Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.006%

Price spread now: Backpack against Binance−0.053%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.053%, 7d avg +0.035%

Together, before fees+0.095%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.088% cheaper against Binance than usual: you would sell low and buy high (spread −0.053% now, against its 7-day average of +0.035%). If the spread goes back, that is −$9 on $10k: about 3.1 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.067% in total) that is about 9.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	13.132	0.0100	pay 0.0100% / 8h	1h 57m	$121.7M	$302.1M	75x
Short	Backpack LINK_USDC_PERP	13.125	0.0196	get 0.0024% / 1h	57m 35s	$365K	$374K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.053%Rate

Funding earned: $20.15
Price spread: −0.053% → +0.035%: −$8.84
Slippage, 4 orders: −$6.78
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$15.48
Costs to cover: 0.268%
Break-even: 12.4 days

Slippage from Binance: live order book, 16 min ago; Backpack: live order book, 26 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 Binance live order book, 16 min ago	0.38 bp	5.4 bp −$5	11.5 bp −$115	39.7 bp −$3,968	129.7 bp −$64.9K
Sell Backpack live order book, 26 min ago	0.38 bp	6.3 bp −$6	417.3 bp −$4,173	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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	13.124	−0.061%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.130	−0.014%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.136	+0.032%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.118	−0.106%	$716K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.125	−0.053%	$133K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.132	+0.003%	$3K	$78K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.574%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.116	−0.122%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.137	+0.036%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.132	0.000%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.127	−0.038%	$399K	$317K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.126	−0.045%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.134	+0.019%	$275K	$151K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	13.132	long leg	$121.7M	$302.1M	75x
Bybit LINKUSDT	+0.0100%	8h	13.125	−0.053%	$84.5M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.132	0.000%	$27.7M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.140	+0.061%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.133	+0.008%	$130.3M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.125	−0.053%	$36.5M	$55.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.128	−0.030%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.123	−0.068%	$54.4M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.127	−0.038%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.143	+0.084%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.139	+0.052%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	+0.034%	$589K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	+0.122%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.130	−0.015%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.112	−0.150%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.145	+0.099%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.117	−0.114%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.129	−0.026%	$645K	$904K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.122	−0.076%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.120	−0.090%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.150	+0.137%	$990K	$2.7M	50x	as long as short
Hyperliquid LINK	+0.0130%	1h	13.141	+0.069%	$77.4M	$23.6M	10x	as long as short
Backpack LINK_USDC_PERPshort	+0.0196%	1h	13.125	−0.053%	$365K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.135	+0.023%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.127	−0.040%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0491%	8h	13.135	+0.023%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0697%	1h	13.123	−0.066%	$6.9M	$8.0M	50x	as long as short