Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Backpack against Variational Omni+0.109%49s7-day average +0.039% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.039%+$4 on $10k

Price spread, last 4 days (all we have)−1.013%−$101 · spread now +0.109%, 7d avg +0.039%

Together, before fees−0.974%+ Points / potential airdropVariational Omni: Active · farm board−$97 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 0.070% dearer against Variational Omni than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.039%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	12.941	0.0100	pay 0.0100% / 8h	4h 58m	$3.4M	$1.6M	—
Short	Backpack LINK_USDC_PERP	12.955	0.0100	get 0.0013% / 1h	58m 20s	$340K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.109%Rate

Funding earned: $0
Price spread: +0.109% → +0.039%: $7.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$2.97
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Backpack: live order book, 65 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 Variational Omni RFQ quote, 1 min ago	3.09 bp	doesn't fit	10.5 bp −$105	doesn't fit	doesn't fit
Sell Backpack live order book, 65 min ago	0.38 bp	6.7 bp −$7	381.9 bp −$3,819	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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	12.923	−0.136%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.948	+0.058%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.924	−0.127%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.179%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.919	−0.169%	$116K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.916	−0.193%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.938	−0.022%	$942K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.926	−0.113%	$771K	$181K	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.941	+0.001%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.954	+0.099%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.940	−0.010%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.938	−0.020%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.955	+0.108%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.916	−0.189%	$119.6M	$296.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.912	−0.223%	$83.4M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.912	−0.223%	$27.3M	$81.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.959	+0.140%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.938	−0.022%	$127.9M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.931	−0.076%	$32.2M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.939	−0.014%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.925	−0.122%	$53.7M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.925	−0.122%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.955	+0.109%	$340K	$388K	15x
Variational Omni LINKlong	+0.0100%	8h	12.941	long leg	$3.4M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	12.943	+0.014%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.946	+0.039%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	+0.032%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	−0.022%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.920	−0.163%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.937	−0.030%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.921	−0.153%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.931	−0.077%	$633K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.918	−0.180%	$644K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	−0.153%	$542K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.931	−0.076%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.927	−0.106%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.922	−0.144%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0408%	1h	12.949	+0.065%	$343K	$30K	10x	as long as short
Hyperliquid LINK	+0.0460%	1h	12.947	+0.048%	$81.4M	$27.3M	10x	as long as short
Phemex LINKUSDT	+0.0608%	8h	12.934	−0.053%	$19.9M	$11.4M	50x	as long as short