Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h 0.000%

Price spread now: Backpack against edgeX+0.387%85s7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$280.281% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.533%−$53 · spread now +0.387%, 7d avg +0.054%

Together, before fees−0.532%+ Points / potential airdropedgeX: Active · farm board−$53 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.332% dearer against edgeX than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of +0.054%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX LINKUSDC	13.162	0.0100	pay 0.0050% / 4h	1h 41m	$44K	$309K	20x
Short	Backpack LINK_USDC_PERP	13.213	0.0182	get 0.0023% / 1h	41m 41s	$367K	$374K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now +0.387%Rate

Funding earned: $17.22
Price spread: +0.387% → +0.054%: $33.21
Slippage, 4 orders: −$9.12
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $22.31
Costs to cover: 0.281%
Break-even: from the start

Slippage from edgeX: live order book, 41 min ago; Backpack: live order book, 42 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 edgeX live order book, 41 min ago	2.28 bp	6.8 bp −$7	10.4 bp −$104	doesn't fit	doesn't fit
Sell Backpack live order book, 42 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	13.203	+0.309%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.205	+0.329%	$350K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.212	+0.378%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.207	+0.343%	$721K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.203	+0.309%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.790%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.149	−0.096%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.199	+0.280%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.211	+0.372%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.193	+0.233%	$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	13.197	+0.265%	$400K	$315K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.219	+0.432%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.211	+0.371%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.196	+0.259%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.207	+0.341%	$122.5M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.205	+0.326%	$85.1M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.208	+0.349%	$27.7M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.207	+0.341%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.204	+0.318%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.213	+0.387%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.208	+0.349%	$22.4M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.205	+0.326%	$54.9M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.211	+0.371%	—	$21.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.113%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	13.162	long leg	$44K	$309K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	+0.022%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	+0.075%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.200	+0.288%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.200	+0.289%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.222	+0.457%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.201	+0.295%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.172	+0.077%	$648K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.203	+0.308%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.205	+0.328%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	+0.303%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0182%	1h	13.213	+0.387%	$367K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.187	+0.189%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.198	+0.273%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0454%	8h	13.211	+0.371%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.209	+0.357%	$7.0M	$8.0M	50x	as long as short