Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0009%/8h= −0.9% APRpaid last 24h −0.017%

Price spread now: Variational Omni against Lighter−0.203%7-day average +0.005% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days+0.139%+$14 · spread now −0.203%, 7d avg +0.005%

Together, before fees+0.152%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$15 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: Variational Omni is 0.208% cheaper against Lighter than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.191	0.0096	pay 0.0012% / 1h	15m 51s	$2.1M	$2.4M	10x
Short	Variational Omni LINK	13.164	0.0087	get 0.0087% / 8h	2h 15m	$3.3M	$1.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.203%Rate

Funding earned: −$1.79
Price spread: −0.203% → +0.005%: −$20.85
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$22.64
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 6 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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	1.96 bp	3.0 bp −$3	10.2 bp −$102	72.3 bp −$7,235	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.12 bp	doesn't fit	11.2 bp −$112	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 −0.0092% / S +0.0166%	1h	13.183	−0.060%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.194	+0.024%	$493K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.184	−0.048%	$717K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.183	−0.055%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0016%	1h	13.187	−0.029%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.185	−0.045%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.994%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0042%	8h	13.178	−0.096%	$134K	$1.6M	20x	as long as short
Variational Omni LINKshort	+0.0087%	8h	13.164	−0.203%	$3.3M	$1.5M	—
Lighter LINKlong	+0.0096%	1h	13.191	long leg	$2.1M	$2.4M	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.189	−0.011%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.189	−0.008%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.200	+0.071%	$78.0M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.189	−0.015%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.193	+0.020%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.185	−0.042%	$122.2M	$301.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.185	−0.042%	$84.9M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.185	−0.042%	$27.9M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.201	+0.079%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.185	−0.042%	$131.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.184	−0.050%	$37.4M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.185	−0.042%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.184	−0.050%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.183	−0.058%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.167	−0.179%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.164	−0.202%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	−0.171%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.189	−0.012%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.179	−0.092%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.194	+0.030%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.178	−0.096%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.157	−0.257%	$647K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.181	−0.070%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.183	−0.054%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.202	+0.086%	$993K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.191	+0.003%	$366K	$372K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.190	−0.005%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.184	−0.050%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0461%	8h	13.194	+0.026%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	13.187	−0.028%	$7.0M	$7.9M	50x	as long as short