Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Backpack against KuCoin+0.023%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

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

costs, in and out, $10k−$410.413% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.023%, 7d avg +0.044%

Together, before fees+0.069%+$7 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: Backpack is 0.021% cheaper against KuCoin than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin LINKUSDTM	12.969	0.0100	pay 0.0100% / 8h	6h 32m	$22.6M	$14.7M	75x
Short	Backpack LINK_USDC_PERP	12.972	0.0100	get 0.0013% / 1h	32m 14s	$337K	$393K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → +0.044%: −$2.06
Slippage, 4 orders: −$19.3
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.36
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Backpack: live order book, 36 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 KuCoin live order book, 2 min ago	1.93 bp	13.0 bp −$13	19.4 bp −$194	67.0 bp −$6,704	doesn't fit
Sell Backpack live order book, 36 min ago	0.38 bp	5.8 bp −$6	668.0 bp −$6,680	doesn't fit	doesn't fit

LINK on 39 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	12.969	−0.002%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.967	−0.018%	$471K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.968	−0.010%	$149K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.387%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.978	+0.070%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0069%	8h	12.967	−0.015%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.951	−0.139%	$952K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.964	−0.038%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.016	+0.363%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.979	+0.077%	$395K	$319K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.977	+0.063%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.972	+0.026%	$275K	$164K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.969	+0.002%	$119.1M	$306.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.959	−0.077%	$83.6M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.962	−0.054%	$27.3M	$84.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.983	+0.108%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.971	+0.015%	$128.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.965	−0.031%	$33.1M	$59.0M	300x	as long as short
KuCoin LINKUSDTMlong	+0.0100%	8h	12.969	long leg	$22.6M	$14.7M	75x
Bitget LINKUSDT	+0.0100%	8h	12.962	−0.054%	$53.9M	$31.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.959	−0.077%	—	$23.0M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.972	+0.023%	$337K	$393K	15x
Variational Omni LINK	+0.0100%	8h	12.955	−0.104%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.955	−0.110%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.962	−0.056%	$588K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.085%	$133K	$684K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	+0.085%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.966	−0.024%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.978	+0.069%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.967	−0.015%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.960	−0.067%	$639K	$864K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.961	−0.065%	$658K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.976	+0.057%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0190%	1h	12.972	+0.025%	$770K	$212K	50x	as long as short
dYdX LINK-USD	+0.0313%	1h	12.963	−0.043%	$343K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	12.975	+0.049%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0393%	1h	12.977	+0.062%	$79.6M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	12.971	+0.015%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0631%	8h	12.985	+0.123%	$20.1M	$11.5M	50x	as long as short