Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0139%/8h= −15.3% APRpaid last 24h −0.002%

Price spread now: HTX against Backpack−0.262%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$640.635% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.201%+$20 · spread now −0.262%, 7d avg −0.120%

Together, before fees+0.195%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and HTX is 0.142% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.161	0.0239	pay 0.0030% / 1h	26m 56s	$363K	$377K	15x
Short	HTX LINK-USDT	13.127	0.0100	get 0.0100% / 8h	26m 56s	$646K	$884K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.262%Rate

Funding earned: −$29.26
Price spread: −0.262% → −0.120%: −$14.2
Slippage, 4 orders: −$41.53
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$106.99
Costs to cover: 0.635%
Break-even: never at this rate

Slippage from Backpack: live order book, 52 min ago; HTX: live order book, 52 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, 52 min ago	0.38 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 52 min ago	18.77 bp	25.7 bp −$26	220.3 bp −$2,203	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 −0.0091% / S +0.0167%	1h	13.143	−0.138%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.149	−0.087%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.149	−0.091%	$726K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.143	−0.139%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.152	−0.068%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.782%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.143	−0.137%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.147	−0.106%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.137	−0.182%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.140	−0.160%	$401K	$311K	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	13.147	−0.103%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.139	−0.163%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.152	−0.068%	$122.2M	$304.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.147	−0.106%	$84.7M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.150	−0.084%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.154	−0.053%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.149	−0.091%	$130.3M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.147	−0.106%	$36.7M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.148	−0.099%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.146	−0.114%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.149	−0.091%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	−0.114%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.140	−0.160%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.120%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	−0.099%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.142	−0.144%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.143	−0.140%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.156	−0.037%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.141	−0.152%	$5K	$36K	10x	as long as short
HTX LINK-USDTshort	+0.0100%	8h	13.127	−0.262%	$646K	$884K	75x
Extended LINK-USD	+0.0104%	1h	13.143	−0.136%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.145	−0.124%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.139	−0.167%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.146	−0.114%	$5.3M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERPlong	+0.0239%	1h	13.161	long leg	$363K	$377K	15x
Hyperliquid LINK	+0.0284%	1h	13.166	+0.038%	$78.0M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.135	−0.196%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0477%	1h	13.151	−0.073%	$7.0M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0485%	8h	13.156	−0.038%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0682%	1h	13.142	−0.141%	$348K	$48K	10x	as long as short