Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.010%

Price spread now: Backpack against MEXC+0.100%7-day average +0.038% · 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−$18as in the Price arb table

costs, in and out, $10k−$240.242% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.100%, 7d avg +0.038%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.062% dearer against MEXC than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC LINK_USDT	12.956	0.0100	pay 0.0100% / 8h	4h 54m	$32.3M	$55.7M	300x
Short	Backpack LINK_USDC_PERP	12.969	0.0166	get 0.0021% / 1h	54m 42s	$340K	$389K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.100%Rate

Funding earned: $13.78
Price spread: +0.100% → +0.038%: $6.19
Slippage, 4 orders: −$14.2
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$4.24
Costs to cover: 0.242%
Break-even: 9.2 days

Slippage from MEXC: live order book, 4 min ago; Backpack: 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 MEXC live order book, 4 min ago	0.39 bp	0.5 bp $0	4.2 bp −$42	30.0 bp −$3,000	44.6 bp −$22.3K
Sell Backpack live order book, 4 min ago	0.39 bp	12.6 bp −$13	3894.0 bp −$38.9K	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	12.955	−0.007%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.952	−0.032%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.956	+0.002%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.291%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.955	−0.008%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.963	+0.050%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.964	+0.062%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.920	−0.279%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	−0.008%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.946	−0.073%	$392K	$310K	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	12.964	+0.062%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.962	+0.047%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.961	+0.040%	$119.9M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.952	−0.031%	$83.6M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.951	−0.039%	$27.4M	$81.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.967	+0.085%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.958	+0.015%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDTlong	+0.0100%	8h	12.956	long leg	$32.3M	$55.7M	300x
KuCoin LINKUSDTM	+0.0100%	8h	12.959	+0.023%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.961	+0.039%	$53.9M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.961	+0.039%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.003%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	−0.334%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	−0.092%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.347%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.958	+0.015%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.957	+0.006%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	+0.127%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.955	−0.008%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.942	−0.110%	$634K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.960	+0.031%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.957	+0.008%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0128%	1h	12.963	+0.056%	$773K	$184K	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0166%	1h	12.969	+0.100%	$340K	$389K	15x
BloFin LINK-USDT	+0.0220%	8h	12.960	+0.031%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.948	−0.058%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.959	+0.025%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0459%	1h	12.977	+0.162%	$81.6M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0567%	1h	12.963	+0.054%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0616%	8h	12.967	+0.085%	$20.0M	$11.4M	50x	as long as short