LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0549%/8h= +60.2% APRnext payment +$0.69 per $10,000 · paid last 24h −0.004%

Price spread now: Kraken Futures against Backpack−0.006%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 3 days (all we have)+0.089%+$9 · spread now −0.006%, 7d avg −0.026%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Kraken Futures is 0.020% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.026%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.046% in total (about -2.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.69 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.140	0.0146	pay 0.0018% / 1h	51m 32s	$366K	$374K	15x
Short	Kraken Futures PF_LINKUSD	13.139	0.0696	get 0.0087% / 1h	51m 32s	$6.9M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.006%Rate

Funding earned: $115.38
Price spread: −0.006% → −0.026%: $2.04
Slippage, 4 orders: −$18.58
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $78.84
Costs to cover: 0.386%
Break-even: 2.2 days

Slippage from Backpack: live order book, 32 min ago; Kraken Futures: live order book, 2 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, 32 min ago	0.38 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.42 bp	12.2 bp −$12	18.0 bp −$180	45.8 bp −$4,577	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	13.135	−0.039%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.139	−0.008%	$348K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.155	+0.118%	$470K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.134	−0.049%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.134	−0.046%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.632%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.174	+0.260%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.131	−0.068%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.139	−0.005%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.132	−0.059%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.133	−0.057%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.145	+0.038%	$77.6M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.139	−0.006%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.134	−0.043%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.135	−0.038%	$121.8M	$302.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.132	−0.061%	$84.6M	$69.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.135	−0.038%	$27.6M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.148	+0.061%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.134	−0.046%	$130.3M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.136	−0.030%	$36.5M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.139	−0.008%	$22.1M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.133	−0.053%	$54.5M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.135	−0.038%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.148	+0.064%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.153	+0.102%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.173	+0.251%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.174	+0.259%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.145	+0.038%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.126	−0.106%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.161	+0.156%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.131	−0.068%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.110	−0.232%	$644K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.130	−0.072%	$675K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.137	−0.023%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.129	−0.084%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0146%	1h	13.140	long leg	$366K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.140	0.000%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.140	−0.002%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0479%	8h	13.148	+0.061%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0696%	1h	13.139	−0.006%	$6.9M	$8.0M	50x