Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h −0.022%

Price spread now: Variational Omni against Backpack−0.338%7-day average −0.036% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.653%+$65 · spread now −0.338%, 7d avg −0.036%

Together, before fees+0.610%+ Points / potential airdropVariational Omni: Active · farm board+$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.303% cheaper against Backpack than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.127	0.0214	pay 0.0027% / 1h	7m 47s	$362K	$376K	15x
Short	Variational Omni LINK	13.083	0.0100	get 0.0100% / 8h	7m 47s	$3.3M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.338%Rate

Funding earned: −$23.91
Price spread: −0.338% → −0.036%: −$30.26
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$64.17
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 6 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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, 6 min ago	0.38 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.13 bp	doesn't fit	8.9 bp −$89	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 −0.0091% / S +0.0167%	1h	13.118	−0.068%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.120	−0.056%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.123	−0.030%	$726K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.119	−0.063%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.108	−0.141%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.538%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.115	−0.091%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.101	−0.198%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.104	−0.172%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.106	−0.160%	$400K	$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	13.111	−0.122%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.108	−0.142%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.099	−0.213%	$121.7M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.104	−0.175%	$84.4M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.100	−0.206%	$27.6M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.120	−0.053%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.114	−0.099%	$130.1M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.106	−0.160%	$36.3M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.119	−0.061%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.100	−0.206%	$54.5M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.109	−0.137%	—	$21.2M	—	as long as short
Variational Omni LINKshort	+0.0100%	8h	13.083	−0.338%	$3.3M	$1.6M	—
edgeX LINKUSDC	+0.0100%	4h	13.101	−0.201%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.087	−0.305%	$586K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.106	−0.160%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.118	−0.069%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.115	−0.090%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.119	−0.062%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.117	−0.076%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.095	−0.245%	$644K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.104	−0.172%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.121	−0.046%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.111	−0.122%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0214%	1h	13.127	long leg	$362K	$376K	15x
BloFin LINK-USDT	+0.0220%	8h	13.109	−0.137%	$5.2M	$16.8M	75x	as long as short
Hyperliquid LINK	+0.0293%	1h	13.115	−0.091%	$77.8M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.113	−0.109%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0478%	1h	13.126	−0.005%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDT	+0.0484%	8h	13.127	0.000%	$20.3M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0529%	1h	13.112	−0.113%	$347K	$48K	10x	as long as short