LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0018%/8h= −2.0% APRnext payment −$0.02 per $10,000 · paid last 24h −0.005%

Price spread now: Derive against Backpack−0.088%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.088% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.175	0.0118	pay 0.0015% / 1h	18m 54s	$365K	$372K	15x
Short	Derive LINK-PERP	13.163	0.0100	get 0.0013% / 1h	18m 54s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.088%Rate

Funding earned: −$3.81
Price spread: −0.088% → 0.000%: −$8.79
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$28.6
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 5 min ago; Derive: no order-book sample. Net counts fees only.

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, 5 min ago	0.38 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0092% / S +0.0166%	1h	13.167	−0.060%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.178	+0.026%	$483K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.170	−0.036%	$716K	$122K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.168	−0.057%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0018%	1h	13.174	−0.005%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.159	−0.122%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.882%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.160	−0.114%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0087%	8h	13.164	−0.085%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.171	−0.028%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.165	−0.072%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.165	−0.072%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.182	+0.053%	$77.9M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.170	−0.037%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.169	−0.046%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.168	−0.053%	$122.0M	$300.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.165	−0.076%	$84.6M	$69.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.167	−0.061%	$27.9M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.181	+0.046%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.168	−0.053%	$130.9M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.169	−0.046%	$37.4M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.170	−0.038%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.165	−0.076%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.166	−0.068%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.161	−0.104%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.228%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	−0.053%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.170	−0.038%	$81K	$67K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.163	−0.088%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.183	+0.061%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.166	−0.068%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.157	−0.134%	$647K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.165	−0.076%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.169	−0.044%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.171	−0.030%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0118%	1h	13.175	long leg	$365K	$372K	15x
BloFin LINK-USDT	+0.0220%	8h	13.164	−0.083%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.166	−0.071%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.178	+0.023%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	13.174	−0.004%	$7.0M	$7.8M	50x	as long as short