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% APRpaid last 24h −0.020%

Price spread now: Variational Omni against Backpack−0.027%7-day average −0.036% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 4 days (all we have)+0.280%+$28 · spread now −0.027%, 7d avg −0.036%

Together, before fees+0.245%+ Points / potential airdropVariational Omni: Active · farm board+$24 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	13.004	0.0100	pay 0.0013% / 1h	51m 59s	$342K	$388K	15x
Short	Variational Omni LINK	13.000	0.0100	get 0.0100% / 8h	6h 51m	$3.4M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → −0.036%: $0.89
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.11
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 17 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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, 17 min ago	0.38 bp	8.6 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.12 bp	doesn't fit	10.2 bp −$102	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	+0.415%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.986	−0.137%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.992	−0.092%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.985	−0.148%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.645%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.000	−0.027%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	−0.050%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.983	−0.161%	$124K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.003	−0.008%	$955K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	12.994	−0.078%	$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	12.993	−0.088%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.058	+0.413%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	−0.042%	$397K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.993	−0.085%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	−0.035%	$272K	$156K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.996	−0.059%	$120.8M	$301.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.992	−0.092%	$83.7M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.992	−0.092%	$27.3M	$83.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	+0.023%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.996	−0.062%	$128.7M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.995	−0.069%	$36.2M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.996	−0.062%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.991	−0.100%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.997	−0.054%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.004	long leg	$342K	$388K	15x
Variational Omni LINKshort	+0.0100%	8h	13.000	−0.027%	$3.4M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.387%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	−0.011%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.008	+0.031%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	−0.140%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	−0.002%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.092%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.982	−0.167%	$640K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.988	−0.122%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.107%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.200%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.993	−0.088%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.998	−0.048%	$6.8M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0519%	1h	13.004	0.000%	$79.8M	$29.6M	10x	as long as short
Phemex LINKUSDT	+0.0671%	8h	13.012	+0.062%	$20.1M	$11.5M	50x	as long as short