LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0279%/8h= −30.5% APRnext payment −$0.35 per $10,000 · paid last 24h −0.075%

Price spread now: GMX against Backpack−0.126%75s7-day average −0.018% · you buy dearer than you sell

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

Long on Backpack Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.267%−$27 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now −0.126%, 7d avg −0.018%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.108% cheaper against Backpack than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.018%). Swap the legs. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.967	0.0113	pay 0.0014% / 1h	8m 51s	$337K	$387K	15x
Short	GMX LINK/USD [LINK-USDC]	12.951	L −0.0087% / S +0.0165%	pay 0.0021% / 1h	8m 51s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$58.51
Price spread: −0.126% → −0.018%: −$10.79
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$91.3
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 35 min ago; GMX: 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, 35 min ago	0.39 bp	6.8 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 39 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]short	L −0.0087% / S +0.0165%	1h	12.951	−0.126%	$1.8M	—	200x
Orderly PERP_LINK_USDC	−0.0032%	8h	12.956	−0.085%	$94K	$1.1M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.970	+0.019%	$513K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.949	−0.137%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.373%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.957	−0.076%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.960	−0.054%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.943	−0.183%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.944	−0.181%	$355K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.959	−0.062%	$1.3M	$2.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.948	−0.147%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.956	−0.088%	$119.6M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.949	−0.139%	$83.7M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.957	−0.077%	$27.1M	$80.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.958	−0.069%	$181K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.955	−0.093%	$129.5M	$16.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.955	−0.093%	$34.5M	$59.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.958	−0.069%	$22.9M	$12.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.955	−0.093%	$54.1M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.953	−0.108%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.945	−0.169%	$3.3M	$1.9M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.952	−0.114%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.951	−0.121%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.956	−0.085%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.960	−0.054%	$81K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.977	+0.079%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.960	−0.054%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.904	−0.485%	$630K	$788K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.945	−0.167%	$634K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.963	−0.031%	$544K	$2K	3x	as long as short
Backpack LINK_USDC_PERPlong	+0.0113%	1h	12.967	long leg	$337K	$387K	15x
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.966	−0.008%	$934K	$2.8M	50x	as long as short
Hyperliquid LINK	+0.0180%	1h	12.964	−0.023%	$81.1M	$27.9M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.963	−0.032%	$6.7M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.962	−0.039%	$5.2M	$15.9M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0251%	1h	12.968	+0.008%	$811K	$266K	50x	as long as short
Reya LINKRUSDPERP	+0.0399%	1h	12.955	−0.089%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0548%	8h	12.964	−0.023%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0582%	1h	12.949	−0.140%	$345K	$45K	10x	as long as short