Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: SunX against Lighter+0.185%7-day average +0.113% · 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−$34as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.185%, 7d avg +0.113%

Together, before fees+0.113%+ Points / potential airdropLighter: Season 3 · farm board+$11 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: SunX is 0.071% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.117	0.0096	pay 0.0012% / 1h	18m 38s	$2.0M	$2.7M	10x
Short	SunX LINK-USDT	13.141	0.0100	get 0.0100% / 8h	18m 38s	$34K	$1.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.185%Rate

Funding earned: $0.84
Price spread: +0.185% → +0.113%: $7.13
Slippage, 4 orders: −$33.12
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$33.14
Costs to cover: 0.411%
Break-even: 283.2 days

Slippage from Lighter: live order book, 3 min ago; SunX: live order book, 6 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, 3 min ago	1.74 bp	1.8 bp −$2	9.9 bp −$99	78.3 bp −$7,835	doesn't fit
Sell SunX live order book, 6 min ago	13.69 bp	19.2 bp −$19	doesn't fit	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 −0.0091% / S +0.0167%	1h	13.124	+0.052%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	+0.065%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.126	+0.066%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.125	+0.058%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.095%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.466%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.120	+0.023%	$133K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.117	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.119	+0.016%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.123	+0.050%	$401K	$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	13.123	+0.043%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.121	+0.032%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.123	+0.043%	$121.9M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.118	+0.008%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.124	+0.054%	$27.6M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.135	+0.137%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.120	+0.023%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.118	+0.008%	$36.7M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.125	+0.061%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.120	+0.023%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.121	+0.031%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.017%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.107%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	+0.001%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	−0.023%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.130	+0.099%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.120	+0.024%	$16K	$22K	10x	as long as short
SunX LINK-USDTshort	+0.0100%	8h	13.141	+0.185%	$34K	$1.6M	30x
SoDEX LINK-USD	+0.0100%	1h	13.121	+0.031%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.100	−0.128%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.121	+0.027%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.124	+0.052%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.122	+0.038%	$993K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.119	+0.015%	$5.2M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0221%	1h	13.128	+0.084%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0288%	1h	13.133	+0.122%	$77.9M	$24.1M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.123	+0.047%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.130	+0.102%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0484%	8h	13.139	+0.168%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0549%	1h	13.125	+0.061%	$348K	$48K	10x	as long as short