LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0157%/8h= +17.2% APRnext payment +$0.20 per $10,000 · paid last 24h +0.033%

Price spread now: Backpack against gTrade (Gains Network)+0.079%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$302as in the Price arb table

costs, in and out, $10k−$3073.067% of the position

Long on gTrade (Gains Network)Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 4 days (all we have)−0.352%−$35 · spread now +0.079%, 7d avg +0.036%

Together, before fees−0.252%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.042% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) LINK/USD	12.951	L +0.0004% / S −0.0009%	pay 0.0001% / 1h	53m 52s	$159K	—	150x
Short	Backpack LINK_USDC_PERP	12.961	0.0161	get 0.0020% / 1h	53m 52s	$340K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now +0.079%Rate

Funding earned: $32.97
Price spread: +0.079% → +0.036%: $4.25
Slippage, 4 orders: −$286.74
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$269.52
Costs to cover: 3.067%
Break-even: 64.2 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), just now; Backpack: live order book, 5 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 gTrade (Gains Network) virtual book (oracle venue), just now	130.05 bp	141.1 bp −$141	963.4 bp −$9,634	10292.4 bp −$1.03M	doesn't fit
Sell Backpack live order book, 5 min ago	0.39 bp	12.6 bp −$13	3894.0 bp −$38.9K	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	12.949	−0.012%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.956	+0.039%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USDlong	L +0.0004% / S −0.0009%	1h	12.951	long leg	$159K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.253%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.944	−0.053%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.951	−0.001%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.957	+0.048%	$944K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0098%	1h	12.954	+0.022%	$773K	$187K	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.920	−0.239%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	+0.032%	$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	12.960	+0.075%	$392K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.957	+0.050%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.962	+0.087%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.947	−0.029%	$119.8M	$297.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.941	−0.076%	$83.6M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.944	−0.053%	$27.3M	$81.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.970	+0.148%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.950	−0.006%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.948	−0.022%	$32.3M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.952	+0.009%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.948	−0.022%	$53.8M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.945	−0.045%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.043%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.913	−0.294%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	−0.052%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.307%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.959	+0.063%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.945	−0.042%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.972	+0.167%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.951	+0.002%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.941	−0.075%	$634K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.939	−0.090%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	−0.021%	$543K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0161%	1h	12.961	+0.079%	$340K	$388K	15x
BloFin LINK-USDT	+0.0220%	8h	12.960	+0.071%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.951	−0.002%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.954	+0.026%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0450%	1h	12.961	+0.079%	$81.5M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0567%	1h	12.963	+0.094%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0610%	8h	12.966	+0.117%	$20.0M	$11.4M	50x	as long as short