Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against edgeX+0.233%79s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as 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−$200.204% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.149%−$15 on $10k

Price spread, last 4 days (all we have)−1.010%−$101 · spread now +0.233%, 7d avg −0.004%

Together, before fees−1.159%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$116 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 0.237% dearer against edgeX than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.004%. The two prices were read 79 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	12.955	0.0100	pay 0.0050% / 4h	2h 30m	$43K	$309K	20x
Short	Lighter LINK	12.985	0.0096	get 0.0012% / 1h	30m 10s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.233%Rate

Funding earned: −$0.84
Price spread: +0.233% → −0.004%: $23.7
Slippage, 4 orders: −$11.4
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $2.46
Costs to cover: 0.204%
Break-even: from the start

Slippage from edgeX: live order book, 38 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 edgeX live order book, 38 min ago	2.65 bp	7.2 bp −$7	10.8 bp −$108	209.7 bp −$21.0K	doesn't fit
Sell Lighter live order book, 2 min ago	1.16 bp	1.2 bp −$1	7.4 bp −$74	70.4 bp −$7,037	doesn't fit

LINK on 39 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	12.977	+0.172%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.977	+0.169%	$471K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.978	+0.177%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.282%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.978	+0.180%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.980	+0.195%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.951	−0.029%	$952K	$2.7M	50x	as long as short
Lighter LINKshort	+0.0096%	1h	12.985	+0.233%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.005	+0.391%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.975	+0.152%	$394K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.977	+0.174%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.968	+0.104%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.989	+0.268%	$119.3M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.986	+0.241%	$83.8M	$72.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.992	+0.288%	$27.3M	$84.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.986	+0.241%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.991	+0.280%	$128.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.991	+0.280%	$33.2M	$59.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.993	+0.295%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.993	+0.295%	$54.1M	$30.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.992	+0.288%	—	$23.0M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.001	+0.357%	$338K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.952	−0.017%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	12.955	long leg	$43K	$309K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.943	−0.089%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	+0.025%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	+0.195%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.980	+0.193%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	+0.280%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.987	+0.249%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.950	−0.036%	$639K	$860K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.982	+0.207%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.985	+0.233%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0297%	1h	12.990	+0.269%	$771K	$212K	50x	as long as short
dYdX LINK-USD	+0.0301%	1h	12.962	+0.056%	$343K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.975	+0.153%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0400%	1h	13.007	+0.403%	$79.8M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.993	+0.291%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0634%	8h	12.994	+0.303%	$20.1M	$11.5M	50x	as long as short