Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0111%/8h= +12.2% APRpaid last 24h +0.008%

Price spread now: Backpack against OKX+0.053%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$320.315% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now +0.053%, 7d avg +0.052%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	13.153	0.0100	pay 0.0100% / 8h	1h 56m	$27.7M	$85.8M	50x
Short	Backpack LINK_USDC_PERP	13.160	0.0211	get 0.0026% / 1h	56m 14s	$366K	$374K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.053%Rate

Funding earned: $23.37
Price spread: +0.053% → +0.052%: $0.13
Slippage, 4 orders: −$11.55
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$8.05
Costs to cover: 0.315%
Break-even: 9.4 days

Slippage from OKX: live order book, 3 min ago; Backpack: live order book, 27 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 OKX live order book, 3 min ago	0.38 bp	8.2 bp −$8	14.1 bp −$141	25.5 bp −$2,552	doesn't fit
Sell Backpack live order book, 27 min ago	0.38 bp	6.3 bp −$6	417.3 bp −$4,173	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	13.144	−0.067%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.158	+0.041%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.154	+0.007%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.148	−0.036%	$718K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.147	−0.046%	$133K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.128	−0.192%	$3K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.725%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.143	−0.076%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.152	−0.008%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.158	+0.039%	$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	13.160	+0.057%	$400K	$316K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.161	+0.061%	$77.5M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.148	−0.040%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.162	+0.071%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.147	−0.046%	$121.9M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.150	−0.023%	$84.7M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	13.153	long leg	$27.7M	$85.8M	50x
Arcus LINK-USD	+0.0100%	1h	13.172	+0.144%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.149	−0.030%	$130.5M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.152	−0.008%	$36.8M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.151	−0.015%	$22.2M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.149	−0.030%	$54.5M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.151	−0.015%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.143	−0.076%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.127	−0.196%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.136	−0.126%	$589K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	−0.038%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.154	+0.008%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.140	−0.098%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.178	+0.192%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.148	−0.038%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.152	−0.010%	$647K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.142	−0.080%	$667K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.149	−0.032%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.150	−0.023%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0211%	1h	13.160	+0.053%	$366K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.143	−0.076%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.146	−0.052%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0479%	8h	13.164	+0.084%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0695%	1h	13.153	0.000%	$6.9M	$8.0M	50x	as long as short