Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.012%

Price spread now: Backpack against Paradex+0.114%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.114% dearer against Paradex than usual: you sell high and buy low, +$11 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex LINK-USD-PERP	12.886	0.0100	pay 0.0100% / 8h	2h 43m	$31K	$2K	20x
Short	Backpack LINK_USDC_PERP	12.901	0.0100	get 0.0013% / 1h	43m 40s	$338K	$389K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.114%Rate

Funding earned: $0.02
Price spread: +0.114% → 0.000%: $11.36
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$2.62
Costs to cover: 0.140%
Break-even: 1025.0 days

Slippage unknown: Paradex: no order-book sample; Backpack: live order book, 5 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack live order book, 5 min ago	0.39 bp	7.9 bp −$8	507.7 bp −$5,077	doesn't fit	doesn't fit

Paradex: 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 −0.0089% / S +0.0166%	1h	12.897	+0.086%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.902	+0.124%	$516K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.897	+0.086%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.774%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.891	+0.036%	$104K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.945	+0.456%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.888	+0.016%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERPlong	+0.0100%	8h	12.886	long leg	$31K	$2K	20x
Nado LINK-PERP	+0.0100%	1h	12.902	+0.118%	$342K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.891	+0.040%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.888	+0.016%	$274K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.882	−0.035%	$119.2M	$300.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.882	−0.034%	$83.1M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.884	−0.018%	$27.3M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.902	+0.121%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.881	−0.042%	$124.1M	$14.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.886	−0.003%	$33.3M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.892	+0.044%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.884	−0.018%	$54.0M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.884	−0.018%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.901	+0.114%	$338K	$389K	15x
Variational Omni LINK	+0.0100%	8h	12.896	+0.077%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	+0.206%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.898	+0.090%	$585K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.915	+0.222%	$132K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.903	+0.129%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.895	+0.068%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.917	+0.241%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.895	+0.067%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.870	−0.125%	$632K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.881	−0.044%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.899	+0.095%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.904	+0.137%	$916K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0161%	1h	12.904	+0.135%	$789K	$226K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.906	+0.152%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0272%	1h	12.903	+0.129%	$80.5M	$27.5M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.899	+0.101%	$6.6M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.895	+0.071%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0573%	8h	12.910	+0.183%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0979%	1h	12.887	+0.004%	$342K	$32K	10x	as long as short