Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.002%

Price spread now: Lighter against Binance−0.003%7-day average −0.020% · 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−$18as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days−0.031%−$3 · spread now −0.003%, 7d avg −0.020%

Together, before fees−0.113%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LINKUSDT	12.935	0.0100	pay 0.0100% / 8h	1h 04m	$119.5M	$299.8M	75x
Short	Lighter LINK	12.935	0.0096	get 0.0012% / 1h	4m 17s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$0.84
Price spread: −0.003% → −0.020%: $1.71
Slippage, 4 orders: −$9.85
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$18.98
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Lighter: live order book, 3 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 Binance live order book, 9 min ago	0.39 bp	6.2 bp −$6	12.1 bp −$121	32.6 bp −$3,261	107.3 bp −$53.7K
Sell Lighter live order book, 3 min ago	2.27 bp	4.8 bp −$5	13.5 bp −$135	77.9 bp −$7,791	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 −0.0087% / S +0.0165%	1h	12.935	−0.003%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0038%	8h	12.929	−0.046%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.946	+0.087%	$513K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.936	+0.006%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.136%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.972	+0.285%	$3K	$85K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.935	−0.003%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.938	+0.021%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.940	+0.035%	$355K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.936	+0.009%	$1.3M	$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	12.942	+0.051%	$275K	$184K	10x	as long as short
Binance LINKUSDTlong	+0.0100%	8h	12.935	long leg	$119.5M	$299.8M	75x
Bybit LINKUSDT	+0.0100%	8h	12.931	−0.031%	$83.6M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.931	−0.031%	$27.0M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.953	+0.139%	$181K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.935	0.000%	$134.8M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.933	−0.015%	$34.3M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.939	+0.031%	$22.9M	$12.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.928	−0.054%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.933	−0.015%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	+0.149%	$3.3M	$1.9M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.953	+0.136%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.952	+0.133%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.962	+0.209%	$133K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.936	+0.008%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.966	+0.242%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.951	+0.124%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.933	−0.015%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.927	−0.063%	$631K	$784K	75x	as long as short
Backpack LINK_USDC_PERP	+0.0104%	1h	12.948	+0.101%	$336K	$387K	15x	as long as short
Extended LINK-USD	+0.0104%	1h	12.926	−0.072%	$634K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.937	+0.012%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.963	+0.216%	$933K	$2.8M	50x	as long as short
Hyperliquid LINK	+0.0142%	1h	12.942	+0.054%	$81.0M	$28.0M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0152%	1h	12.940	+0.039%	$809K	$268K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.937	+0.017%	$6.5M	$8.5M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.943	+0.062%	$5.2M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0399%	1h	12.928	−0.050%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0547%	8h	12.951	+0.124%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0556%	1h	12.937	+0.012%	$345K	$45K	10x	as long as short