Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h −0.100%

Price spread now: Backpack against Phemex−0.077%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$27 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now −0.077%, 7d avg −0.056%

Together, before fees−0.505%−$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Backpack is 0.021% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.275% in total (about -14.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.920	0.0592	pay 0.0592% / 8h	7h 49m	$20.0M	$11.5M	50x
Short	Backpack LINK_USDC_PERP	12.910	0.0100	get 0.0013% / 1h	49m 59s	$335K	$385K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$103.36
Price spread: −0.077% → −0.056%: −$2.13
Slippage, 4 orders: −$17.33
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$144.82
Costs to cover: 0.393%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Backpack: live order book, 49 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 Phemex live order book, 4 min ago	3.48 bp	11.0 bp −$11	16.9 bp −$169	doesn't fit	doesn't fit
Sell Backpack live order book, 49 min ago	0.39 bp	7.9 bp −$8	882.0 bp −$8,820	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
Orderly PERP_LINK_USDC	−0.0107%	8h	12.898	−0.170%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.904	−0.125%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.914	−0.045%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.915	−0.038%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.025%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.904	−0.127%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.911	−0.067%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.902	−0.139%	$1.9M	$2.8M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0099%	1h	12.910	−0.077%	$807K	$268K	50x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.910	−0.080%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.905	−0.112%	$349K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.910	−0.077%	$80.6M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.907	−0.101%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.913	−0.057%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.904	−0.124%	$119.1M	$297.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.900	−0.155%	$83.6M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.908	−0.093%	$27.1M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.923	+0.023%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.905	−0.116%	$133.8M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.903	−0.132%	$34.9M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.908	−0.093%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.903	−0.132%	$53.8M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.901	−0.147%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.910	−0.077%	$335K	$385K	15x
Variational Omni LINK	+0.0100%	8h	12.909	−0.082%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.901	−0.150%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.904	−0.120%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.910	−0.077%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.910	−0.077%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.919	−0.005%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.924	+0.032%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.902	−0.139%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.873	−0.361%	$629K	$733K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.906	−0.105%	$615K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.904	−0.124%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.908	−0.093%	$929K	$3.1M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.912	−0.062%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.901	−0.151%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0592%	8h	12.920	long leg	$20.0M	$11.5M	50x
dYdX LINK-USD	+0.0687%	1h	12.910	−0.077%	$344K	$45K	10x	as long as short