Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.017%

Price spread now: Lighter against GRVT−0.069%48s7-day average −0.017% · you buy dearer than you sell

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−$240.236% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 7 days+0.086%+$9 · spread now −0.069%, 7d avg −0.017%

Together, before fees+0.044%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$4 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 0.052% cheaper against GRVT than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.017%. The two prices were read 48 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	GRVT LINK_USDT_Perp	13.113	0.0100	pay 0.0100% / 8h	2h 54m	$590K	$2.9M	10x
Short	Lighter LINK	13.104	0.0096	get 0.0012% / 1h	54m 43s	$2.1M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$0.84
Price spread: −0.069% → −0.017%: −$5.22
Slippage, 4 orders: −$14.6
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.66
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from GRVT: 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 GRVT live order book, 4 min ago	0.38 bp	5.6 bp −$6	13.0 bp −$130	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	1.64 bp	4.7 bp −$5	11.5 bp −$115	71.3 bp −$7,129	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 +0.0166%	1h	13.133	+0.148%	$1.7M	—	200x	as long as short
Phoenix LINK	−0.0012%	1h	13.127	+0.109%	$3K	$84K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.096	−0.131%	$347K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.125	+0.087%	$457K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.133	+0.147%	$83K	—	150x	as long as short
Variational Omni LINK	+0.0031%	8h	13.109	−0.028%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.439%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0039%	1h	13.141	+0.215%	$700K	$106K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	13.131	+0.136%	$135K	$1.6M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.104	−0.069%	$2.1M	$2.3M	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.076	−0.282%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.123	+0.079%	$397K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.113	−0.001%	$78.1M	$23.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.106	−0.054%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.096	−0.129%	$274K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.093	−0.156%	$121.1M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.087	−0.200%	$84.7M	$68.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.076	−0.283%	$27.7M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.100	−0.100%	$184K	$170K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.080	−0.253%	$130.5M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.088	−0.192%	$35.6M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.100	−0.100%	$21.8M	$15.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.063	−0.383%	$54.0M	$30.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.065	−0.367%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.145	+0.243%	$364K	$370K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.105	−0.059%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perplong	+0.0100%	8h	13.113	long leg	$590K	$2.9M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	13.109	−0.032%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.129	+0.121%	$80K	$62K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.134	+0.158%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.148	+0.267%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.136	+0.174%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.104	−0.073%	$641K	$905K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.073	−0.305%	$665K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.141	+0.213%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.100	−0.100%	$990K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.132	+0.144%	$5.3M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.128	+0.112%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0496%	8h	13.152	+0.296%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.145	+0.241%	$7.0M	$7.7M	50x	as long as short