Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h −0.002%

Price spread now: Lighter against Orderly+0.138%7-day average −0.043% · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.149%−$15 on $10k

Price spread, last 3 days (all we have)−0.172%−$17 · spread now +0.138%, 7d avg −0.043%

Together, before fees−0.321%+ Points / potential airdropLighter: Season 3 · farm board−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.180% dearer against Orderly than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.043%. Mind the row above: over the last 7 days funding on this pair cost −0.149%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_LINK_USDC	13.064	0.0056	pay 0.0056% / 8h	2h 49m	$134K	$1.6M	20x
Short	Lighter LINK	13.082	0.0096	get 0.0012% / 1h	49m 26s	$2.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.138%Rate

Funding earned: $8.47
Price spread: +0.138% → −0.043%: $18.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $20.52
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 2 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 Lighter live order book, 2 min ago	2.65 bp	2.9 bp −$3	13.0 bp −$130	74.8 bp −$7,484	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 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 −0.0091% / S +0.0165%	1h	13.071	+0.055%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.077	+0.098%	$455K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.075	+0.084%	$701K	$111K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.074	+0.074%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.073	+0.070%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.083%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0037%	8h	13.058	−0.049%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDClong	+0.0056%	8h	13.064	long leg	$134K	$1.6M	20x
dYdX LINK-USD	+0.0071%	1h	13.083	+0.142%	$347K	$60K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	13.082	+0.138%	$2.1M	$2.4M	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.076	+0.095%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.076	+0.092%	$397K	$319K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.082	+0.138%	$77.4M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.086	+0.165%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.080	+0.122%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.075	+0.084%	$120.9M	$300.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.075	+0.084%	$84.4M	$69.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.076	+0.092%	$27.6M	$84.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.093	+0.222%	$184K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.077	+0.100%	$130.3M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.071	+0.054%	$35.5M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.087	+0.176%	$21.9M	$16.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.076	+0.092%	$54.1M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.081	+0.130%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.088	+0.184%	$362K	$371K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.089	+0.193%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.062	−0.016%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.060	−0.031%	$152K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.082	+0.138%	$79K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.068	+0.030%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.079	+0.116%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.074	+0.077%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.040	−0.184%	$638K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.078	+0.107%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.075	+0.082%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.079	+0.115%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.049	−0.115%	$5.2M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.076	+0.091%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.085	+0.163%	$6.9M	$7.7M	50x	as long as short
Phemex LINKUSDT	+0.0515%	8h	13.086	+0.168%	$20.2M	$11.5M	50x	as long as short