Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.003%

Price spread now: Orderly against Lighter−0.019%7-day average +0.040% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now −0.019%, 7d avg +0.040%

Together, before fees+0.204%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.059% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.137%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.016	0.0096	pay 0.0012% / 1h	0m 08s	$1.9M	$2.8M	10x
Short	Orderly PERP_LINK_USDC	13.014	0.0068	get 0.0068% / 8h	6h 00m	$117K	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.019%Rate

Funding earned: −$5.92
Price spread: −0.019% → +0.040%: −$5.89
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.81
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 7 min ago; Orderly: no order-book sample. Net counts fees only.

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, 7 min ago	2.27 bp	3.9 bp −$4	9.7 bp −$97	70.6 bp −$7,059	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	13.011	−0.043%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.025	+0.063%	$470K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.015	−0.008%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.736%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.030	+0.106%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDCshort	+0.0068%	8h	13.014	−0.019%	$117K	$1.5M	20x
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.020	+0.027%	$953K	$2.6M	50x	as long as short
Lighter LINKlong	+0.0096%	1h	13.016	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.021	+0.036%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.019	+0.024%	$396K	$317K	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	13.021	+0.035%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.023	+0.052%	$276K	$171K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.017	+0.004%	$119.7M	$297.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.011	−0.042%	$84.1M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.014	−0.019%	$27.4M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.038	+0.166%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.015	−0.011%	$128.4M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.018	+0.012%	$32.4M	$59.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.021	+0.035%	$23.1M	$13.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.016	−0.003%	$54.1M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.015	−0.011%	—	$22.9M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.019	+0.021%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.031	+0.115%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.036	+0.148%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.037	+0.158%	$134K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.025	+0.066%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.015	−0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.031	+0.114%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.017	+0.004%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.011	−0.039%	$642K	$687K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.011	−0.043%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.014	−0.021%	$546K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0142%	1h	13.023	+0.050%	$339K	$378K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0319%	1h	13.021	+0.036%	$773K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0385%	1h	13.011	−0.043%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0409%	1h	13.022	+0.045%	$345K	$30K	10x	as long as short
Hyperliquid LINK	+0.0490%	1h	13.038	+0.166%	$81.4M	$26.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0501%	1h	13.019	+0.021%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0628%	8h	13.034	+0.135%	$20.1M	$11.6M	50x	as long as short