LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.021%

Price spread now: Deribit against Backpack+0.071%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.225%−$22 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now +0.071%, 7d avg −0.037%

Together, before fees−0.269%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.108% dearer against Backpack than usual: you sell high and buy low (spread +0.071% now, against its 7-day average of −0.037%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.915	0.0100	pay 0.0013% / 1h	43m 34s	$335K	$384K	15x
Short	Deribit LINK_USDC-PERPETUAL	12.924	0	get 0.0000% / 1h	43m 34s	$808K	$268K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$21
Price spread: +0.071% → −0.037%: $10.83
Slippage, 4 orders: −$15.3
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$42.47
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from Backpack: live order book, 60 min ago; Deribit: live order book, 60 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, 60 min ago	0.39 bp	6.8 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 60 min ago	5.04 bp	10.1 bp −$10	17.4 bp −$174	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 −0.0087% / S +0.0165%	1h	12.917	+0.016%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0061%	8h	12.909	−0.046%	$91K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.921	+0.045%	$507K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	12.924	+0.071%	$808K	$268K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.917	+0.015%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.988%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.904	−0.082%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.912	−0.026%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.916	+0.010%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.915	−0.004%	$354K	$340K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.917	+0.012%	$80.9M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.918	+0.021%	$1.3M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.912	−0.023%	$275K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.917	+0.012%	$119.3M	$298.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.912	−0.023%	$83.4M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.914	−0.008%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.934	+0.147%	$181K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.910	−0.039%	$133.5M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.915	0.000%	$34.5M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.910	−0.039%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.914	−0.008%	$54.0M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.916	+0.008%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.915	long leg	$335K	$384K	15x
Variational Omni LINK	+0.0100%	8h	12.924	+0.070%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.933	+0.136%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.917	+0.015%	$587K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.921	+0.046%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.918	+0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.904	−0.085%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.931	+0.124%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.913	−0.015%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.904	−0.087%	$630K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.916	+0.010%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.915	0.000%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.920	+0.035%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.919	+0.031%	$930K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	+0.085%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0400%	1h	12.910	−0.036%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0464%	1h	12.911	−0.029%	$344K	$45K	10x	as long as short
Phemex LINKUSDT	+0.0551%	8h	12.932	+0.132%	$20.0M	$11.3M	50x	as long as short