Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: KuCoin against Lighter+0.085%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 7 days−0.148%−$15 · spread now +0.085%, 7d avg +0.013%

Together, before fees−0.077%+ 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: KuCoin is 0.072% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.239	0.0096	pay 0.0012% / 1h	52m 28s	$2.0M	$2.7M	10x
Short	KuCoin LINKUSDTM	13.250	0.0100	get 0.0100% / 8h	52m 28s	$22.6M	$15.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0.84
Price spread: +0.085% → +0.013%: $7.15
Slippage, 4 orders: −$15.18
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$19.19
Costs to cover: 0.272%
Break-even: 166.9 days

Slippage from Lighter: live order book, 10 min ago; KuCoin: live order book, 6 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, 10 min ago	0.52 bp	0.8 bp −$1	7.7 bp −$77	76.8 bp −$7,678	doesn't fit
Sell KuCoin live order book, 6 min ago	0.38 bp	10.8 bp −$11	21.7 bp −$217	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	13.259	+0.153%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.255	+0.122%	$476K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.259	+0.153%	$135K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.224	−0.112%	$4K	$84K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0014%	1h	13.263	+0.182%	$727K	$128K	50x	as long as short
dYdX LINK-USD	+0.0033%	1h	13.248	+0.069%	$351K	$48K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.336%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.258	+0.145%	$134K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.239	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.240	+0.007%	$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	13.244	+0.043%	$406K	$314K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.244	+0.038%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.244	+0.043%	$278K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.241	+0.017%	$123.3M	$303.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.238	−0.006%	$85.5M	$70.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.242	+0.024%	$27.9M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.259	+0.153%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.248	+0.070%	$131.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.242	+0.024%	$37.0M	$56.9M	300x	as long as short
KuCoin LINKUSDTMshort	+0.0100%	8h	13.250	+0.085%	$22.6M	$15.4M	75x
Bitget LINKUSDT	+0.0100%	8h	13.240	+0.009%	$55.1M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.243	+0.032%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.231	−0.061%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.250	+0.084%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.248	+0.070%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.228	−0.081%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.245	+0.047%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.254	+0.116%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.276	+0.278%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.260	+0.160%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.229	−0.075%	$651K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.239	+0.001%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.260	+0.157%	$556K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.251	+0.092%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.249	+0.077%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0301%	1h	13.263	+0.183%	$78.4M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.240	+0.008%	$5K	—	20x	as long as short
Backpack LINK_USDC_PERP	+0.0392%	1h	13.270	+0.236%	$366K	$381K	15x	as long as short
Phemex LINKUSDT	+0.0468%	8h	13.274	+0.266%	$20.6M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0473%	1h	13.269	+0.228%	$7.0M	$8.2M	50x	as long as short