Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h +0.013%

Price spread now: Backpack against Gate+0.068%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.068%, 7d avg +0.050%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.050%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate LINK_USDT	13.198	0.0100	pay 0.0100% / 8h	7h 40m	$130.7M	$12.3M	75x
Short	Backpack LINK_USDC_PERP	13.207	0.0209	get 0.0026% / 1h	40m 59s	$367K	$371K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.068%Rate

Funding earned: $22.87
Price spread: +0.068% → +0.050%: $1.77
Slippage, 4 orders: −$13.99
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$14.35
Costs to cover: 0.390%
Break-even: 11.4 days

Slippage from Gate: live order book, 3 min ago; Backpack: live order book, 33 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 Gate live order book, 3 min ago	1.90 bp	14.1 bp −$14	22.7 bp −$227	37.2 bp −$3,718	79.5 bp −$39.7K
Sell Backpack live order book, 33 min ago	0.38 bp	6.8 bp −$7	626.1 bp −$6,261	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	13.204	+0.043%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.216	+0.133%	$475K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.210	+0.087%	$777K	$195K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.205	+0.050%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.046%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.161	−0.277%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0045%	8h	13.201	+0.023%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.203	+0.038%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.189	−0.066%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.197	−0.008%	$404K	$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	13.208	+0.079%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.203	+0.034%	$277K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.196	−0.015%	$122.5M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.194	−0.030%	$85.1M	$71.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.196	−0.015%	$27.9M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.213	+0.114%	$185K	$172K	10x	as long as short
Gate LINK_USDTlong	+0.0100%	8h	13.198	long leg	$130.7M	$12.3M	75x
MEXC LINK_USDT	+0.0100%	8h	13.201	+0.023%	$36.7M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.204	+0.045%	$22.9M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.201	+0.023%	$54.9M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.196	−0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.197	−0.004%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.186	−0.093%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.196	−0.017%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.166	−0.242%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.206	+0.061%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.202	+0.034%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.219	+0.162%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.204	+0.045%	$5K	$28K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.184	−0.104%	$648K	$870K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.201	+0.021%	$729K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.204	+0.046%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.209	+0.083%	$1.0M	$2.8M	50x	as long as short
dYdX LINK-USD	+0.0194%	1h	13.201	+0.022%	$350K	$48K	10x	as long as short
Backpack LINK_USDC_PERPshort	+0.0209%	1h	13.207	+0.068%	$367K	$371K	15x
BloFin LINK-USDT	+0.0220%	8h	13.200	+0.015%	$5.3M	$16.5M	75x	as long as short
Phemex LINKUSDT	+0.0268%	8h	13.219	+0.159%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0363%	1h	13.212	+0.106%	$6.9M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0381%	1h	13.201	+0.025%	$5K	—	20x	as long as short
Hyperliquid LINK	+0.0540%	1h	13.218	+0.152%	$81.0M	$25.2M	10x	as long as short