Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: edgeX against Backpack−0.444%7-day average −0.053% · 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−$67as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%−$1 on $10k

Price spread, last 4 days (all we have)+0.820%+$82 · spread now −0.444%, 7d avg −0.053%

Together, before fees+0.815%+ Points / potential airdropedgeX: Active · farm board+$81 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: edgeX is 0.392% cheaper against Backpack than usual: you would sell low and buy high, −$39 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.023	0.0100	pay 0.0013% / 1h	35m 13s	$344K	$380K	15x
Short	edgeX LINKUSDC	12.965	0.0100	get 0.0050% / 4h	1h 35m	$43K	$306K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Backpack. 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 BackpackbpFee edgeXbpOrdersPrice spread, now −0.444%Rate

Funding earned: $0
Price spread: −0.444% → −0.053%: −$39.15
Slippage, 4 orders: −$8.73
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$66.88
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from Backpack: live order book, 28 min ago; edgeX: live order book, 28 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 Backpack live order book, 28 min ago	0.38 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 28 min ago	2.30 bp	6.9 bp −$7	10.3 bp −$103	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	13.016	−0.053%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.027	+0.031%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.015	−0.058%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.784%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.995	−0.215%	$938K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0066%	8h	13.014	−0.069%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.018	−0.038%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	12.974	−0.378%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.003	−0.152%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.005	−0.134%	$395K	$315K	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	13.017	−0.043%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.000	−0.178%	$274K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.020	−0.023%	$120.1M	$295.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.012	−0.084%	$84.1M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.014	−0.069%	$27.4M	$82.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.015	−0.061%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.013	−0.077%	$128.5M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.018	−0.038%	$32.1M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.020	−0.023%	$23.1M	$13.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.016	−0.054%	$54.2M	$30.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.014	−0.069%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.023	long leg	$344K	$380K	15x
Variational Omni LINK	+0.0100%	8h	12.994	−0.223%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDCshort	+0.0100%	4h	12.965	−0.444%	$43K	$306K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.978	−0.342%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.976	−0.361%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.020	−0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.017	−0.046%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.028	+0.042%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.019	−0.031%	$23K	$53K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.993	−0.230%	$641K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.015	−0.062%	$670K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.019	−0.032%	$546K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.010	−0.100%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0272%	1h	13.023	−0.002%	$773K	$183K	50x	as long as short
dYdX LINK-USD	+0.0372%	1h	12.994	−0.220%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	13.014	−0.072%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0553%	1h	13.022	−0.009%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0595%	8h	13.025	+0.015%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0645%	1h	13.034	+0.084%	$81.6M	$27.0M	10x	as long as short