Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against HTX+0.141%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$710.705% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)−0.066%−$7 · spread now +0.141%, 7d avg +0.065%

Together, before fees−0.211%+ Points / potential airdropLighter: Season 3 · farm board−$21 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 0.076% dearer against HTX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX LINK-USDT	12.991	0.0100	pay 0.0100% / 8h	5h 43m	$641K	$688K	75x
Short	Lighter LINK	13.009	0.0096	get 0.0012% / 1h	43m 27s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.141%Rate

Funding earned: −$0.84
Price spread: +0.141% → +0.065%: $7.59
Slippage, 4 orders: −$58.5
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$63.75
Costs to cover: 0.705%
Break-even: never at this rate

Slippage from HTX: live order book, 20 min ago; Lighter: live order book, 4 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, 20 min ago	23.83 bp	30.8 bp −$31	79.9 bp −$799	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.34 bp	2.8 bp −$3	11.6 bp −$116	69.0 bp −$6,895	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	13.010	+0.148%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.997	+0.045%	$480K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.009	+0.135%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.551%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.016	+0.191%	$940K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0067%	8h	13.012	+0.160%	$117K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.009	+0.141%	$1.9M	$2.8M	10x
Phoenix LINK	+0.0098%	1h	13.004	+0.099%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.008	+0.126%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.007	+0.122%	$395K	$315K	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	13.009	+0.140%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.010	+0.146%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.012	+0.160%	$119.9M	$296.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.010	+0.145%	$84.2M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.013	+0.168%	$27.4M	$82.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.022	+0.237%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.006	+0.114%	$128.5M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.011	+0.152%	$32.0M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.011	+0.152%	$23.1M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.012	+0.160%	$54.1M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.011	+0.152%	—	$22.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.971	−0.154%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.995	+0.030%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.965	−0.204%	$581K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.003	+0.091%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.016	+0.191%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.012	+0.161%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.025	+0.257%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.016	+0.191%	$14K	$49K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	12.991	long leg	$641K	$688K	75x
Extended LINK-USD	+0.0104%	1h	13.012	+0.157%	$701K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.019	+0.213%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.004	+0.099%	$340K	$378K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.005	+0.106%	—	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0311%	1h	13.019	+0.216%	$773K	$193K	50x	as long as short
dYdX LINK-USD	+0.0363%	1h	13.008	+0.128%	$345K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	13.008	+0.132%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0553%	1h	13.019	+0.211%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0612%	8h	13.012	+0.160%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0743%	1h	13.023	+0.245%	$81.8M	$26.7M	10x	as long as short