Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.034%

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

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 3 days (all we have)+0.087%+$9 · spread now −0.020%, 7d avg +0.020%

Together, before fees+0.415%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.041% cheaper against Lighter than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.020%). If the spread goes back, that is −$4 on $10k: about 26 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.237	0.0096	pay 0.0012% / 1h	56m 19s	$2.0M	$2.7M	10x
Short	BloFin LINK-USDT	13.234	0.0220	get 0.0220% / 8h	56m 19s	$5.3M	$17.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.020%Rate

Funding earned: $26.04
Price spread: −0.020% → +0.020%: −$4.08
Slippage, 4 orders: −$6.05
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $3.91
Costs to cover: 0.181%
Break-even: 5.9 days

Slippage from Lighter: live order book, 6 min ago; BloFin: 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	0.52 bp	0.8 bp −$1	7.7 bp −$77	76.8 bp −$7,678	doesn't fit
Sell BloFin live order book, 3 min ago	0.38 bp	7.3 bp −$7	12.6 bp −$126	29.3 bp −$2,933	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	13.240	+0.027%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.236	−0.009%	$488K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.240	+0.025%	$135K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.321%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.224	−0.097%	$4K	$84K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.241	+0.033%	$134K	$1.5M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0067%	1h	13.236	−0.009%	$725K	$128K	50x	as long as short
dYdX LINK-USD	+0.0077%	1h	13.231	−0.040%	$350K	$48K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	13.237	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.237	0.000%	$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	13.238	+0.006%	$405K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.240	+0.027%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.238	+0.008%	$278K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.242	+0.042%	$123.2M	$303.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.238	+0.010%	$85.6M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.243	+0.048%	$27.9M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.248	+0.085%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.238	+0.010%	$131.2M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.240	+0.025%	$37.0M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.241	+0.033%	$22.6M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.243	+0.048%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.240	+0.025%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.194	−0.325%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.214	−0.173%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.203	−0.255%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.213	−0.179%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.244	+0.055%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.238	+0.011%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.242	+0.042%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.233	−0.028%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.214	−0.168%	$650K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.235	−0.009%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.243	+0.050%	$555K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.230	−0.051%	$999K	$2.8M	50x	as long as short
BloFin LINK-USDTshort	+0.0220%	8h	13.234	−0.020%	$5.3M	$17.2M	75x
Hyperliquid LINK	+0.0310%	1h	13.254	+0.131%	$78.4M	$24.1M	10x	as long as short
Backpack LINK_USDC_PERP	+0.0349%	1h	13.242	+0.040%	$365K	$380K	15x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.237	0.000%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0464%	8h	13.246	+0.070%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0474%	1h	13.242	+0.037%	$7.0M	$8.1M	50x	as long as short