Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: SunX against Lighter+0.154%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$15 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now +0.154%, 7d avg +0.112%

Together, before fees+0.102%+ Points / potential airdropLighter: Season 3 · farm board+$10 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: SunX is 0.042% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.947	0.0096	pay 0.0012% / 1h	20m 03s	$1.9M	$2.8M	10x
Short	SunX LINK-USDT	12.967	0.0100	get 0.0100% / 8h	4h 20m	$33K	$1.4M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.154%Rate

Funding earned: $0.84
Price spread: +0.154% → +0.112%: $4.24
Slippage, 4 orders: −$39.77
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$42.69
Costs to cover: 0.478%
Break-even: 362.7 days

Slippage from Lighter: live order book, 2 min ago; SunX: 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 Lighter live order book, 2 min ago	2.86 bp	5.5 bp −$6	11.8 bp −$118	75.1 bp −$7,506	doesn't fit
Sell SunX live order book, 5 min ago	13.68 bp	19.2 bp −$19	doesn't fit	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 −0.0090% / S +0.0167%	1h	12.946	−0.007%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.951	+0.025%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.947	−0.007%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.228%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0057%	8h	12.944	−0.027%	$117K	$1.3M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	12.947	long leg	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	+0.058%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.961	+0.103%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	+0.057%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.950	+0.023%	$391K	$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	12.951	+0.025%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.956	+0.066%	$274K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.947	−0.004%	$119.8M	$297.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.944	−0.027%	$83.5M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.950	+0.020%	$27.3M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.969	+0.166%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.944	−0.027%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.947	−0.004%	$32.7M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.950	+0.020%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.948	+0.004%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.945	−0.019%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.953	+0.043%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.939	−0.065%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	+0.095%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.961	+0.105%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.975	+0.213%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.950	+0.020%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.943	−0.032%	$16K	$22K	10x	as long as short
SunX LINK-USDTshort	+0.0100%	8h	12.967	+0.154%	$33K	$1.4M	30x
SoDEX LINK-USD	+0.0100%	1h	12.946	−0.011%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.907	−0.311%	$633K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.941	−0.053%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	+0.008%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0129%	1h	12.951	+0.024%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.949	+0.012%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0370%	1h	12.963	+0.120%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.941	−0.047%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.950	+0.019%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0427%	1h	12.954	+0.050%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0533%	8h	12.961	+0.105%	$20.0M	$11.4M	50x	as long as short