Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0015%/8h= +1.6% APRpaid last 24h +0.010%

Price spread now: Backpack against MEXC+0.138%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$160.156% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.135%−$14 · spread now +0.138%, 7d avg +0.040%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Backpack is 0.098% dearer against MEXC than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC LINK_USDT	13.043	0.0100	pay 0.0100% / 8h	6h 25m	$33.1M	$59.2M	300x
Short	Backpack LINK_USDC_PERP	13.061	0.0115	get 0.0014% / 1h	25m 42s	$339K	$386K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.138%Rate

Funding earned: $3.09
Price spread: +0.138% → +0.040%: $9.83
Slippage, 4 orders: −$5.61
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$2.69
Costs to cover: 0.156%
Break-even: 13.1 days

Slippage from MEXC: live order book, 3 min ago; Backpack: live order book, 43 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 MEXC live order book, 3 min ago	0.38 bp	0.6 bp −$1	4.3 bp −$43	19.6 bp −$1,956	40.5 bp −$20.3K
Sell Backpack live order book, 43 min ago	0.38 bp	5.8 bp −$6	668.0 bp −$6,680	doesn't fit	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	13.047	+0.028%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.043	−0.003%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	13.047	+0.028%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.930%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	12.972	−0.543%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.046	+0.023%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.035	−0.061%	$956K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.039	−0.031%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.044	+0.011%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.041	−0.012%	$396K	$319K	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	13.051	+0.061%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.041	−0.019%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.040	−0.025%	$119.7M	$303.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.039	−0.031%	$84.2M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.044	+0.008%	$27.4M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.056	+0.100%	$183K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.040	−0.023%	$128.7M	$12.8M	75x	as long as short
MEXC LINK_USDTlong	+0.0100%	8h	13.043	long leg	$33.1M	$59.2M	300x
KuCoin LINKUSDTM	+0.0100%	8h	13.039	−0.031%	$22.6M	$14.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.044	+0.008%	$54.2M	$31.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.045	+0.015%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	+0.010%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.982	−0.469%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.965	−0.598%	$589K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.992	−0.391%	$133K	$677K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.052	+0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.048	+0.039%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.061	+0.138%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.051	+0.061%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.037	−0.044%	$643K	$860K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.041	−0.016%	$695K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.051	+0.061%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0115%	1h	13.061	+0.138%	$339K	$386K	15x
dYdX LINK-USD	+0.0269%	1h	13.040	−0.024%	$345K	$45K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0271%	1h	13.057	+0.105%	$775K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.044	+0.008%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0434%	1h	13.059	+0.123%	$80.6M	$26.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0499%	1h	13.058	+0.114%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0591%	8h	13.063	+0.153%	$20.2M	$11.5M	50x	as long as short