Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.010%

Price spread now: Backpack against Orderly+0.054%7-day average +0.017% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 3 days (all we have)−0.077%−$8 · spread now +0.054%, 7d avg +0.017%

Together, before fees−0.060%−$6 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 0.037% dearer against Orderly than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	12.994	0.0068	pay 0.0068% / 8h	6h 11m	$117K	$1.5M	20x
Short	Backpack LINK_USDC_PERP	13.001	0.0125	get 0.0016% / 1h	11m 59s	$338K	$383K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.054%Rate

Funding earned: $11.91
Price spread: +0.054% → +0.017%: $3.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$0.4
Costs to cover: 0.160%
Break-even: 7.2 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 57 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 57 min ago	0.38 bp	5.8 bp −$6	668.0 bp −$6,680	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

LINK on 39 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	12.995	+0.006%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.007	+0.100%	$475K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.996	+0.014%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.571%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.002	+0.062%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDClong	+0.0068%	8h	12.994	long leg	$117K	$1.5M	20x
Coinbase International LINK-PERP-INTX	+0.0072%	1h	12.998	+0.031%	$953K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.994	+0.002%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.994	−0.004%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.992	−0.012%	$395K	$322K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.995	+0.010%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.992	−0.014%	$275K	$172K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.993	−0.006%	$119.4M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.983	−0.085%	$83.8M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.987	−0.054%	$27.4M	$84.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.011	+0.131%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.991	−0.023%	$128.1M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.993	−0.008%	$33.0M	$59.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.995	+0.008%	$23.1M	$14.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.994	0.000%	$54.0M	$30.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.989	−0.038%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.989	−0.038%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.991	−0.021%	$43K	$311K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.997	+0.026%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.995	+0.008%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.002	+0.062%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.996	+0.015%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.007	+0.101%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.995	+0.008%	$14K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.920	−0.573%	$637K	$857K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.990	−0.032%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.998	+0.027%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0125%	1h	13.001	+0.054%	$338K	$383K	15x
Deribit LINK_USDC-PERPETUAL	+0.0150%	1h	13.000	+0.045%	$772K	$212K	50x	as long as short
dYdX LINK-USD	+0.0375%	1h	12.989	−0.041%	$344K	$35K	10x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	12.993	−0.005%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0462%	1h	13.010	+0.122%	$80.7M	$26.6M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.999	+0.036%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0601%	8h	13.010	+0.123%	$20.1M	$11.5M	50x	as long as short