LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0091%/8h= −9.9% APRnext payment −$0.11 per $10,000 · paid last 24h −0.033%

Price spread now: gTrade (Gains Network) against Backpack0.000%7-day average −0.036% · 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−$294as in the Price arb table

costs, in and out, $10k−$2982.977% of the position

Long on Backpack Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.273%+$27 · spread now 0.000%, 7d avg −0.036%

Together, before fees+0.174%+$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.036% dearer against Backpack than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.036%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.045	0.0100	pay 0.0013% / 1h	19m 11s	$345K	$385K	15x
Short	gTrade (Gains Network) LINK/USD	13.045	L +0.0004% / S −0.0009%	get 0.0001% / 1h	19m 11s	$161K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now 0.000%Rate

Funding earned: −$19.04
Price spread: 0.000% → −0.036%: $3.63
Slippage, 4 orders: −$277.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$313.08
Costs to cover: 2.977%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; gTrade (Gains Network): virtual book (oracle venue), 40 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, 44 min ago	0.38 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 40 min ago	130.06 bp	142.5 bp −$143	1049.2 bp −$10.5K	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	13.044	−0.005%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.049	+0.027%	$483K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USDshort	L +0.0004% / S −0.0009%	1h	13.045	0.000%	$161K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.944%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.051	+0.046%	$967K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0064%	8h	13.041	−0.031%	$118K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.041	−0.030%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.061	+0.124%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.050	+0.038%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.043	−0.011%	$395K	$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	13.048	+0.021%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.049	+0.034%	$275K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.042	−0.023%	$120.6M	$296.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.038	−0.054%	$84.3M	$71.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.038	−0.054%	$27.5M	$82.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.066	+0.161%	$183K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.043	−0.015%	$128.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.041	−0.031%	$32.5M	$57.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.044	−0.008%	$23.1M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.042	−0.023%	$54.2M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.045	0.000%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	13.045	long leg	$345K	$385K	15x
Variational Omni LINK	+0.0100%	8h	13.062	+0.131%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.068	+0.178%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.051	+0.043%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.077	+0.245%	$134K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.055	+0.077%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.039	−0.044%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.068	+0.173%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.042	−0.023%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.037	−0.064%	$643K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.037	−0.061%	$651K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.044	−0.009%	$547K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0149%	1h	13.046	+0.009%	$775K	$174K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.041	−0.031%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.042	−0.026%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0401%	1h	13.043	−0.018%	$345K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0552%	1h	13.045	+0.004%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0586%	8h	13.056	+0.084%	$20.1M	$11.5M	50x	as long as short
Hyperliquid LINK	+0.0662%	1h	13.064	+0.146%	$82.2M	$27.3M	10x	as long as short