Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: Bybit against Backpack−0.038%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.315% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now −0.038%, 7d avg −0.060%

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: Bybit is 0.022% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.103	0.0100	pay 0.0013% / 1h	37m 57s	$362K	$369K	15x
Short	Bybit LINKUSDT	13.098	0.0100	get 0.0100% / 8h	2h 37m	$84.4M	$69.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.038%Rate

Funding earned: $0
Price spread: −0.038% → −0.060%: $2.23
Slippage, 4 orders: −$10.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.28
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Backpack: live order book, 50 min ago; Bybit: live order book, 1 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, 50 min ago	0.38 bp	9.2 bp −$9	56.7 bp −$567	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.38 bp	7.0 bp −$7	14.9 bp −$149	40.1 bp −$4,013	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 +0.0165%	1h	13.087	−0.122%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.085	−0.141%	$465K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.090	−0.101%	$709K	$119K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.088	−0.116%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.082	−0.156%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.365%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0034%	1h	13.071	−0.242%	$346K	$60K	10x	as long as short
Variational Omni LINK	+0.0049%	8h	13.085	−0.141%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0050%	8h	13.080	−0.176%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.091	−0.093%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.072	−0.236%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.075	−0.214%	$397K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.101	−0.015%	$77.4M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.087	−0.121%	$1.5M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.073	−0.229%	$274K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.096	−0.052%	$121.0M	$299.9M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	13.098	−0.038%	$84.4M	$69.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.102	−0.008%	$27.6M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.082	−0.160%	$183K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.084	−0.145%	$130.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.089	−0.107%	$35.7M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.089	−0.107%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.102	−0.008%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.091	−0.092%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.103	long leg	$362K	$369K	15x
edgeX LINKUSDC	+0.0100%	4h	13.083	−0.154%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.084	−0.145%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.086	−0.130%	$152K	$662K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.083	−0.153%	$80K	$65K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.084	−0.145%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.086	−0.131%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.086	−0.130%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.043	−0.459%	$638K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.098	−0.036%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.089	−0.105%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.081	−0.168%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.065	−0.290%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.080	−0.177%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0501%	8h	13.102	−0.008%	$20.2M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.096	−0.050%	$7.0M	$7.7M	50x	as long as short