Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h +0.002%

Price spread now: Orderly against Lighter−0.103%7-day average +0.040% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.148%+$15 on $10k

Price spread, last 3 days (all we have)+0.191%+$19 · spread now −0.103%, 7d avg +0.040%

Together, before fees+0.339%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.143% cheaper against Lighter than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.148%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.120	0.0096	pay 0.0012% / 1h	20m 31s	$2.0M	$2.7M	10x
Short	Orderly PERP_LINK_USDC	13.107	0.0044	get 0.0044% / 8h	20m 31s	$133K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.103%Rate

Funding earned: −$11.02
Price spread: −0.103% → +0.040%: −$14.32
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$31.34
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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, 2 min ago	1.74 bp	1.8 bp −$2	9.9 bp −$99	78.3 bp −$7,835	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0091% / S +0.0167%	1h	13.115	−0.042%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	+0.038%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.112	−0.063%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.112	−0.065%	$132K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.068%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.491%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0044%	8h	13.107	−0.103%	$133K	$1.5M	20x
Lighter LINKlong	+0.0096%	1h	13.120	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.111	−0.071%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.110	−0.076%	$400K	$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	13.118	−0.017%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.117	−0.025%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.113	−0.054%	$121.8M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.113	−0.057%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.111	−0.072%	$27.7M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.128	+0.057%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.114	−0.049%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.115	−0.042%	$36.6M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.125	+0.034%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.112	−0.065%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.113	−0.057%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.044%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.134%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	−0.026%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	−0.049%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.122	+0.012%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.106	−0.109%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.132	+0.091%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.107	−0.103%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.110	−0.084%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.108	−0.099%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.111	−0.073%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.117	−0.027%	$992K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.107	−0.103%	$5.2M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0223%	1h	13.123	+0.019%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0286%	1h	13.139	+0.141%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.116	−0.035%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.115	−0.041%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0489%	8h	13.129	+0.065%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0577%	1h	13.121	+0.007%	$348K	$48K	10x	as long as short