LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0056%/8h= +6.2% APRnext payment +$0.07 per $10,000 · paid last 24h +0.017%

Price spread now: dYdX against Backpack−0.175%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$264as in the Funding arb table

Net, price: spread back to 7d avg − costs−$303as in the Price arb table

costs, in and out, $10k−$2882.878% of the position

Long on Backpack Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 4 days (all we have)+0.222%+$22 · spread now −0.175%, 7d avg −0.028%

Together, before fees+0.461%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.147% cheaper against Backpack than usual: you would sell low and buy high (spread −0.175% now, against its 7-day average of −0.028%). If the spread goes back, that is −$15 on $10k: about 8.7 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.238% in total) that is about 4.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.178	0.0193	pay 0.0024% / 1h	46m 46s	$365K	$374K	15x
Short	dYdX LINK-USD	13.155	0.0249	get 0.0031% / 1h	46m 46s	$348K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.175%Rate

Funding earned: $11.83
Price spread: −0.175% → −0.028%: −$14.69
Slippage, 4 orders: −$267.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$290.7
Costs to cover: 2.878%
Break-even: 179.1 days

Slippage from Backpack: live order book, 27 min ago; dYdX: live order book, 27 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, 27 min ago	0.38 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 27 min ago	44.42 bp	224.7 bp −$225	228.2 bp −$2,282	228.6 bp −$22.9K	238.7 bp −$119.4K

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 −0.0091% / S +0.0167%	1h	13.162	−0.125%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.158	−0.156%	$467K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.164	−0.109%	$761K	$181K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.162	−0.125%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.904%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.154	−0.184%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.165	−0.099%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.152	−0.196%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.146	−0.243%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.153	−0.186%	$403K	$313K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.163	−0.111%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.156	−0.169%	$276K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.153	−0.187%	$122.1M	$306.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.150	−0.212%	$84.8M	$71.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.153	−0.190%	$27.9M	$85.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.168	−0.076%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.165	−0.099%	$130.4M	$12.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.164	−0.106%	$36.5M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.169	−0.068%	$22.8M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.154	−0.182%	$54.7M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.160	−0.137%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.145	−0.247%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.152	−0.197%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.150	−0.215%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.161	−0.129%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.158	−0.152%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.165	−0.102%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.168	−0.074%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.158	−0.152%	$5K	$29K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.139	−0.294%	$646K	$874K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.160	−0.134%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.159	−0.141%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.165	−0.099%	$1.0M	$2.8M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0193%	1h	13.178	long leg	$365K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.162	−0.121%	$5.2M	$16.7M	75x	as long as short
dYdX LINK-USDshort	+0.0249%	1h	13.155	−0.175%	$348K	$48K	10x
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.164	−0.107%	$6.9M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.152	−0.199%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0476%	8h	13.175	−0.023%	$20.4M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0495%	1h	13.179	+0.008%	$80.1M	$24.8M	10x	as long as short