Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Backpack against Bybit+0.023%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$390.385% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.023%, 7d avg +0.064%

Together, before fees+0.074%+$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: Backpack is 0.041% cheaper against Bybit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	12.993	0.0100	pay 0.0100% / 8h	3h 59m	$83.9M	$72.2M	75x
Short	Backpack LINK_USDC_PERP	12.996	0.0100	get 0.0013% / 1h	59m 48s	$340K	$387K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → +0.064%: −$4.12
Slippage, 4 orders: −$17.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.63
Costs to cover: 0.385%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 59 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 Bybit live order book, 4 min ago	0.39 bp	9.0 bp −$9	14.0 bp −$140	33.4 bp −$3,344	doesn't fit
Sell Backpack live order book, 59 min ago	0.39 bp	12.6 bp −$13	3894.0 bp −$38.9K	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 −0.0089% / S +0.0166%	1h	12.991	−0.012%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.995	+0.012%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.991	−0.014%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.564%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.991	−0.015%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.993	−0.003%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.992	−0.008%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.977	−0.124%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.992	−0.010%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.989	−0.027%	$393K	$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	12.994	+0.007%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.994	+0.007%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.997	+0.031%	$120.4M	$298.0M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	12.993	long leg	$83.9M	$72.2M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	12.996	+0.023%	$27.5M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	+0.108%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.990	−0.023%	$128.7M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.997	+0.031%	$32.8M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.991	−0.015%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.994	+0.008%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.996	+0.023%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.996	+0.023%	$340K	$387K	15x
Variational Omni LINK	+0.0100%	8h	12.990	−0.021%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.967	−0.198%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.971	−0.170%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	−0.139%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.996	+0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.991	−0.017%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.007	+0.109%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.993	0.000%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.980	−0.102%	$637K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.989	−0.031%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.995	+0.012%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0212%	1h	12.999	+0.047%	$781K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.991	−0.015%	$5.3M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0306%	1h	13.012	+0.146%	$81.5M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.990	−0.023%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0393%	1h	12.994	+0.010%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0447%	1h	12.990	−0.027%	$344K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0530%	8h	13.005	+0.092%	$20.1M	$11.3M	50x	as long as short