Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against edgeX−0.095%79s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.249% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)−0.107%−$11 · spread now −0.095%, 7d avg −0.003%

Together, before fees−0.252%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$25 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% cheaper against edgeX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.003%. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX LINKUSDC	12.960	0.0100	pay 0.0050% / 4h	20m 08s	$43K	$306K	20x
Short	Lighter LINK	12.947	0.0096	get 0.0012% / 1h	20m 08s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$0.84
Price spread: −0.095% → −0.003%: −$9.28
Slippage, 4 orders: −$15.93
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$35.05
Costs to cover: 0.249%
Break-even: never at this rate

Slippage from edgeX: live order book, 38 min ago; Lighter: live order book, 2 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 edgeX live order book, 38 min ago	1.94 bp	8.0 bp −$8	10.9 bp −$109	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	2.86 bp	5.0 bp −$5	10.8 bp −$108	70.1 bp −$7,012	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	12.946	−0.103%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.951	−0.070%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.947	−0.102%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.320%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.944	−0.122%	$117K	$1.3M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	12.947	−0.095%	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	−0.037%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.961	+0.008%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	−0.038%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.950	−0.072%	$391K	$310K	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	12.948	−0.089%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.956	−0.030%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.948	−0.094%	$119.8M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.944	−0.122%	$83.5M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.945	−0.114%	$27.3M	$81.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.969	+0.071%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.943	−0.130%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.947	−0.099%	$32.7M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.950	−0.076%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.948	−0.091%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.945	−0.114%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.954	−0.045%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.939	−0.160%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDClong	+0.0100%	4h	12.960	long leg	$43K	$306K	20x
GRVT LINK_USDT_Perp	+0.0100%	8h	12.961	+0.009%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	+0.117%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.950	−0.076%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.943	−0.127%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.967	+0.058%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.946	−0.107%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.907	−0.406%	$633K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.941	−0.149%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	−0.087%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0129%	1h	12.951	−0.071%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.949	−0.084%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0369%	1h	12.961	+0.009%	$81.1M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.941	−0.143%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	−0.077%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0427%	1h	12.954	−0.046%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0533%	8h	12.961	+0.009%	$20.0M	$11.4M	50x	as long as short