Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Nado+0.011%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.560%−$56 · spread now +0.011%, 7d avg +0.049%

Together, before fees−0.555%+ Points / potential airdropNado: Active · farm board−$56 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: Backpack is 0.037% cheaper against Nado than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado LINK-PERP	13.043	0.0100	pay 0.0012% / 1h	19m 37s	$395K	$313K	10x
Short	Backpack LINK_USDC_PERP	13.045	0.0100	get 0.0013% / 1h	19m 37s	$345K	$385K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.049%: −$3.73
Slippage, 4 orders: −$11.68
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$32.41
Costs to cover: 0.287%
Break-even: 3329866399355229.0 days

Slippage from Nado: live order book, 43 min ago; Backpack: live order book, 44 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 Nado live order book, 43 min ago	0.38 bp	6.9 bp −$7	17.3 bp −$173	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.38 bp	6.7 bp −$7	381.9 bp −$3,819	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	13.045	+0.014%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.061	+0.132%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.046	+0.018%	$161K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.933%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.077	+0.257%	$968K	$2.8M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0065%	8h	13.044	+0.004%	$118K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.049	+0.041%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.061	+0.136%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.050	+0.050%	$31K	$2K	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	13.043	long leg	$395K	$313K	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.049	+0.043%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.049	+0.046%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.050	+0.048%	$120.7M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.041	−0.019%	$84.3M	$71.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.042	−0.011%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.066	+0.172%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.046	+0.019%	$128.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.049	+0.042%	$32.1M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.051	+0.057%	$23.1M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.050	+0.050%	$54.2M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.046	+0.019%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	13.045	+0.011%	$345K	$385K	15x
Variational Omni LINK	+0.0100%	8h	13.062	+0.142%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.068	+0.190%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.051	+0.054%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.077	+0.257%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.056	+0.096%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.041	−0.021%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.066	+0.169%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.044	+0.004%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.040	−0.025%	$643K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.046	+0.019%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.046	+0.018%	$547K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0179%	1h	13.049	+0.041%	$775K	$174K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.067	+0.180%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.044	0.000%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0401%	1h	13.043	−0.006%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0552%	1h	13.046	+0.022%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0587%	8h	13.057	+0.103%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0663%	1h	13.063	+0.149%	$82.2M	$27.3M	10x	as long as short