Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against HTX+0.039%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$680.685% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now +0.039%, 7d avg +0.063%

Together, before fees−0.166%+ Points / potential airdropLighter: Season 3 · farm board−$17 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 0.023% cheaper against HTX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX LINK-USDT	13.011	0.0100	pay 0.0100% / 8h	6h 00m	$642K	$687K	75x
Short	Lighter LINK	13.016	0.0096	get 0.0012% / 1h	0m 05s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$0.84
Price spread: +0.039% → +0.063%: −$2.35
Slippage, 4 orders: −$56.48
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$71.67
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from HTX: live order book, 4 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 HTX live order book, 4 min ago	23.83 bp	30.8 bp −$31	79.9 bp −$799	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	2.27 bp	3.3 bp −$3	10.5 bp −$105	75.2 bp −$7,522	doesn't fit

LINK on 39 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	13.011	−0.003%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.025	+0.102%	$470K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.015	+0.032%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.698%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.030	+0.145%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.014	+0.021%	$117K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.020	+0.067%	$953K	$2.6M	50x	as long as short
Lighter LINKshort	+0.0096%	1h	13.016	+0.039%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.021	+0.076%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.019	+0.063%	$396K	$317K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.023	+0.089%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.023	+0.091%	$276K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.023	+0.091%	$119.7M	$297.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.021	+0.075%	$84.2M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.025	+0.105%	$27.4M	$82.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.038	+0.205%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.015	+0.028%	$128.4M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.018	+0.051%	$32.4M	$59.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.021	+0.075%	$23.1M	$13.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.027	+0.121%	$54.2M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.015	+0.028%	—	$22.9M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	+0.061%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.031	+0.154%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.036	+0.187%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.037	+0.198%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.025	+0.105%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.015	+0.031%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.031	+0.154%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.017	+0.044%	$5K	$46K	10x	as long as short
HTX LINK-USDTlong	+0.0100%	8h	13.011	long leg	$642K	$687K	75x
Extended LINK-USD	+0.0104%	1h	13.024	+0.097%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.014	+0.018%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0142%	1h	13.023	+0.090%	$339K	$378K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0319%	1h	13.021	+0.075%	$773K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	13.011	−0.003%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0409%	1h	13.022	+0.085%	$345K	$30K	10x	as long as short
Hyperliquid LINK	+0.0492%	1h	13.036	+0.190%	$81.4M	$26.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.019	+0.060%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0628%	8h	13.034	+0.174%	$20.1M	$11.6M	50x	as long as short