LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0019%/8h= +2.1% APRnext payment +$0.02 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Derive−0.022%7-day average — · you buy dearer than you sell

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

Long on Derive Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.022% cheaper against Derive than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 3.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive LINK-PERP	12.920	0.0100	pay 0.0013% / 1h	57m 54s	$16K	$22K	10x
Short	Backpack LINK_USDC_PERP	12.917	0.0119	get 0.0015% / 1h	57m 54s	$339K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Derive. 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 DerivebpFee BackpackbpOrdersPrice spread, now −0.022%Rate

Funding earned: $3.99
Price spread: −0.022% → 0.000%: −$2.17
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$14.18
Costs to cover: 0.160%
Break-even: 31.9 days

Slippage unknown: Derive: no order-book sample; Backpack: live order book, 66 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Backpack live order book, 66 min ago	0.38 bp	6.7 bp −$7	381.9 bp −$3,819	doesn't fit	doesn't fit

Derive: 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 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	12.923	+0.027%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.948	+0.221%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.924	+0.036%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.023%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.919	−0.006%	$116K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.916	−0.030%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.938	+0.141%	$942K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.926	+0.049%	$771K	$181K	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.941	+0.164%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.954	+0.262%	$31K	$2K	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	12.940	+0.152%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.915	−0.035%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.955	+0.271%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.898	−0.169%	$119.4M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.896	−0.184%	$83.3M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.897	−0.177%	$27.2M	$81.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.959	+0.303%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.907	−0.099%	$127.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.901	−0.146%	$32.2M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.908	−0.091%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.900	−0.153%	$53.6M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.898	−0.169%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.941	+0.163%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	+0.177%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.946	+0.202%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	+0.195%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.938	+0.141%	$81K	$70K	10x	as long as short
Derive LINK-PERPlong	+0.0100%	1h	12.920	long leg	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	12.937	+0.133%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.921	+0.009%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.931	+0.086%	$633K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.900	−0.155%	$644K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	+0.009%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0119%	1h	12.917	−0.022%	$339K	$388K	15x
BloFin LINK-USDT	+0.0220%	8h	12.931	+0.087%	$5.3M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0376%	1h	12.928	+0.063%	$81.3M	$27.3M	10x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.927	+0.057%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.922	+0.019%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0408%	1h	12.949	+0.228%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0608%	8h	12.934	+0.110%	$19.9M	$11.4M	50x	as long as short