Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.004%

Price spread now: Lighter against OKX+0.021%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 7 days−0.049%−$5 · spread now +0.021%, 7d avg −0.011%

Together, before fees−0.121%+ Points / potential airdropLighter: Season 3 · farm board−$12 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 0.033% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	12.920	0.0100	pay 0.0100% / 8h	1h 01m	$27.1M	$80.2M	50x
Short	Lighter LINK	12.923	0.0096	get 0.0012% / 1h	1m 55s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$0.84
Price spread: +0.021% → −0.011%: $3.27
Slippage, 4 orders: −$9.98
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$17.55
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 5 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, 2 min ago	0.39 bp	6.7 bp −$7	13.9 bp −$139	29.9 bp −$2,994	doesn't fit
Sell Lighter live order book, 5 min ago	2.27 bp	4.8 bp −$5	13.5 bp −$135	77.9 bp −$7,791	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 −0.0087% / S +0.0165%	1h	12.925	+0.040%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0041%	8h	12.916	−0.031%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.932	+0.097%	$513K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.926	+0.046%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.025%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.972	+0.402%	$3K	$85K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.923	+0.021%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.916	−0.027%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.920	0.000%	$354K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.927	+0.054%	$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	12.921	+0.005%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.923	+0.023%	$119.4M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.915	−0.039%	$83.5M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.920	long leg	$27.1M	$80.2M	50x
Arcus LINK-USD	+0.0100%	1h	12.938	+0.139%	$181K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.922	+0.015%	$134.6M	$17.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.921	+0.008%	$34.1M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.926	+0.046%	$22.9M	$12.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.919	−0.008%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.921	+0.008%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.928	+0.062%	$336K	$388K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	+0.265%	$3.3M	$1.9M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.946	+0.202%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.941	+0.163%	$583K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.951	+0.240%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.927	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.933	+0.100%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.937	+0.128%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.922	+0.015%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.911	−0.073%	$631K	$784K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.916	−0.032%	$634K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.926	+0.045%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.929	+0.070%	$931K	$2.8M	50x	as long as short
Hyperliquid LINK	+0.0122%	1h	12.929	+0.072%	$80.9M	$28.0M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0160%	1h	12.930	+0.079%	$808K	$268K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.926	+0.050%	$6.5M	$8.5M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.932	+0.093%	$5.2M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0399%	1h	12.919	−0.008%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0547%	8h	12.938	+0.139%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0577%	1h	12.923	+0.026%	$344K	$45K	10x	as long as short