LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0211%/8h= +23.1% APRnext payment +$0.26 per $10,000 · paid last 24h −0.023%

Price spread now: Backpack against dYdX+0.067%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$203as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1801.799% of the position

Long on dYdX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.235%−$23 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now +0.067%, 7d avg +0.028%

Together, before fees−0.310%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.040% dearer against dYdX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.028%. Mind the row above: over the last 7 days funding on this pair cost −0.235%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	13.173	0	get 0.0000% / 1h	15m 12s	$349K	$48K	10x
Short	Backpack LINK_USDC_PERP	13.182	0.0211	get 0.0026% / 1h	15m 12s	$365K	$376K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against dYdX. 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 dYdXbpFee BackpackbpOrdersPrice spread, now +0.067%Rate

Funding earned: $44.35
Price spread: +0.067% → +0.028%: $3.96
Slippage, 4 orders: −$159.87
Fee dYdX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$131.56
Costs to cover: 1.799%
Break-even: 27.8 days

Slippage from dYdX: live order book, 4 min ago; Backpack: live order book, 3 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 dYdX live order book, 4 min ago	78.47 bp	83.5 bp −$83	83.5 bp −$835	83.7 bp −$8,373	145.8 bp −$72.9K
Sell Backpack live order book, 3 min ago	0.38 bp	6.0 bp −$6	441.4 bp −$4,414	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	13.177	+0.029%	$1.8M	—	200x	as long as short
dYdX LINK-USDlong	0.0000%	1h	13.173	long leg	$349K	$48K	10x
Kalshi KXLINKPERP	0.0000%	8h	13.172	−0.008%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.178	+0.039%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.176	+0.024%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.869%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.167	−0.050%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.174	+0.006%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.188	+0.116%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.172	−0.006%	$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	13.173	−0.001%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.190	+0.128%	$77.8M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.181	+0.059%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.174	+0.006%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.182	+0.067%	$122.4M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.182	+0.067%	$85.1M	$70.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.184	+0.082%	$27.7M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.190	+0.128%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.176	+0.022%	$130.7M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.174	+0.006%	$36.3M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.177	+0.029%	$22.4M	$15.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.174	+0.006%	$54.8M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.174	+0.006%	—	$21.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.184	+0.081%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	+0.047%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.082%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	+0.105%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.177	+0.029%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.173	+0.001%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.190	+0.128%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.181	+0.060%	$5K	$37K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.158	−0.114%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.172	−0.010%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.178	+0.039%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.189	+0.120%	$994K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0211%	1h	13.182	+0.067%	$365K	$376K	15x
BloFin LINK-USDT	+0.0220%	8h	13.183	+0.075%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.173	+0.001%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0470%	8h	13.189	+0.120%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0693%	1h	13.193	+0.147%	$7.0M	$8.1M	50x	as long as short