Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against BingX+0.010%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.180% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LINK-USDT	12.925	0.0100	pay 0.0100% / 8h	7h 47m	—	$23.2M	—
Short	Lighter LINK	12.926	0.0096	get 0.0012% / 1h	47m 43s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$0.84
Price spread: +0.010% → 0.000%: $0.96
Slippage, 4 orders: −$7.99
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$17.87
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Lighter: live order book, 4 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 BingX live order book, 6 min ago	1.16 bp	6.2 bp −$6	8.6 bp −$86	21.5 bp −$2,151	46.0 bp −$23.0K
Sell Lighter live order book, 4 min ago	1.88 bp	2.9 bp −$3	12.3 bp −$123	72.5 bp −$7,248	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
Orderly PERP_LINK_USDC	−0.0108%	8h	12.923	−0.015%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.927	+0.015%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.924	−0.005%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.927	+0.019%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.062%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.926	+0.010%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.915	−0.076%	$3K	$85K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.926	+0.010%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.927	+0.018%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.925	0.000%	$349K	$336K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.933	+0.062%	$80.8M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.929	+0.031%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.928	+0.020%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.927	+0.019%	$119.3M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.924	−0.008%	$83.7M	$73.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.928	+0.023%	$27.1M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.940	+0.116%	$181K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.928	+0.023%	$134.1M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.928	+0.023%	$35.1M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.930	+0.039%	$23.0M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.923	−0.015%	$53.9M	$30.0M	75x	as long as short
BingX LINK-USDTlong	+0.0100%	8h	12.925	long leg	—	$23.2M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	12.935	+0.077%	$336K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.909	−0.121%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.901	−0.189%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.904	−0.159%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.910	−0.116%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.925	0.000%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.914	−0.089%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.932	+0.052%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.926	+0.008%	$11K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.254%	$630K	$724K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.923	−0.018%	$619K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.926	+0.008%	$542K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0183%	1h	12.933	+0.061%	$809K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.930	+0.039%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.910	−0.116%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.923	−0.019%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0411%	8h	12.940	+0.116%	$20.0M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.0915%	1h	12.927	+0.015%	$344K	$45K	10x	as long as short