Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against Bybit+0.094%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.094%, 7d avg 0.000%

Together, before fees−0.081%+ Points / potential airdropLighter: Season 3 · farm board−$8 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: Lighter is 0.093% dearer against Bybit than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.178	0.0100	pay 0.0100% / 8h	1h 14m	$85.1M	$70.6M	75x
Short	Lighter LINK	13.190	0.0096	get 0.0012% / 1h	14m 29s	$2.1M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$0.84
Price spread: +0.094% → 0.000%: $9.33
Slippage, 4 orders: −$10.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$12.55
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 7 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 Bybit live order book, 5 min ago	0.38 bp	7.9 bp −$8	12.8 bp −$128	33.5 bp −$3,349	doesn't fit
Sell Lighter live order book, 7 min ago	1.27 bp	1.8 bp −$2	12.1 bp −$121	75.9 bp −$7,589	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	13.177	−0.008%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.172	−0.045%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.178	+0.002%	$720K	$125K	50x	as long as short
dYdX LINK-USD	+0.0003%	1h	13.183	+0.041%	$349K	$48K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.176	−0.013%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.904%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.167	−0.087%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.174	−0.030%	$134K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.190	+0.094%	$2.1M	$2.4M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.178	+0.001%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.178	+0.004%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.203	+0.187%	$77.9M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.188	+0.076%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.189	+0.084%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.179	+0.004%	$122.4M	$303.0M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.178	long leg	$85.1M	$70.6M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.179	+0.008%	$27.8M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.192	+0.106%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.188	+0.076%	$130.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.187	+0.068%	$36.3M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.192	+0.106%	$22.4M	$15.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.177	−0.008%	$54.9M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.180	+0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.184	+0.044%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	+0.010%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.046%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	+0.068%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.182	+0.030%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.173	−0.036%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.190	+0.091%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.181	+0.023%	$5K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.158	−0.150%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.174	−0.032%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.178	+0.002%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.189	+0.083%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0211%	1h	13.194	+0.121%	$366K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.183	+0.038%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.178	−0.001%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0470%	8h	13.189	+0.083%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0693%	1h	13.193	+0.110%	$7.0M	$8.1M	50x	as long as short