Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against BingX+0.048%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

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

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 7 days+0.007%+$1 · spread now +0.048%, 7d avg −0.009%

Together, before fees−0.119%+ Points / potential airdropLighter: Season 3 · farm board−$12 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: Lighter is 0.058% dearer against BingX than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LINK-USDC	13.177	0.0100	pay 0.0100% / 8h	2h 14m	—	$6.6M	—
Short	Lighter LINK	13.183	0.0096	get 0.0012% / 1h	14m 42s	$2.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$0.84
Price spread: +0.048% → −0.009%: $5.77
Slippage, 4 orders: −$16.84
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$21.91
Costs to cover: 0.268%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Lighter: live order book, 7 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 BingX live order book, 7 min ago	0.76 bp	12.1 bp −$12	24.1 bp −$241	85.1 bp −$8,511	470.6 bp −$235.3K
Sell Lighter live order book, 7 min ago	1.96 bp	2.9 bp −$3	11.1 bp −$111	83.8 bp −$8,376	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 −0.0092% / S +0.0167%	1h	13.185	+0.062%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.191	+0.104%	$493K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.188	+0.087%	$717K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.186	+0.071%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0016%	1h	13.180	+0.023%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.185	+0.058%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.897%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0042%	8h	13.183	+0.046%	$134K	$1.6M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.183	+0.048%	$2.1M	$2.4M	10x
Variational Omni LINK	+0.0097%	8h	13.185	+0.060%	$3.3M	$1.5M	—	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.176	−0.010%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.184	+0.055%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.189	+0.091%	$78.0M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.182	+0.040%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.179	+0.014%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.177	0.000%	$122.3M	$301.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.176	−0.008%	$84.9M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.178	+0.008%	$27.9M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.198	+0.159%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.178	+0.008%	$130.9M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.178	+0.008%	$37.3M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.180	+0.023%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.173	−0.030%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDClong	+0.0100%	8h	13.177	long leg	—	$6.6M	—
edgeX LINKUSDC	+0.0100%	4h	13.188	+0.086%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.187	+0.076%	$595K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.197	+0.152%	$154K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.184	+0.053%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.182	+0.037%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.196	+0.141%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.183	+0.046%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.172	−0.036%	$648K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.175	−0.018%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.187	+0.078%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.200	+0.175%	$993K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.196	+0.144%	$366K	$372K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.179	+0.015%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.179	+0.018%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0458%	8h	13.199	+0.167%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	13.192	+0.112%	$7.0M	$7.9M	50x	as long as short