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 −0.005%

Price spread now: SunX against Backpack+0.011%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$540.540% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now +0.011%, 7d avg +0.059%

Together, before fees+0.215%+$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: SunX is 0.048% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.903	0.0100	pay 0.0013% / 1h	40m 14s	$336K	$386K	15x
Short	SunX LINK-USDT	12.904	0.0100	get 0.0100% / 8h	7h 40m	$34K	$1.4M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.059%: −$4.79
Slippage, 4 orders: −$35.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$58.74
Costs to cover: 0.540%
Break-even: never at this rate

Slippage from Backpack: live order book, 58 min ago; SunX: 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, 58 min ago	0.39 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	13.67 bp	19.2 bp −$19	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
Orderly PERP_LINK_USDC	−0.0112%	8h	12.883	−0.155%	$90K	$985K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.900	−0.026%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.897	−0.045%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.888	−0.113%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.898%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.899	−0.033%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.905	+0.012%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.892	−0.083%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.887	−0.124%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.882	−0.165%	$348K	$335K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.900	−0.023%	$80.5M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.894	−0.069%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.888	−0.119%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.894	−0.070%	$119.0M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.890	−0.101%	$83.5M	$73.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.893	−0.078%	$27.0M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.900	−0.023%	$180K	$98K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.893	−0.078%	$133.6M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.895	−0.062%	$35.7M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.897	−0.047%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.890	−0.101%	$53.8M	$29.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.890	−0.101%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.903	long leg	$336K	$386K	15x
Variational Omni LINK	+0.0100%	8h	12.875	−0.214%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.914	+0.088%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.069%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.917	+0.109%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.887	−0.124%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.880	−0.178%	$16K	$22K	10x	as long as short
SunX LINK-USDTshort	+0.0100%	8h	12.904	+0.011%	$34K	$1.4M	30x
SoDEX LINK-USD	+0.0100%	1h	12.893	−0.078%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.870	−0.253%	$629K	$721K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.882	−0.162%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.890	−0.102%	$541K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0130%	1h	12.896	−0.053%	$807K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.924	+0.163%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.886	−0.132%	$5.2M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.878	−0.193%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0462%	8h	12.906	+0.023%	$19.9M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.1183%	1h	12.888	−0.113%	$344K	$46K	10x	as long as short