Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Arcus+0.046%7-day average −0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$560.557% of the position

Long on Arcus Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.046%, 7d avg −0.027%

Together, before fees−0.066%−$7 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 0.074% dearer against Arcus than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus LINK-USD	12.987	0.0100	pay 0.0013% / 1h	1m 51s	$181K	$166K	10x
Short	Backpack LINK_USDC_PERP	12.993	0.0100	get 0.0013% / 1h	1m 51s	$340K	$387K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Arcus. 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 ArcusbpFee BackpackbpOrdersPrice spread, now +0.046%Rate

Funding earned: $0
Price spread: +0.046% → −0.027%: $7.36
Slippage, 4 orders: −$41.16
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$48.3
Costs to cover: 0.557%
Break-even: never at this rate

Slippage from Arcus: live order book, 56 min ago; Backpack: live order book, 57 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 Arcus live order book, 56 min ago	13.93 bp	16.2 bp −$16	27.9 bp −$279	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	0.39 bp	12.6 bp −$13	3894.0 bp −$38.9K	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	12.978	−0.066%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.980	−0.055%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.979	−0.065%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.520%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.980	−0.054%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.985	−0.012%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.982	−0.039%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.952	−0.269%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.974	−0.099%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	−0.089%	$392K	$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	12.986	−0.005%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.975	−0.092%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.990	+0.023%	$120.1M	$297.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.986	−0.008%	$83.8M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.992	+0.039%	$27.4M	$81.2M	50x	as long as short
Arcus LINK-USDlong	+0.0100%	1h	12.987	long leg	$181K	$166K	10x
Gate LINK_USDT	+0.0100%	8h	12.982	−0.039%	$128.6M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.983	−0.031%	$32.8M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.993	+0.046%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.995	+0.062%	$54.0M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.987	0.000%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.993	+0.046%	$340K	$387K	15x
Variational Omni LINK	+0.0100%	8h	12.943	−0.337%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.336%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	−0.225%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.944	−0.331%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.984	−0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.981	−0.045%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	+0.030%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.986	−0.008%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.912	−0.581%	$634K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.977	−0.074%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.988	+0.006%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.972	−0.116%	$5.3M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0351%	1h	12.991	+0.032%	$781K	$202K	50x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.976	−0.081%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0391%	1h	13.005	+0.139%	$81.4M	$27.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0393%	1h	12.989	+0.018%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0453%	1h	12.976	−0.083%	$344K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0535%	8h	13.001	+0.108%	$20.1M	$11.4M	50x	as long as short