LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0444%/8h= −48.6% APRnext payment −$0.56 per $10,000 · paid last 24h −0.047%

Price spread now: Backpack against Hyperliquid−0.123%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.123%, 7d avg −0.051%

Together, before fees−0.032%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Backpack is 0.073% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.021% in total (about -1.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.971	0.0544	pay 0.0068% / 1h	58m 47s	$81.6M	$27.3M	10x
Short	Backpack LINK_USDC_PERP	12.955	0.0100	get 0.0013% / 1h	58m 47s	$340K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$93.26
Price spread: −0.123% → −0.051%: −$7.28
Slippage, 4 orders: −$7.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$127.52
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Backpack: live order book, 65 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 Hyperliquid live order book, 5 min ago	0.39 bp	6.9 bp −$7	11.2 bp −$112	doesn't fit	doesn't fit
Sell Backpack live order book, 65 min ago	0.38 bp	6.7 bp −$7	381.9 bp −$3,819	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	12.933	−0.296%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.930	−0.320%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.934	−0.287%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.402%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.944	−0.208%	$117K	$1.4M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.953	−0.140%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.957	−0.108%	$944K	$2.7M	50x	as long as short
Phoenix LINK	+0.0098%	1h	12.941	−0.231%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.946	−0.193%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.928	−0.335%	$391K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.953	−0.140%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.942	−0.221%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.956	−0.113%	$120.0M	$296.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.952	−0.146%	$83.7M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.953	−0.139%	$27.3M	$81.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.958	−0.100%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.950	−0.162%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.957	−0.108%	$32.3M	$55.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.956	−0.116%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.953	−0.139%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.955	−0.123%	—	$22.4M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.955	−0.123%	$340K	$388K	15x
Variational Omni LINK	+0.0100%	8h	12.941	−0.232%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.218%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.946	−0.193%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	−0.200%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.934	−0.285%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.945	−0.200%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.943	−0.217%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.947	−0.185%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.932	−0.304%	$633K	$704K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.948	−0.181%	$644K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.947	−0.185%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0128%	1h	12.951	−0.155%	$772K	$181K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.931	−0.308%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.925	−0.352%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.954	−0.127%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINKlong	+0.0544%	1h	12.971	long leg	$81.6M	$27.3M	10x
dYdX LINK-USD	+0.0604%	1h	12.944	−0.207%	$343K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0615%	8h	12.953	−0.139%	$20.0M	$11.5M	50x	as long as short