Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.005%

Price spread now: Backpack against GRVT−0.235%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−0.652%−$65 · spread now −0.235%, 7d avg +0.017%

Together, before fees−0.565%+ Points / potential airdropGRVT: Active · farm board−$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.252% cheaper against GRVT than usual: you would sell low and buy high (spread −0.235% now, against its 7-day average of +0.017%). If the spread goes back, that is −$25 on $10k: about 44 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.087% in total) that is about 20 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT LINK_USDT_Perp	12.947	0.0100	pay 0.0100% / 8h	4h 57m	$583K	$2.7M	10x
Short	Backpack LINK_USDC_PERP	12.917	0.0119	get 0.0015% / 1h	57m 14s	$339K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.235%Rate

Funding earned: $3.99
Price spread: −0.235% → +0.017%: −$25.23
Slippage, 4 orders: −$29.43
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$69.67
Costs to cover: 0.484%
Break-even: 129.1 days

Slippage from GRVT: live order book, 1 min ago; Backpack: live order book, 1 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 GRVT live order book, 1 min ago	4.64 bp	15.4 bp −$15	25.7 bp −$257	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.39 bp	12.6 bp −$13	3894.0 bp −$38.9K	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	12.934	−0.101%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.923	−0.189%	$487K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.938	−0.070%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.228%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.937	−0.081%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.938	−0.070%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.904	−0.335%	$941K	$2.7M	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.920	−0.213%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.899	−0.377%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.913	−0.264%	$391K	$310K	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	12.925	−0.175%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.901	−0.362%	$272K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.939	−0.063%	$119.7M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.937	−0.081%	$83.6M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.939	−0.065%	$27.3M	$81.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.919	−0.220%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.919	−0.220%	$127.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.940	−0.057%	$32.3M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.944	−0.027%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.944	−0.027%	$53.8M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.934	−0.104%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.941	−0.051%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.037%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perplong	+0.0100%	8h	12.947	long leg	$583K	$2.7M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	−0.019%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	−0.119%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.920	−0.213%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.953	+0.040%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.938	−0.073%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.914	−0.257%	$632K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.933	−0.111%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.937	−0.078%	$543K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0119%	1h	12.917	−0.235%	$339K	$388K	15x
Deribit LINK_USDC-PERPETUAL	+0.0175%	1h	12.946	−0.009%	$772K	$184K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.922	−0.196%	$5.3M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0385%	1h	12.940	−0.057%	$81.4M	$27.3M	10x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.922	−0.194%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.945	−0.022%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0442%	1h	12.905	−0.328%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0622%	8h	12.945	−0.019%	$20.0M	$11.4M	50x	as long as short