Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.004%

Price spread now: Bitget against Backpack0.000%49s7-day average −0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.314% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now 0.000%, 7d avg −0.061%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.061% dearer against Backpack than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.061%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.041% in total) that is about 10 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.212	0.0197	pay 0.0025% / 1h	42m 21s	$366K	$369K	15x
Short	Bitget LINKUSDT	13.212	0.0100	get 0.0100% / 8h	7h 42m	$55.0M	$30.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$20.31
Price spread: 0.000% → −0.061%: $6.08
Slippage, 4 orders: −$9.42
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$45.65
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; Bitget: live order book, 2 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 Backpack live order book, 31 min ago	0.38 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.38 bp	9.3 bp −$9	15.1 bp −$151	33.5 bp −$3,349	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	13.213	+0.009%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.187	−0.186%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.215	+0.023%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.146%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.161	−0.383%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0045%	8h	13.213	+0.008%	$134K	$1.5M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0083%	1h	13.222	+0.076%	$768K	$185K	50x	as long as short
Lighter LINK	+0.0096%	1h	13.204	−0.061%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.202	−0.072%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.211	−0.008%	$405K	$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	13.214	+0.018%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.205	−0.050%	$277K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.214	+0.014%	$122.7M	$305.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.209	−0.023%	$85.1M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.213	+0.008%	$27.9M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.219	+0.053%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.210	−0.015%	$130.8M	$12.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.212	0.000%	$36.8M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.217	+0.038%	$22.9M	$14.7M	75x	as long as short
Bitget LINKUSDTshort	+0.0100%	8h	13.212	0.000%	$55.0M	$30.4M	75x
BingX LINK-USDC	+0.0100%	8h	13.212	0.000%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.146	−0.496%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.156	−0.422%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.161	−0.387%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.166	−0.348%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.215	+0.023%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.213	+0.004%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.227	+0.115%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.213	+0.008%	$5K	$29K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.170	−0.318%	$648K	$871K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.208	−0.028%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.215	+0.024%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.214	+0.015%	$1.0M	$2.8M	50x	as long as short
Phemex LINKUSDT	+0.0140%	8h	13.210	−0.015%	$20.4M	$11.6M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0197%	1h	13.212	long leg	$366K	$369K	15x
dYdX LINK-USD	+0.0206%	1h	13.199	−0.095%	$350K	$48K	10x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.196	−0.121%	$5.3M	$16.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0363%	1h	13.220	+0.059%	$6.9M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0381%	1h	13.209	−0.020%	$5K	—	20x	as long as short
Hyperliquid LINK	+0.0533%	1h	13.233	+0.159%	$80.9M	$25.1M	10x	as long as short