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: HTX against Lighter−0.338%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$700.701% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.142%+$14 on $10k

Price spread, last 4 days (all we have)+0.300%+$30 · spread now −0.338%, 7d avg −0.065%

Together, before fees+0.442%+ Points / potential airdropLighter: Season 3 · farm board+$44 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: HTX is 0.273% cheaper against Lighter than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of −0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.893	0.0096	pay 0.0012% / 1h	37m 59s	$1.9M	$2.8M	10x
Short	HTX LINK-USDT	12.849	0.0100	get 0.0100% / 8h	4h 37m	$629K	$693K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Lighter. 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 LighterbpFee HTXbpOrdersPrice spread, now −0.338%Rate

Funding earned: $0.84
Price spread: −0.338% → −0.065%: −$27.29
Slippage, 4 orders: −$58.14
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$96.6
Costs to cover: 0.701%
Break-even: 812.0 days

Slippage from Lighter: live order book, 4 min ago; HTX: live order book, 21 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 Lighter live order book, 4 min ago	2.78 bp	3.3 bp −$3	10.7 bp −$107	78.9 bp −$7,886	doesn't fit
Sell HTX live order book, 21 min ago	21.58 bp	34.5 bp −$35	199.6 bp −$1,996	doesn't fit	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	12.895	+0.021%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.893	+0.007%	$486K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.896	+0.026%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.820%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0059%	8h	12.897	+0.035%	$116K	$1.3M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	12.893	long leg	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.888	−0.035%	$939K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.894	+0.014%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.887	−0.040%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.894	+0.013%	$390K	$311K	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	12.899	+0.052%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.888	−0.034%	$273K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.901	+0.063%	$119.2M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.896	+0.027%	$83.2M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.896	+0.027%	$27.2M	$81.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.901	+0.066%	$180K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.892	−0.004%	$127.4M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.899	+0.050%	$32.2M	$56.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.898	+0.042%	$22.6M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.896	+0.027%	$53.6M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.893	+0.004%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.901	+0.066%	$337K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.888	−0.034%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.900	+0.058%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.896	+0.023%	$581K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.893	+0.004%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.900	+0.058%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.897	+0.034%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.913	+0.161%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.895	+0.019%	$11K	$63K	10x	as long as short
HTX LINK-USDTshort	+0.0100%	8h	12.849	−0.338%	$629K	$693K	75x
Extended LINK-USD	+0.0104%	1h	12.890	−0.018%	$628K	$2.1M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.902	+0.074%	$541K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.888	−0.035%	$5.2M	$15.6M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0223%	1h	12.906	+0.105%	$771K	$193K	50x	as long as short
Hyperliquid LINK	+0.0352%	1h	12.905	+0.097%	$80.8M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0389%	1h	12.893	+0.007%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0396%	1h	12.898	+0.042%	$6.7M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0566%	8h	12.904	+0.089%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0694%	1h	12.884	−0.064%	$341K	$30K	10x	as long as short