Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.012%

Price spread now: Lighter against Variational Omni+0.190%7-day average −0.004% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 7 days−0.160%−$16 · spread now +0.190%, 7d avg −0.004%

Together, before fees−0.177%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$18 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: Lighter is 0.194% dearer against Variational Omni than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	12.971	0.0100	pay 0.0100% / 8h	5h 44m	$3.4M	$1.6M	—
Short	Lighter LINK	12.996	0.0096	get 0.0012% / 1h	44m 07s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpOrdersPrice spread, now +0.190%Rate

Funding earned: −$0.84
Price spread: +0.190% → −0.004%: $19.41
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $18.57
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Lighter: live order book, 13 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, 5 min ago	3.12 bp	doesn't fit	10.4 bp −$104	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	2.35 bp	3.7 bp −$4	12.9 bp −$129	82.7 bp −$8,273	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	12.987	+0.124%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.997	+0.199%	$480K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.988	+0.127%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.404%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.016	+0.345%	$940K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0067%	8h	12.993	+0.168%	$117K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	12.996	+0.190%	$1.9M	$2.8M	10x
Phoenix LINK	+0.0098%	1h	13.000	+0.221%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.005	+0.258%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.993	+0.172%	$395K	$316K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.001	+0.233%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.005	+0.258%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.001	+0.230%	$119.8M	$296.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.999	+0.214%	$84.1M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.002	+0.237%	$27.4M	$82.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.014	+0.330%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.999	+0.214%	$128.5M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.002	+0.237%	$32.0M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.999	+0.214%	$23.0M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.000	+0.222%	$54.1M	$30.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.000	+0.222%	—	$6.7M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	12.971	long leg	$3.4M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	12.974	+0.025%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.965	−0.051%	$581K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.990	+0.145%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.001	+0.230%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.995	+0.183%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.003	+0.244%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.997	+0.199%	$5K	$45K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.991	+0.154%	$641K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.991	+0.149%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.998	+0.206%	$545K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0112%	1h	13.004	+0.253%	$340K	$378K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.005	+0.260%	—	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0243%	1h	13.001	+0.230%	$772K	$193K	50x	as long as short
dYdX LINK-USD	+0.0351%	1h	13.001	+0.230%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	12.991	+0.152%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0554%	1h	12.999	+0.215%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0612%	8h	13.012	+0.314%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0742%	1h	13.020	+0.376%	$81.8M	$26.7M	10x	as long as short