Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.030%

Price spread now: Backpack against BloFin+0.061%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.172%−$17 on $10k

Price spread, last 3 days (all we have)−0.105%−$11 · spread now +0.061%, 7d avg +0.034%

Together, before fees−0.277%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.027% dearer against BloFin than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.034%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin LINK-USDT	13.190	0.0220	pay 0.0220% / 8h	2h 16m	$5.2M	$17.0M	75x
Short	Backpack LINK_USDC_PERP	13.198	0.0117	get 0.0015% / 1h	16m 36s	$366K	$372K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$21.71
Price spread: +0.061% → +0.034%: $2.65
Slippage, 4 orders: −$9.45
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$50.5
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Backpack: 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 BloFin live order book, 2 min ago	2.28 bp	8.6 bp −$9	10.8 bp −$108	20.2 bp −$2,016	doesn't fit
Sell Backpack live order book, 7 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 −0.0092% / S +0.0166%	1h	13.196	+0.046%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.197	+0.052%	$493K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.199	+0.071%	$718K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.196	+0.048%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0016%	1h	13.187	−0.024%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.185	−0.040%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.989%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0042%	8h	13.189	−0.008%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0087%	8h	13.164	−0.199%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.195	+0.037%	$2.1M	$2.4M	10x	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	13.189	−0.007%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.192	+0.015%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.205	+0.114%	$78.1M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.196	+0.049%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.193	+0.024%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.190	+0.003%	$122.2M	$301.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.190	0.000%	$84.9M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.192	+0.015%	$27.9M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.201	+0.083%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.190	0.000%	$131.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.190	0.000%	$37.4M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.193	+0.023%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.186	−0.030%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.190	0.000%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.167	−0.174%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.164	−0.197%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	−0.167%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.198	+0.061%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.190	+0.003%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.209	+0.145%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.191	+0.008%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.172	−0.135%	$648K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.184	−0.042%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.198	+0.061%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.183	−0.053%	$989K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0117%	1h	13.198	+0.061%	$366K	$372K	15x
BloFin LINK-USDTlong	+0.0220%	8h	13.190	long leg	$5.2M	$17.0M	75x
Reya LINKRUSDPERP	+0.0374%	1h	13.193	+0.026%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0460%	8h	13.201	+0.083%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	13.199	+0.069%	$7.0M	$7.9M	50x	as long as short