Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.064%

Price spread now: Phemex against Backpack−0.053%7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.198%+$20 on $10k

Price spread, last 3 days (all we have)+0.211%+$21 · spread now −0.053%, 7d avg +0.057%

Together, before fees+0.409%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.110% cheaper against Backpack than usual: you would sell low and buy high (spread −0.053% now, against its 7-day average of +0.057%). If the spread goes back, that is −$11 on $10k: about 24 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.198% in total) that is about 3.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.198% in total (about 10.3% 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	Backpack LINK_USDC_PERP	13.156	0.0100	pay 0.0013% / 1h	27m 32s	$364K	$371K	15x
Short	Phemex LINKUSDT	13.149	0.0472	get 0.0472% / 8h	2h 27m	$20.3M	$11.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.053%Rate

Funding earned: $78.14
Price spread: −0.053% → +0.057%: −$10.99
Slippage, 4 orders: −$16.77
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $28.37
Costs to cover: 0.388%
Break-even: 4.5 days

Slippage from Backpack: live order book, 61 min ago; Phemex: 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, 61 min ago	0.38 bp	9.2 bp −$9	56.7 bp −$567	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.38 bp	9.6 bp −$10	15.9 bp −$159	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 −0.0092% / S +0.0166%	1h	13.135	−0.159%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.143	−0.102%	$466K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.138	−0.136%	$712K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.137	−0.147%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.140	−0.122%	$3K	$84K	10x	as long as short
dYdX LINK-USD	+0.0022%	1h	13.148	−0.059%	$348K	$60K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.746%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0046%	8h	13.128	−0.213%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0068%	8h	13.128	−0.214%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.151	−0.034%	$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	13.146	−0.079%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.144	−0.089%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.161	+0.038%	$77.8M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.148	−0.058%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.149	−0.050%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.145	−0.081%	$121.5M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.143	−0.099%	$84.7M	$69.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.145	−0.084%	$27.8M	$85.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.158	+0.015%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.148	−0.061%	$130.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.146	−0.076%	$36.7M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.151	−0.038%	$22.0M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.143	−0.099%	$54.4M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.147	−0.068%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.156	long leg	$364K	$371K	15x
edgeX LINKUSDC	+0.0100%	4h	13.125	−0.238%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.128	−0.213%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.130	−0.198%	$153K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.149	−0.053%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.132	−0.186%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.156	−0.003%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.134	−0.167%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.121	−0.269%	$645K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.143	−0.101%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.137	−0.147%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.122	−0.258%	$988K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.133	−0.175%	$5.2M	$16.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.144	−0.088%	$5K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0472%	8h	13.149	−0.053%	$20.3M	$11.5M	50x
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.143	−0.099%	$6.9M	$7.8M	50x	as long as short