LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0122%/8h= −13.3% APRnext payment −$0.15 per $10,000 · paid last 24h 0.000%

Price spread now: Arcus against Backpack+0.083%7-day average +0.027% · 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−$37as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Backpack Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.083%, 7d avg +0.027%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Arcus is 0.057% dearer against Backpack than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of +0.027%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 3 days (−0.001% in total) that is about 9 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.206	0.0222	pay 0.0028% / 1h	2m 29s	$364K	$379K	15x
Short	Arcus LINK-USD	13.217	0.0100	get 0.0013% / 1h	2m 29s	$185K	$172K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Backpack. 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 BackpackbpFee ArcusbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$25.56
Price spread: +0.083% → +0.027%: $5.66
Slippage, 4 orders: −$28.41
Fee Backpack: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$62.81
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Arcus: live order book, 16 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 Backpack live order book, 16 min ago	0.38 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 16 min ago	6.07 bp	8.5 bp −$8	17.0 bp −$170	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	13.200	−0.042%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.221	+0.114%	$493K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.203	−0.024%	$724K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.202	−0.033%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.103%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.192	−0.104%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.196	−0.076%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0053%	1h	13.196	−0.078%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.202	−0.034%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.198	−0.058%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.199	−0.053%	$404K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.218	+0.091%	$78.1M	$24.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.204	−0.014%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.203	−0.022%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.202	−0.030%	$122.8M	$303.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.199	−0.053%	$85.2M	$70.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.203	−0.023%	$27.8M	$85.8M	50x	as long as short
Arcus LINK-USDshort	+0.0100%	1h	13.217	+0.083%	$185K	$172K	10x
Gate LINK_USDT	+0.0100%	8h	13.198	−0.061%	$130.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.202	−0.030%	$36.4M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.204	−0.015%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.200	−0.045%	$55.0M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.202	−0.030%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.189	−0.131%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.193	−0.100%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	−0.060%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.188	−0.136%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.204	−0.015%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.195	−0.082%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.216	+0.078%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.200	−0.045%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.196	−0.077%	$649K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.197	−0.065%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.203	−0.025%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.208	+0.015%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	0.000%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERPlong	+0.0222%	1h	13.206	long leg	$364K	$379K	15x
Reya LINKRUSDPERP	+0.0377%	1h	13.201	−0.039%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.213	+0.053%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.207	+0.010%	$7.0M	$8.1M	50x	as long as short