LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: Coinbase International against Backpack+0.039%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.039%, 7d avg −0.022%

Together, before fees−0.068%−$7 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: Coinbase International is 0.061% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.982	0.0100	pay 0.0013% / 1h	34m 02s	$341K	$390K	15x
Short	Coinbase International LINK-PERP-INTX	12.987	0.0104	get 0.0013% / 1h	34m 02s	$924K	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.039%Rate

Funding earned: $0.84
Price spread: +0.039% → −0.022%: $6.09
Slippage, 4 orders: −$21.1
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$34.17
Costs to cover: 0.411%
Break-even: 291.8 days

Slippage from Backpack: live order book, 20 min ago; Coinbase International: 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 Backpack live order book, 20 min ago	0.38 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	3.46 bp	12.9 bp −$13	17.5 bp −$175	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	12.974	−0.064%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.966	−0.120%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.973	−0.069%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.483%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.970	−0.092%	$117K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	13.008	+0.198%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.973	−0.069%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.981	−0.011%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.975	−0.050%	$392K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.978	−0.033%	$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	12.988	+0.043%	$275K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.978	−0.031%	$120.7M	$300.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.975	−0.054%	$83.9M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.977	−0.039%	$27.4M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.987	+0.039%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.978	−0.031%	$128.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.974	−0.062%	$32.8M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.979	−0.023%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.983	+0.008%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.977	−0.039%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.982	long leg	$341K	$390K	15x
Variational Omni LINK	+0.0100%	8h	12.976	−0.044%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.005	+0.178%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.982	+0.001%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.013	+0.239%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	−0.015%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.972	−0.076%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.996	+0.109%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.974	−0.062%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.928	−0.418%	$634K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.972	−0.079%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.000	+0.135%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0104%	1h	12.987	+0.039%	$924K	$2.8M	50x
Deribit LINK_USDC-PERPETUAL	+0.0143%	1h	12.979	−0.022%	$788K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.985	+0.023%	$5.3M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.977	−0.042%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0354%	1h	12.990	+0.062%	$81.2M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.968	−0.104%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0541%	8h	12.991	+0.069%	$20.1M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0575%	1h	12.988	+0.045%	$344K	$30K	10x	as long as short