Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h 0.000%

Price spread now: Backpack against HTX+0.135%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$730.729% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.105%−$11 · spread now +0.135%, 7d avg +0.115%

Together, before fees−0.101%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.115%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX LINK-USDT	13.157	0.0100	pay 0.0100% / 8h	2h 18m	$647K	$908K	75x
Short	Backpack LINK_USDC_PERP	13.175	0.0118	get 0.0015% / 1h	18m 47s	$365K	$372K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.135%Rate

Funding earned: $3.81
Price spread: +0.135% → +0.115%: $1.92
Slippage, 4 orders: −$50.88
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$67.15
Costs to cover: 0.729%
Break-even: 130.5 days

Slippage from HTX: live order book, 5 min ago; Backpack: live order book, 5 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 HTX live order book, 5 min ago	23.16 bp	29.2 bp −$29	42.5 bp −$425	doesn't fit	doesn't fit
Sell Backpack live order book, 5 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 −0.0092% / S +0.0166%	1h	13.167	+0.074%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.178	+0.160%	$483K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.170	+0.098%	$716K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.168	+0.078%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0018%	1h	13.174	+0.129%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.159	+0.012%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.756%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.160	+0.021%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0087%	8h	13.164	+0.049%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.171	+0.107%	$2.1M	$2.4M	10x	as long as short

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	13.165	+0.062%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.165	+0.062%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.182	+0.188%	$77.9M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.170	+0.098%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.169	+0.089%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.168	+0.081%	$122.0M	$300.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.165	+0.059%	$84.6M	$69.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.167	+0.074%	$27.9M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.181	+0.180%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.168	+0.081%	$130.9M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.169	+0.089%	$37.4M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.170	+0.097%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.165	+0.059%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.166	+0.066%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.161	+0.030%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.093%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	+0.081%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.170	+0.097%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.163	+0.047%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.183	+0.195%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.166	+0.066%	$5K	$40K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	13.157	long leg	$647K	$908K	75x
Extended LINK-USD	+0.0104%	1h	13.165	+0.058%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.169	+0.090%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.171	+0.104%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0118%	1h	13.175	+0.135%	$365K	$372K	15x
BloFin LINK-USDT	+0.0220%	8h	13.164	+0.051%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.166	+0.063%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.178	+0.157%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	13.174	+0.130%	$7.0M	$7.8M	50x	as long as short