Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against BingX+0.039%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 7 days−0.035%−$4 · spread now +0.039%, 7d avg −0.009%

Together, before fees−0.158%+ Points / potential airdropLighter: Season 3 · farm board−$16 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: Lighter is 0.048% dearer against BingX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LINK-USDT	12.906	0.0100	pay 0.0100% / 8h	4h 43m	—	$22.4M	—
Short	Lighter LINK	12.911	0.0096	get 0.0012% / 1h	43m 33s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$0.84
Price spread: +0.039% → −0.009%: $4.81
Slippage, 4 orders: −$12.64
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$18.66
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Lighter: live order book, 9 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 BingX live order book, 10 min ago	1.16 bp	6.2 bp −$6	7.7 bp −$77	16.6 bp −$1,662	40.2 bp −$20.1K
Sell Lighter live order book, 9 min ago	1.57 bp	6.4 bp −$6	11.3 bp −$113	70.8 bp −$7,075	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 −0.0090% / S +0.0167%	1h	12.912	+0.048%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.909	+0.024%	$486K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.891	−0.119%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.921%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0060%	8h	12.912	+0.046%	$116K	$1.3M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	12.911	+0.039%	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.904	−0.015%	$940K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.897	−0.067%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.905	−0.011%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.900	−0.046%	$390K	$311K	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	12.912	+0.046%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.915	+0.066%	$273K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.899	−0.057%	$119.3M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.897	−0.070%	$83.2M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.891	−0.116%	$27.2M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.908	+0.015%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.909	+0.023%	$127.5M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.894	−0.093%	$32.1M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.896	−0.077%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.891	−0.116%	$53.6M	$29.7M	75x	as long as short
BingX LINK-USDTlong	+0.0100%	8h	12.906	long leg	—	$22.4M	—
Backpack LINK_USDC_PERP	+0.0100%	1h	12.923	+0.132%	$338K	$389K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.878	−0.216%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.875	−0.238%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.886	−0.153%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.891	−0.116%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.904	−0.015%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.907	+0.006%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.927	+0.160%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.912	+0.046%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.894	−0.094%	$631K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.901	−0.040%	$628K	$2.1M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.912	+0.046%	$541K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0168%	1h	12.914	+0.063%	$771K	$190K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.885	−0.163%	$5.2M	$15.6M	75x	as long as short
Hyperliquid LINK	+0.0357%	1h	12.905	−0.008%	$80.8M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0389%	1h	12.886	−0.156%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0396%	1h	12.914	+0.059%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0558%	1h	12.915	+0.066%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0597%	8h	12.929	+0.178%	$19.9M	$11.4M	50x	as long as short