Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Nado+0.110%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.367%−$37 · spread now +0.110%, 7d avg +0.049%

Together, before fees−0.362%+ Points / potential airdropNado: Active · farm board−$36 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: Backpack is 0.061% dearer against Nado than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado LINK-PERP	12.909	0.0100	pay 0.0012% / 1h	55m 59s	$342K	$340K	10x
Short	Backpack LINK_USDC_PERP	12.923	0.0100	get 0.0013% / 1h	55m 59s	$339K	$392K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.110%Rate

Funding earned: $0
Price spread: +0.110% → +0.049%: $6.13
Slippage, 4 orders: −$15.13
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$26
Costs to cover: 0.321%
Break-even: 2671243577002083.0 days

Slippage from Nado: live order book, 57 min ago; Backpack: live order book, 58 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 Nado live order book, 57 min ago	1.15 bp	7.4 bp −$7	20.2 bp −$202	doesn't fit	doesn't fit
Sell Backpack live order book, 58 min ago	0.38 bp	9.3 bp −$9	154.5 bp −$1,545	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 −0.0089% / S +0.0166%	1h	12.920	+0.089%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.925	+0.125%	$484K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.921	+0.092%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.941%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.922	+0.103%	$116K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.890	−0.144%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.919	+0.083%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.912	+0.023%	$31K	$2K	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	12.909	long leg	$342K	$340K	10x
Aster LINKUSDT	+0.0100%	8h	12.919	+0.079%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.913	+0.032%	$275K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.918	+0.068%	$119.6M	$300.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.916	+0.056%	$83.3M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.918	+0.072%	$27.3M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.928	+0.149%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.916	+0.056%	$124.3M	$14.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.917	+0.064%	$33.1M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.922	+0.103%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.916	+0.056%	$54.3M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.920	+0.087%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.923	+0.110%	$339K	$392K	15x
Variational Omni LINK	+0.0100%	8h	12.918	+0.074%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.888	−0.164%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.891	−0.138%	$579K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.906	−0.021%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.919	+0.079%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.920	+0.089%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.938	+0.227%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.921	+0.095%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.884	−0.191%	$632K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.913	+0.036%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.930	+0.165%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.930	+0.165%	$920K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0207%	1h	12.930	+0.163%	$790K	$216K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.925	+0.126%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.924	+0.117%	$6.6M	$8.3M	50x	as long as short
Hyperliquid LINK	+0.0284%	1h	12.932	+0.180%	$80.7M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.910	+0.010%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0570%	8h	12.937	+0.219%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0628%	1h	12.910	+0.009%	$343K	$32K	10x	as long as short