Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Binance against Lighter−0.046%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

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

costs, in and out, $10k−$180.183% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 7 days−0.011%−$1 · spread now −0.046%, 7d avg +0.020%

Together, before fees+0.078%+ Points / potential airdropLighter: Season 3 · farm board+$8 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: Binance is 0.066% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.206	0.0096	pay 0.0012% / 1h	40m 39s	$2.1M	$2.4M	10x
Short	Binance LINKUSDT	13.200	0.0100	get 0.0100% / 8h	1h 40m	$122.5M	$302.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.046%Rate

Funding earned: $0.84
Price spread: −0.046% → +0.020%: −$6.57
Slippage, 4 orders: −$8.35
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$24.08
Costs to cover: 0.183%
Break-even: 207.6 days

Slippage from Lighter: live order book, 6 min ago; Binance: 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, 6 min ago	1.89 bp	3.5 bp −$3	10.2 bp −$102	79.8 bp −$7,975	doesn't fit
Sell Binance live order book, 3 min ago	0.38 bp	5.6 bp −$6	12.3 bp −$123	35.8 bp −$3,576	121.0 bp −$60.5K

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	13.197	−0.067%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.205	−0.005%	$350K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.209	+0.023%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.200	−0.043%	$721K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.200	−0.047%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.104%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.208	+0.017%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.196	−0.076%	$134K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.206	long leg	$2.1M	$2.4M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.200	−0.049%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.198	−0.057%	$400K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.211	+0.037%	$77.9M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.207	+0.004%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.203	−0.023%	$277K	$149K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	13.200	−0.046%	$122.5M	$302.0M	75x
Bybit LINKUSDT	+0.0100%	8h	13.201	−0.039%	$85.1M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.201	−0.039%	$27.7M	$85.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.216	+0.075%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.203	−0.023%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.201	−0.039%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.205	−0.008%	$22.3M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.198	−0.061%	$54.9M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.202	−0.031%	—	$21.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.446%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.181	−0.190%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	−0.311%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.258%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.203	−0.023%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.194	−0.091%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.223	+0.129%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.197	−0.069%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.197	−0.073%	$649K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.198	−0.062%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.197	−0.067%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	−0.031%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0186%	1h	13.211	+0.037%	$367K	$374K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.203	−0.023%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.197	−0.069%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0452%	8h	13.211	+0.037%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.202	−0.030%	$7.0M	$8.0M	50x	as long as short