Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against Bybit+0.010%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 7 days+0.080%+$8 · spread now +0.010%, 7d avg +0.001%

Together, before fees+0.034%+ Points / potential airdropLighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.137	0.0100	pay 0.0100% / 8h	30m 16s	$84.7M	$71.1M	75x
Short	Lighter LINK	13.138	0.0096	get 0.0012% / 1h	30m 16s	$2.0M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$0.84
Price spread: +0.010% → +0.001%: $0.89
Slippage, 4 orders: −$5.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$16.71
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 2 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 Bybit live order book, 4 min ago	0.38 bp	7.3 bp −$7	12.1 bp −$121	31.6 bp −$3,158	doesn't fit
Sell Lighter live order book, 2 min ago	0.95 bp	2.0 bp −$2	9.5 bp −$95	66.1 bp −$6,605	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 −0.0091% / S +0.0167%	1h	13.144	+0.057%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.151	+0.108%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.145	+0.057%	$725K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.145	+0.059%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.171	+0.257%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.610%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.139	+0.015%	$133K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.138	+0.010%	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.138	+0.010%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.139	+0.011%	$401K	$311K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.141	+0.033%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.143	+0.046%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.138	+0.005%	$122.2M	$304.4M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.137	long leg	$84.7M	$71.1M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.138	+0.008%	$27.7M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.159	+0.167%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.145	+0.061%	$130.2M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.142	+0.038%	$36.6M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.146	+0.069%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.139	+0.015%	$54.6M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.143	+0.046%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	+0.068%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	+0.191%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.156	+0.148%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.173	+0.274%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.146	+0.069%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.139	+0.015%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.156	+0.148%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.137	0.000%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.122	−0.111%	$646K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.138	+0.005%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.144	+0.050%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.148	+0.084%	$995K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.151	+0.107%	$5.3M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0260%	1h	13.154	+0.129%	$363K	$379K	15x	as long as short
Hyperliquid LINK	+0.0275%	1h	13.160	+0.175%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0378%	1h	13.141	+0.031%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.147	+0.080%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0483%	8h	13.156	+0.145%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0658%	1h	13.142	+0.034%	$348K	$48K	10x	as long as short