LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0182%/8h= +19.9% APRnext payment +$0.23 per $10,000 · paid last 24h +0.031%

Price spread now: Backpack against Deribit+0.043%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 3 days (all we have)−0.110%−$11 · spread now +0.043%, 7d avg +0.040%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.207	0	get 0.0000% / 1h	41m 59s	$721K	$125K	50x
Short	Backpack LINK_USDC_PERP	13.213	0.0182	get 0.0023% / 1h	41m 59s	$367K	$374K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.043%Rate

Funding earned: $38.22
Price spread: +0.043% → +0.040%: $0.34
Slippage, 4 orders: −$15.12
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $6.44
Costs to cover: 0.321%
Break-even: 5.8 days

Slippage from Deribit: live order book, 42 min ago; Backpack: live order book, 42 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 Deribit live order book, 42 min ago	2.66 bp	6.2 bp −$6	12.4 bp −$124	doesn't fit	doesn't fit
Sell Backpack live order book, 42 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 −0.0090% / S +0.0167%	1h	13.203	−0.034%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.189	−0.137%	$349K	$60K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.212	+0.035%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.207	long leg	$721K	$125K	50x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.203	−0.034%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.113%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.149	−0.438%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.199	−0.063%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.207	0.000%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.193	−0.110%	$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	13.197	−0.078%	$400K	$315K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.212	+0.036%	$78.0M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.203	−0.032%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.196	−0.084%	$277K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.206	−0.013%	$122.5M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.204	−0.025%	$85.1M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.205	−0.017%	$27.7M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.207	−0.002%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.201	−0.048%	$131.1M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.213	+0.043%	$36.8M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.208	+0.005%	$22.4M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.205	−0.017%	$54.9M	$30.3M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.202	−0.040%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.147	−0.455%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.162	−0.342%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.165	−0.320%	$594K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.172	−0.267%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.200	−0.055%	$81K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.200	−0.054%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.222	+0.114%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.201	−0.048%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.172	−0.266%	$648K	$898K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.203	−0.035%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.205	−0.016%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.202	−0.040%	$995K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0182%	1h	13.213	+0.043%	$367K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.187	−0.154%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.198	−0.070%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0454%	8h	13.211	+0.028%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.209	+0.014%	$7.0M	$8.0M	50x	as long as short