Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h +0.013%

Price spread now: Backpack against OKX+0.078%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 4 days (all we have)−0.075%−$7 · spread now +0.078%, 7d avg +0.052%

Together, before fees0.000%$0 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: Backpack is 0.026% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	12.847	0.0100	pay 0.0100% / 8h	1h 33m	$26.9M	$80.7M	50x
Short	Backpack LINK_USDC_PERP	12.857	0.0109	get 0.0014% / 1h	33m 59s	$335K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.078%Rate

Funding earned: $1.86
Price spread: +0.078% → +0.052%: $2.6
Slippage, 4 orders: −$7.83
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.37
Costs to cover: 0.278%
Break-even: 95.2 days

Slippage from OKX: live order book, 5 min ago; Backpack: live order book, 10 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 OKX live order book, 5 min ago	0.39 bp	6.6 bp −$7	13.6 bp −$136	29.6 bp −$2,956	doesn't fit
Sell Backpack live order book, 10 min ago	0.39 bp	6.9 bp −$7	244.6 bp −$2,446	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 −0.0089% / S +0.0166%	1h	12.853	+0.045%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0004%	8h	12.840	−0.054%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.854	+0.054%	$512K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.847	+0.001%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.479%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.874	+0.211%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.849	+0.017%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.846	−0.010%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.848	+0.004%	$349K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.853	+0.049%	$1.3M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.852	+0.039%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.852	+0.039%	$118.6M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.846	−0.008%	$83.0M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.847	long leg	$26.9M	$80.7M	50x
Arcus LINK-USD	+0.0100%	1h	12.866	+0.148%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.847	0.000%	$123.8M	$15.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.850	+0.023%	$34.2M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.849	+0.016%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.845	−0.016%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.850	+0.023%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.849	+0.018%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.870	+0.180%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.866	+0.148%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.873	+0.202%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.848	+0.008%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.852	+0.039%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.861	+0.107%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.847	0.000%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.820	−0.210%	$629K	$787K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.840	−0.051%	$626K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.848	+0.012%	$539K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0109%	1h	12.857	+0.078%	$335K	$388K	15x
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.848	+0.008%	$931K	$2.8M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0194%	1h	12.850	+0.027%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.856	+0.070%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0335%	1h	12.866	+0.148%	$80.2M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.843	−0.035%	$4K	—	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0435%	1h	12.854	+0.054%	$804K	$266K	50x	as long as short
Phemex LINKUSDT	+0.0587%	8h	12.866	+0.148%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0942%	1h	12.851	+0.030%	$342K	$33K	10x	as long as short