212K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.969	−0.003%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.981	+0.093%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.975	+0.046%	$394K	$319K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.973	+0.034%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.978	+0.073%	$275K	$172K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.962	−0.057%	$119.2M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.956	−0.100%	$83.6M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.957	−0.093%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.996	+0.208%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.968	−0.008%	$127.9M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.961	−0.062%	$33.0M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.966	−0.023%	$23.0M	$14.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.958	−0.085%	$53.9M	$30.8M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.962	−0.054%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.979	+0.079%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.991	+0.172%	$43K	$311K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.991	+0.172%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.989	+0.154%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.978	+0.069%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.968	−0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.984	+0.113%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.970	+0.008%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.963	−0.045%	$639K	$857K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.953	−0.121%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.971	+0.016%	$544K	$2K	3x	as long as short
Backpack LINK_USDC_PERPlong	+0.0127%	1h	12.969	long leg	$337K	$383K	15x
Reya LINKRUSDPERP	+0.0385%	1h	12.967	−0.013%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0410%	1h	12.976	+0.053%	$344K	$35K	10x	as long as short
Hyperliquid LINK	+0.0462%	1h	12.981	+0.093%	$80.6M	$26.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.974	+0.038%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTshort	+0.0623%	8h	12.983	+0.108%	$20.0M	$11.5M	50x