Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: OKX against Lighter−0.063%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

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

costs, in and out, $10k−$210.213% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 7 days+0.143%+$14 · spread now −0.063%, 7d avg +0.013%

Together, before fees+0.217%+ Points / potential airdropLighter: Season 3 · farm board+$22 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: OKX is 0.077% cheaper against Lighter than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.812	0.0096	pay 0.0012% / 1h	27m 26s	$1.9M	$2.8M	10x
Short	OKX LINK-USDT-SWAP	12.804	0.0100	get 0.0100% / 8h	2h 27m	$27.1M	$79.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Lighter. 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 LighterbpFee OKXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0.84
Price spread: −0.063% → +0.013%: −$7.66
Slippage, 4 orders: −$11.27
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$28.09
Costs to cover: 0.213%
Break-even: 241.1 days

Slippage from Lighter: live order book, 5 min ago; OKX: live order book, 1 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 Lighter live order book, 5 min ago	2.09 bp	2.8 bp −$3	8.9 bp −$89	77.3 bp −$7,733	doesn't fit
Sell OKX live order book, 1 min ago	0.39 bp	7.6 bp −$8	15.2 bp −$152	30.3 bp −$3,028	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	12.817	+0.040%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.834	+0.168%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.806	−0.046%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.217%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	12.801	−0.087%	$94K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.848	+0.277%	$3K	$82K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0078%	1h	12.826	+0.108%	$792K	$241K	50x	as long as short
Lighter LINKlong	+0.0096%	1h	12.812	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.809	−0.022%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.806	−0.044%	$343K	$343K	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	12.809	−0.025%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.814	+0.015%	$273K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.809	−0.024%	$117.9M	$302.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.804	−0.063%	$82.7M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAPshort	+0.0100%	8h	12.804	−0.063%	$27.1M	$79.7M	50x
Arcus LINK-USD	+0.0100%	1h	12.828	+0.124%	$179K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.802	−0.079%	$123.5M	$15.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.810	−0.017%	$32.8M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.812	−0.001%	$22.6M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.803	−0.071%	$53.5M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.806	−0.048%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.833	+0.163%	$334K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.825	+0.097%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.846	+0.266%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.838	+0.202%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.845	+0.257%	$131K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.814	+0.015%	$80K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.818	+0.043%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.832	+0.159%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.821	+0.069%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.819	+0.051%	$629K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.805	−0.056%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.820	+0.062%	$538K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.833	+0.163%	$913K	$2.8M	50x	as long as short
Hyperliquid LINK	+0.0216%	1h	12.823	+0.085%	$79.8M	$27.6M	10x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.843	+0.241%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.823	+0.081%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.804	−0.066%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0587%	8h	12.837	+0.194%	$19.8M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0839%	1h	12.811	−0.011%	$341K	$33K	10x	as long as short