Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0372%/8h= −40.8% APRpaid last 24h −0.100%

Price spread now: Backpack against Phemex−0.031%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$27 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now −0.031%, 7d avg −0.056%

Together, before fees−0.402%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.025% dearer against Phemex than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.056%): +$3 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.275% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.976	0.0472	pay 0.0472% / 8h	6h 22m	$20.0M	$10.8M	50x
Short	Backpack LINK_USDC_PERP	12.972	0.0100	get 0.0013% / 1h	22m 10s	$336K	$362K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$78.21
Price spread: −0.031% → −0.056%: $2.52
Slippage, 4 orders: −$21.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$119.36
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Backpack: live order book, 29 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 Phemex live order book, 5 min ago	3.47 bp	12.2 bp −$12	16.6 bp −$166	doesn't fit	doesn't fit
Sell Backpack live order book, 29 min ago	1.16 bp	9.6 bp −$10	2787.2 bp −$27.9K	doesn't fit	doesn't fit

LINK on 39 exchanges

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
Orderly PERP_LINK_USDC	−0.0166%	8h	12.956	−0.154%	$85K	$907K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.964	−0.089%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.963	−0.102%	$482K	$2.1M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	12.963	−0.099%	$106K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	12.950	−0.204%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.439%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0044%	1h	12.968	−0.062%	$6.5M	$8.0M	50x	as long as short
Lighter LINK	+0.0096%	1h	12.963	−0.102%	$1.9M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.956	−0.155%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.958	−0.135%	$348K	$283K	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.971	−0.039%	$81.1M	$26.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.969	−0.053%	$1.4M	$2.6M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.951	−0.190%	$275K	$160K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.964	−0.096%	$120.2M	$277.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.960	−0.123%	$83.8M	$69.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.960	−0.123%	$27.2M	$75.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.974	−0.015%	$183K	$88K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.963	−0.100%	$133.8M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.963	−0.100%	$35.9M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.968	−0.062%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.959	−0.131%	$54.3M	$27.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.961	−0.116%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.972	−0.031%	$336K	$362K	15x
Variational Omni LINK	+0.0100%	8h	12.943	−0.255%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.947	−0.222%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.960	−0.122%	$588K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.949	−0.208%	$133K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.968	−0.062%	$83K	$65K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	−0.026%	$33K	$1.3M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.962	−0.108%	$11K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.951	−0.194%	$606K	$691K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.958	−0.142%	$619K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.966	−0.073%	$544K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0208%	1h	12.956	−0.154%	$936K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.948	−0.216%	$5.3M	$15.3M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0236%	1h	12.975	−0.009%	$888K	$353K	50x	as long as short
dYdX LINK-USD	+0.0387%	1h	12.944	−0.247%	$348K	$47K	10x	as long as short
Reya LINKRUSDPERP	+0.0406%	1h	12.963	−0.101%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0472%	8h	12.976	long leg	$20.0M	$10.8M	50x