Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: Aster against Lighter+0.034%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 7 days+0.010%+$1 · spread now +0.034%, 7d avg +0.056%

Together, before fees+0.157%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$16 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: Aster is 0.023% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.956	0.0096	pay 0.0012% / 1h	54m 57s	$1.9M	$2.8M	10x
Short	Aster LINKUSDT	12.960	0.0100	get 0.0100% / 8h	4h 54m	$1.3M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.034%Rate

Funding earned: $0.84
Price spread: +0.034% → +0.056%: −$2.26
Slippage, 4 orders: −$14.83
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$24.25
Costs to cover: 0.228%
Break-even: 209.1 days

Slippage from Lighter: live order book, 7 min ago; Aster: live order book, 3 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 Lighter live order book, 7 min ago	2.16 bp	2.7 bp −$3	10.8 bp −$108	74.2 bp −$7,417	doesn't fit
Sell Aster live order book, 3 min ago	1.55 bp	8.8 bp −$9	14.8 bp −$148	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	12.955	−0.008%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.952	−0.032%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.956	+0.001%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.292%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.955	−0.008%	$117K	$1.4M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	12.956	long leg	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.964	+0.061%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.920	−0.280%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.947	−0.073%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.946	−0.074%	$392K	$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 LINKUSDTshort	+0.0100%	8h	12.960	+0.034%	$1.3M	$2.3M	50x
Pacifica LINK	+0.0100%	1h	12.952	−0.034%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.962	+0.045%	$119.9M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.957	+0.007%	$83.7M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.960	+0.030%	$27.4M	$81.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.967	+0.084%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.958	+0.015%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.963	+0.053%	$32.3M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.965	+0.069%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.962	+0.046%	$53.9M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.958	+0.015%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.002%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	−0.335%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	−0.093%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.348%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.958	+0.015%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.957	+0.006%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	+0.127%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.955	−0.008%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.942	−0.110%	$634K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.960	+0.031%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.957	+0.007%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0128%	1h	12.963	+0.055%	$773K	$184K	50x	as long as short
Backpack LINK_USDC_PERP	+0.0166%	1h	12.969	+0.100%	$340K	$389K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.960	+0.030%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.948	−0.059%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.959	+0.024%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0464%	1h	12.977	+0.161%	$81.6M	$27.3M	10x	as long as short
Phemex LINKUSDT	+0.0616%	8h	12.967	+0.084%	$20.0M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0646%	1h	12.945	−0.084%	$343K	$30K	10x	as long as short