LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.008%

Price spread now: Lighter against Backpack−0.059%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.093%+$9 · spread now −0.059%, 7d avg −0.047%

Together, before fees−0.052%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.847	0.0100	pay 0.0013% / 1h	24m 26s	$334K	$385K	15x
Short	Lighter LINK	12.839	0.0096	get 0.0012% / 1h	24m 26s	$1.9M	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$0.84
Price spread: −0.059% → −0.047%: −$1.22
Slippage, 4 orders: −$15.73
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.79
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from Backpack: live order book, 14 min ago; Lighter: live order book, 8 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, 14 min ago	0.39 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	2.57 bp	3.8 bp −$4	12.3 bp −$123	76.2 bp −$7,624	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 −0.0087% / S +0.0165%	1h	12.847	+0.004%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0081%	8h	12.834	−0.101%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.853	+0.045%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.847	0.000%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.479%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.857	+0.074%	$3K	$85K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.839	−0.059%	$1.9M	$2.9M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.838	−0.071%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.839	−0.058%	$345K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.849	+0.016%	$80.2M	$28.1M	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	12.843	−0.033%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.841	−0.047%	$273K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.841	−0.047%	$118.7M	$299.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.833	−0.109%	$83.0M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.837	−0.078%	$27.0M	$79.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.857	+0.078%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.838	−0.070%	$132.1M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.841	−0.047%	$34.5M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.843	−0.031%	$22.7M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.835	−0.093%	$53.7M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.839	−0.062%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.847	long leg	$334K	$385K	15x
Variational Omni LINK	+0.0100%	8h	12.835	−0.092%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.866	+0.146%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.855	+0.059%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.858	+0.086%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.843	−0.031%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.836	−0.084%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.855	+0.065%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.840	−0.054%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.807	−0.311%	$626K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0103%	1h	12.841	−0.045%	$6.4M	$8.5M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.832	−0.116%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.841	−0.043%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.866	+0.148%	$929K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.852	+0.039%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0264%	1h	12.847	−0.002%	$803K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.834	−0.104%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0551%	8h	12.856	+0.070%	$19.8M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0576%	1h	12.840	−0.053%	$342K	$45K	10x	as long as short