Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.004%

Price spread now: Backpack against Pacifica−0.011%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now −0.011%, 7d avg +0.028%

Together, before fees+0.064%+ Points / potential airdropPacifica: Active · farm board+$6 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 0.039% cheaper against Pacifica than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica LINK	12.999	0.0100	pay 0.0013% / 1h	52m 23s	$272K	$156K	10x
Short	Backpack LINK_USDC_PERP	12.998	0.0100	get 0.0013% / 1h	52m 23s	$342K	$387K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → +0.028%: −$3.87
Slippage, 4 orders: −$19.66
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.53
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from Pacifica: live order book, 16 min ago; Backpack: live order book, 16 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 Pacifica live order book, 16 min ago	5.31 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	0.38 bp	5.8 bp −$6	668.0 bp −$6,680	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
ApeX Omni LINKUSDT	−0.0265%	1h	13.058	+0.450%	$152K	$670K	50x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0167%	1h	12.986	−0.102%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.991	−0.062%	$462K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	12.985	−0.113%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.611%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.000	+0.008%	$344K	$48K	10x	as long as short
Phoenix LINK	+0.0049%	1h	12.998	−0.015%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0070%	8h	12.983	−0.127%	$124K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.003	+0.027%	$955K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0073%	1h	12.994	−0.043%	$772K	$212K	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter LINK	+0.0096%	1h	12.998	−0.010%	$1.9M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.058	+0.448%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.998	−0.007%	$397K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.997	−0.022%	$1.3M	$3.0M	50x	as long as short
Pacifica LINKlong	+0.0100%	1h	12.999	long leg	$272K	$156K	10x
Binance LINKUSDT	+0.0100%	8h	12.990	−0.073%	$120.8M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.985	−0.111%	$83.7M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.986	−0.103%	$27.3M	$83.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	+0.058%	$182K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	−0.003%	$128.7M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.998	−0.011%	$35.7M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.004	+0.035%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.987	−0.096%	$53.8M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.987	−0.096%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.998	−0.011%	$342K	$387K	15x
Variational Omni LINK	+0.0100%	8h	13.000	+0.008%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.054	+0.422%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	+0.024%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.008	+0.066%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.986	−0.105%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.004	+0.033%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.992	−0.057%	$24K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.961	−0.298%	$639K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.986	−0.106%	$660K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.990	−0.072%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.978	−0.165%	$5.3M	$15.5M	75x	as long as short
Reya LINKRUSDPERP	+0.0383%	1h	12.993	−0.053%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0502%	1h	12.998	−0.013%	$6.8M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0540%	1h	13.008	+0.066%	$79.9M	$29.5M	10x	as long as short
Phemex LINKUSDT	+0.0709%	8h	13.005	+0.043%	$20.1M	$11.5M	50x	as long as short