Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: GRVT against Lighter+0.146%78s7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.235% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.146%, 7d avg +0.017%

Together, before fees+0.042%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$4 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: GRVT is 0.128% dearer against Lighter than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.017%. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.939	0.0096	pay 0.0012% / 1h	0m 10s	$1.9M	$2.8M	10x
Short	GRVT LINK_USDT_Perp	12.958	0.0100	get 0.0100% / 8h	2h 00m	$590K	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.146%Rate

Funding earned: $0.84
Price spread: +0.146% → +0.017%: $12.82
Slippage, 4 orders: −$14.5
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$9.84
Costs to cover: 0.235%
Break-even: 89.0 days

Slippage from Lighter: live order book, 2 min ago; GRVT: 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, 2 min ago	2.27 bp	2.8 bp −$3	9.9 bp −$99	74.7 bp −$7,471	doesn't fit
Sell GRVT live order book, 4 min ago	0.77 bp	8.6 bp −$9	16.3 bp −$163	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 −0.0089% / S +0.0166%	1h	12.939	−0.006%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.964	+0.193%	$528K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.939	−0.004%	$157K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0021%	8h	12.933	−0.050%	$95K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.169%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.958	+0.145%	$3K	$82K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	12.939	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.942	+0.023%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.940	0.000%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.943	+0.029%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.947	+0.055%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.940	+0.002%	$119.3M	$302.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.936	−0.027%	$83.5M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.936	−0.027%	$27.0M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.960	+0.159%	$181K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.938	−0.011%	$124.5M	$15.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.937	−0.019%	$33.2M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.944	+0.035%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.939	−0.004%	$54.1M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.939	−0.004%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.945	+0.044%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.953	+0.108%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perpshort	+0.0100%	8h	12.958	+0.146%	$590K	$2.9M	10x
ApeX Omni LINKUSDT	+0.0100%	1h	12.970	+0.236%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.944	+0.035%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.938	−0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.952	+0.098%	$34K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.939	−0.004%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.937	−0.021%	$634K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.935	−0.037%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.941	+0.008%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.945	+0.043%	$934K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0134%	1h	12.944	+0.035%	$337K	$390K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.952	+0.097%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0247%	1h	12.951	+0.089%	$80.7M	$27.7M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0260%	1h	12.945	+0.044%	$807K	$254K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.943	+0.024%	$6.7M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0396%	1h	12.937	−0.020%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0579%	8h	12.958	+0.143%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0608%	1h	12.949	+0.077%	$345K	$33K	10x	as long as short