Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against Bybit−0.072%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

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

costs, in and out, $10k−$210.212% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.072%, 7d avg +0.001%

Together, before fees+0.056%+ Points / potential airdropLighter: Season 3 · farm board+$6 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 0.073% cheaper against Bybit than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit LINKUSDT	13.034	0.0100	pay 0.0100% / 8h	6h 02m	$84.3M	$71.4M	75x
Short	Lighter LINK	13.025	0.0096	get 0.0012% / 1h	2m 20s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$0.84
Price spread: −0.072% → +0.001%: −$7.34
Slippage, 4 orders: −$10.25
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.43
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 5 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, 2 min ago	0.38 bp	6.7 bp −$7	11.2 bp −$112	31.1 bp −$3,109	doesn't fit
Sell Lighter live order book, 5 min ago	2.27 bp	3.3 bp −$3	10.5 bp −$105	75.2 bp −$7,522	doesn't fit

LINK on 39 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	13.037	+0.021%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.049	+0.111%	$470K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.038	+0.031%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.864%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.036	+0.012%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.036	+0.015%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.042	+0.061%	$954K	$2.6M	50x	as long as short
Lighter LINKshort	+0.0096%	1h	13.025	−0.072%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.027	−0.054%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.024	−0.073%	$396K	$318K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.035	+0.005%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.026	−0.062%	$276K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.041	+0.054%	$119.9M	$298.2M	75x	as long as short
Bybit LINKUSDTlong	+0.0100%	8h	13.034	long leg	$84.3M	$71.4M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.036	+0.015%	$27.5M	$82.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.042	+0.061%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.037	+0.023%	$128.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.039	+0.038%	$33.1M	$59.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.041	+0.054%	$23.1M	$13.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.040	+0.046%	$54.2M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.038	+0.031%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.988	−0.351%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.974	−0.461%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.003	−0.238%	$587K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.976	−0.445%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.036	+0.015%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.036	+0.017%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.051	+0.127%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.039	+0.038%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.957	−0.588%	$639K	$689K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.033	−0.009%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.036	+0.018%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0145%	1h	13.032	−0.015%	$339K	$377K	15x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	13.031	−0.019%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0411%	1h	13.026	−0.063%	$345K	$30K	10x	as long as short
Hyperliquid LINK	+0.0484%	1h	13.053	+0.146%	$81.4M	$26.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.041	+0.056%	$6.8M	$8.0M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0525%	1h	13.041	+0.057%	$775K	$212K	50x	as long as short
Phemex LINKUSDT	+0.0621%	8h	13.055	+0.161%	$20.1M	$11.5M	50x	as long as short