Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: SunX against Backpack+0.057%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$540.543% of the position

Long on Backpack Short on SunX

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)+0.022%+$2 · spread now +0.057%, 7d avg +0.057%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.906	0.0100	pay 0.0013% / 1h	0m 13s	$338K	$392K	15x
Short	SunX LINK-USDT	12.913	0.0100	get 0.0100% / 8h	3h 00m	$33K	$1.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → +0.057%: $0.02
Slippage, 4 orders: −$36.34
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$54.32
Costs to cover: 0.543%
Break-even: never at this rate

Slippage from Backpack: live order book, 53 min ago; SunX: live order book, 5 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, 53 min ago	0.38 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	13.65 bp	19.2 bp −$19	doesn't fit	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 −0.0089% / S +0.0166%	1h	12.899	−0.052%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.906	0.000%	$483K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.900	−0.049%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.921%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.900	−0.046%	$115K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.922	+0.123%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.899	−0.057%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.896	−0.075%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.892	−0.108%	$389K	$309K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.899	−0.052%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.897	−0.071%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.901	−0.038%	$119.6M	$300.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.897	−0.070%	$83.3M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.897	−0.070%	$27.3M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.914	+0.062%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.898	−0.062%	$124.3M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.900	−0.046%	$32.9M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.904	−0.015%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.901	−0.039%	$54.2M	$29.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.898	−0.062%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.906	long leg	$338K	$392K	15x
Variational Omni LINK	+0.0100%	8h	12.884	−0.169%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.900	−0.050%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.914	+0.064%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.896	−0.077%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.906	0.000%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.898	−0.062%	$16K	$22K	10x	as long as short
SunX LINK-USDTshort	+0.0100%	8h	12.913	+0.057%	$33K	$1.5M	30x
SoDEX LINK-USD	+0.0100%	1h	12.902	−0.031%	$9K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.886	−0.157%	$632K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.899	−0.058%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.904	−0.015%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.910	+0.031%	$919K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.085%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.903	−0.022%	$6.6M	$8.2M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0254%	1h	12.909	+0.022%	$789K	$215K	50x	as long as short
Hyperliquid LINK	+0.0299%	1h	12.913	+0.054%	$80.6M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.898	−0.058%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0570%	8h	12.917	+0.085%	$20.0M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0792%	1h	12.893	−0.099%	$342K	$32K	10x	as long as short