Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: Backpack against Gate+0.054%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now +0.054%, 7d avg +0.050%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate LINK_USDT	12.967	0.0100	pay 0.0100% / 8h	5h 47m	$128.1M	$12.6M	75x
Short	Backpack LINK_USDC_PERP	12.974	0.0100	get 0.0013% / 1h	47m 12s	$339K	$377K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.054%Rate

Funding earned: $0
Price spread: +0.054% → +0.050%: $0.4
Slippage, 4 orders: −$17.92
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.53
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Backpack: live order book, 16 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 Gate live order book, 2 min ago	0.38 bp	16.8 bp −$17	21.3 bp −$213	38.0 bp −$3,804	81.1 bp −$40.5K
Sell Backpack live order book, 16 min ago	0.38 bp	6.7 bp −$7	381.9 bp −$3,819	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	12.971	+0.031%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.981	+0.109%	$480K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.971	+0.031%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.373%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.969	+0.015%	$936K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.965	−0.015%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.967	−0.003%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.000	+0.254%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.978	+0.083%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	+0.066%	$394K	$316K	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	12.969	+0.015%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.981	+0.108%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.969	+0.012%	$119.5M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.965	−0.015%	$83.9M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.967	0.000%	$27.3M	$82.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.992	+0.193%	$182K	$165K	10x	as long as short
Gate LINK_USDTlong	+0.0100%	8h	12.967	long leg	$128.1M	$12.6M	75x
MEXC LINK_USDT	+0.0100%	8h	12.970	+0.023%	$31.9M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.973	+0.046%	$23.0M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.970	+0.023%	$54.0M	$29.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.970	+0.023%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.974	+0.054%	$339K	$377K	15x
Variational Omni LINK	+0.0100%	8h	13.030	+0.486%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.986	+0.147%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.043	+0.585%	$593K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.990	+0.177%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.978	+0.085%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.968	+0.004%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.992	+0.190%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.966	−0.008%	$5K	$45K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.968	+0.008%	$640K	$685K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.964	−0.022%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.972	+0.042%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0136%	1h	12.973	+0.042%	$770K	$193K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.975	+0.062%	—	$15.8M	75x	as long as short
dYdX LINK-USD	+0.0366%	1h	12.982	+0.116%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	12.970	+0.022%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0556%	1h	12.968	+0.011%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0602%	8h	12.981	+0.108%	$20.0M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0715%	1h	12.986	+0.147%	$81.5M	$26.6M	10x	as long as short