Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: OKX against Lighter−0.088%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 7 days+0.168%+$17 · spread now −0.088%, 7d avg +0.013%

Together, before fees+0.241%+ Points / potential airdropLighter: Season 3 · farm board+$24 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: OKX is 0.101% cheaper against Lighter than usual: you would sell low and buy high, −$10 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	12.897	0.0096	pay 0.0012% / 1h	21m 22s	$1.9M	$2.8M	10x
Short	OKX LINK-USDT-SWAP	12.886	0.0100	get 0.0100% / 8h	2h 21m	$27.4M	$80.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0.84
Price spread: −0.088% → +0.013%: −$10.13
Slippage, 4 orders: −$14.06
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$33.35
Costs to cover: 0.241%
Break-even: 284.9 days

Slippage from Lighter: live order book, 6 min ago; OKX: live order book, 2 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	3.33 bp	4.6 bp −$5	11.4 bp −$114	84.2 bp −$8,423	doesn't fit
Sell OKX live order book, 2 min ago	0.39 bp	7.3 bp −$7	13.8 bp −$138	30.3 bp −$3,026	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	12.891	−0.051%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.901	+0.028%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.892	−0.046%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.856%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0040%	8h	12.882	−0.119%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.881	−0.125%	$3K	$82K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	12.897	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.901	+0.032%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.895	−0.018%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.897	−0.003%	$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	12.903	+0.040%	$275K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.895	−0.018%	$118.5M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.885	−0.096%	$83.1M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.886	−0.088%	$27.4M	$80.1M	50x
Arcus LINK-USD	+0.0100%	1h	12.916	+0.144%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.898	+0.005%	$124.5M	$15.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.897	−0.003%	$32.9M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.906	+0.067%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.882	−0.119%	$53.8M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.893	−0.034%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.904	+0.051%	$336K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.814	−0.643%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.844	−0.412%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.367%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.375%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.907	+0.075%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.884	−0.105%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	+0.130%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.888	−0.073%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.235%	$632K	$675K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.882	−0.116%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.888	−0.076%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.857	−0.313%	$915K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0208%	1h	12.893	−0.037%	$796K	$244K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.854	−0.336%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0232%	1h	12.913	+0.121%	$80.4M	$27.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.888	−0.070%	$6.6M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.897	+0.001%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0575%	8h	12.903	+0.044%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0751%	1h	12.898	+0.002%	$344K	$33K	10x	as long as short