LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0191%/8h= −20.9% APRnext payment −$0.24 per $10,000 · paid last 24h −0.003%

Price spread now: Backpack against Kraken Futures+0.031%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$310.315% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.031%, 7d avg +0.026%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.040% in total (about 2.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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	Kraken Futures PF_LINKUSD	13.167	0.0477	pay 0.0060% / 1h	34m 04s	$7.0M	$8.2M	50x
Short	Backpack LINK_USDC_PERP	13.171	0.0286	get 0.0036% / 1h	34m 04s	$364K	$379K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$40.18
Price spread: +0.031% → +0.026%: $0.46
Slippage, 4 orders: −$11.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$71.18
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 45 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 Kraken Futures live order book, 5 min ago	2.65 bp	9.0 bp −$9	12.7 bp −$127	41.7 bp −$4,174	doesn't fit
Sell Backpack live order book, 45 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 −0.0091% / S +0.0167%	1h	13.159	−0.059%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.170	+0.022%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.161	−0.047%	$726K	$133K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.160	−0.052%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.204	+0.282%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.825%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.156	−0.083%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.160	−0.053%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.164	−0.024%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.163	−0.030%	$401K	$312K	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	13.167	0.000%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.169	+0.014%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.161	−0.045%	$122.5M	$304.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.160	−0.053%	$84.8M	$71.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.162	−0.038%	$27.8M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.182	+0.114%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.160	−0.053%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.160	−0.053%	$36.5M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.161	−0.045%	$22.8M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.160	−0.053%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.159	−0.060%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.182	+0.114%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.190	+0.172%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.185	+0.137%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.195	+0.213%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.164	−0.022%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.157	−0.077%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.173	+0.048%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.158	−0.068%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.153	−0.106%	$647K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.158	−0.066%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.161	−0.049%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.174	+0.054%	$997K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.158	−0.068%	$5.3M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0273%	1h	13.176	+0.069%	$78.0M	$24.1M	10x	as long as short
Backpack LINK_USDC_PERPshort	+0.0286%	1h	13.171	+0.031%	$364K	$379K	15x
Reya LINKRUSDPERP	+0.0378%	1h	13.158	−0.070%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0477%	1h	13.167	long leg	$7.0M	$8.2M	50x
Phemex LINKUSDT	+0.0479%	8h	13.177	+0.076%	$20.4M	$11.6M	50x	as long as short
dYdX LINK-USD	+0.0585%	1h	13.168	+0.006%	$349K	$48K	10x	as long as short