Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.004%

Price spread now: Lighter against OKX+0.023%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.023%, 7d avg −0.011%

Together, before fees−0.098%+ Points / potential airdropLighter: Season 3 · farm board−$10 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: Lighter is 0.034% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	12.915	0.0100	pay 0.0100% / 8h	4h 52m	$27.3M	$81.3M	50x
Short	Lighter LINK	12.918	0.0096	get 0.0012% / 1h	52m 14s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$0.84
Price spread: +0.023% → −0.011%: $3.39
Slippage, 4 orders: −$13.34
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$20.79
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 5 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, 2 min ago	0.39 bp	7.7 bp −$8	17.4 bp −$174	36.8 bp −$3,678	doesn't fit
Sell Lighter live order book, 5 min ago	2.22 bp	4.7 bp −$5	12.8 bp −$128	77.7 bp −$7,769	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	12.917	+0.015%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.933	+0.136%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.919	+0.029%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.988%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.915	0.000%	$116K	$1.4M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0067%	1h	12.923	+0.059%	$771K	$189K	50x	as long as short
Lighter LINKshort	+0.0096%	1h	12.918	+0.023%	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.302%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.920	+0.037%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.921	+0.050%	$31K	$2K	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	12.918	+0.019%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.929	+0.109%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.926	+0.086%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.918	+0.023%	$119.5M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.913	−0.015%	$83.4M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.915	long leg	$27.3M	$81.3M	50x
Arcus LINK-USD	+0.0100%	1h	12.936	+0.163%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.925	+0.077%	$127.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.918	+0.023%	$32.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.922	+0.054%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.914	−0.008%	$53.7M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.916	+0.008%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.320%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.951	+0.278%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	+0.225%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.031%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	+0.132%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.917	+0.013%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.934	+0.148%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.916	+0.008%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.913	−0.013%	$632K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.912	−0.023%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.919	+0.031%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	12.923	+0.062%	$339K	$388K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.937	+0.170%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.925	+0.077%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.920	+0.042%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0421%	1h	12.933	+0.139%	$81.4M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0597%	1h	12.926	+0.088%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0615%	8h	12.933	+0.139%	$19.9M	$11.4M	50x	as long as short