Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.009%

Price spread now: Bybit against Lighter+0.007%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 7 days−0.032%−$3 · spread now +0.007%, 7d avg −0.001%

Together, before fees+0.023%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.148	0.0096	pay 0.0012% / 1h	19m 38s	$2.0M	$2.7M	10x
Short	Bybit LINKUSDT	13.149	0.0100	get 0.0100% / 8h	7h 19m	$84.7M	$71.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.007%Rate

Funding earned: $0.84
Price spread: +0.007% → −0.001%: $0.78
Slippage, 4 orders: −$8.01
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.39
Costs to cover: 0.190%
Break-even: 151.9 days

Slippage from Lighter: live order book, 3 min ago; Bybit: 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 Lighter live order book, 3 min ago	0.76 bp	4.1 bp −$4	10.9 bp −$109	83.5 bp −$8,348	doesn't fit
Sell Bybit live order book, 4 min ago	0.38 bp	6.8 bp −$7	12.4 bp −$124	34.7 bp −$3,468	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 −0.0091% / S +0.0167%	1h	13.160	+0.090%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.179	+0.233%	$475K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.160	+0.090%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.690%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.193	+0.341%	$4K	$89K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0061%	1h	13.169	+0.159%	$782K	$211K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0065%	8h	13.162	+0.106%	$133K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.148	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0099%	8h	13.212	+0.483%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.154	+0.049%	$403K	$307K	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	13.152	+0.030%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.151	+0.019%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.150	+0.014%	$122.2M	$300.3M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	13.149	+0.007%	$84.7M	$71.0M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.151	+0.022%	$27.5M	$84.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.164	+0.121%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	−0.039%	$130.2M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.147	−0.008%	$36.8M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.149	+0.007%	$23.0M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.144	−0.031%	$54.7M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.143	−0.039%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.157	+0.070%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.155	+0.050%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.158	+0.078%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.158	+0.075%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.158	+0.075%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.162	+0.109%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.174	+0.199%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.162	+0.106%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.145	−0.023%	$647K	$850K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.141	−0.057%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.166	+0.135%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.159	+0.083%	$1.0M	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0181%	1h	13.167	+0.144%	$364K	$367K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.165	+0.128%	$5.2M	$15.9M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.172	+0.183%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.152	+0.032%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0419%	1h	13.146	−0.018%	$348K	$48K	10x	as long as short
Hyperliquid LINK	+0.0558%	1h	13.166	+0.140%	$81.3M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0650%	8h	13.178	+0.227%	$20.4M	$11.6M	50x	as long as short