LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0018%/8h= +1.9% APRnext payment +$0.02 per $10,000 · paid last 24h +0.008%

Price spread now: Backpack against Coinbase International+0.061%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$410.414% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)−0.125%−$13 · spread now +0.061%, 7d avg +0.023%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.038% dearer against Coinbase International than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International LINK-PERP-INTX	13.175	0.0104	pay 0.0013% / 1h	19m 18s	$989K	$2.7M	50x
Short	Backpack LINK_USDC_PERP	13.183	0.0122	get 0.0015% / 1h	19m 18s	$365K	$372K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.061%Rate

Funding earned: $3.68
Price spread: +0.061% → +0.023%: $3.75
Slippage, 4 orders: −$21.41
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$33.97
Costs to cover: 0.414%
Break-even: 71.6 days

Slippage from Coinbase International: live order book, 5 min ago; Backpack: live order book, 4 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 Coinbase International live order book, 5 min ago	2.66 bp	16.8 bp −$17	21.2 bp −$212	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.38 bp	6.3 bp −$6	417.3 bp −$4,173	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 −0.0092% / S +0.0166%	1h	13.167	−0.060%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.187	+0.094%	$483K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.176	+0.005%	$714K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.168	−0.057%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0018%	1h	13.174	−0.005%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.159	−0.122%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.882%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.160	−0.114%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0087%	8h	13.164	−0.085%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.171	−0.032%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.165	−0.072%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.165	−0.072%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.180	+0.038%	$77.9M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.173	−0.014%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.169	−0.046%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.166	−0.066%	$122.0M	$300.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.163	−0.091%	$84.6M	$69.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.165	−0.076%	$27.9M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.181	+0.046%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.169	−0.046%	$130.9M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.167	−0.061%	$37.4M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.166	−0.068%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.164	−0.083%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.165	−0.076%	—	$6.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.161	−0.104%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.228%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.168	−0.053%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.170	−0.038%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.163	−0.088%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.188	+0.096%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.170	−0.038%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.158	−0.132%	$647K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.166	−0.070%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.169	−0.044%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXlong	+0.0104%	1h	13.175	long leg	$989K	$2.7M	50x
Backpack LINK_USDC_PERPshort	+0.0122%	1h	13.183	+0.061%	$365K	$372K	15x
BloFin LINK-USDT	+0.0220%	8h	13.164	−0.083%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.166	−0.071%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0461%	8h	13.184	+0.068%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0503%	1h	13.181	+0.043%	$7.0M	$7.8M	50x	as long as short