LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.008%

Price spread now: Backpack against Lighter+0.059%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$14 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now +0.059%, 7d avg +0.047%

Together, before fees+0.052%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.839	0.0096	pay 0.0012% / 1h	24m 29s	$1.9M	$2.9M	10x
Short	Backpack LINK_USDC_PERP	12.847	0.0100	get 0.0013% / 1h	24m 29s	$334K	$385K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0.84
Price spread: +0.059% → +0.047%: $1.22
Slippage, 4 orders: −$15.73
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.67
Costs to cover: 0.257%
Break-even: 204.2 days

Slippage from Lighter: live order book, 8 min ago; Backpack: live order book, 14 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 Lighter live order book, 8 min ago	2.57 bp	5.3 bp −$5	11.8 bp −$118	74.6 bp −$7,457	doesn't fit
Sell Backpack live order book, 14 min ago	0.39 bp	7.9 bp −$8	882.0 bp −$8,820	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 −0.0087% / S +0.0165%	1h	12.847	+0.063%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0080%	8h	12.839	−0.003%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.853	+0.104%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.847	+0.059%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.422%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.857	+0.133%	$3K	$85K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	12.839	long leg	$1.9M	$2.9M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.838	−0.012%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.839	+0.001%	$345K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.849	+0.075%	$80.2M	$28.1M	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	12.842	+0.023%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.841	+0.012%	$273K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.840	+0.005%	$118.7M	$299.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.834	−0.042%	$83.0M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.837	−0.019%	$27.0M	$79.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.857	+0.137%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.841	+0.012%	$132.2M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.841	+0.012%	$34.5M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.844	+0.036%	$22.7M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.836	−0.027%	$53.7M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.839	−0.003%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.847	+0.059%	$334K	$385K	15x
Variational Omni LINK	+0.0100%	8h	12.835	−0.033%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.866	+0.205%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.855	+0.118%	$584K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.858	+0.145%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.843	+0.028%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.838	−0.010%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.864	+0.188%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.841	+0.012%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.807	−0.252%	$626K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0103%	1h	12.842	+0.021%	$6.4M	$8.5M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.832	−0.057%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.844	+0.037%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.866	+0.207%	$929K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.852	+0.098%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0264%	1h	12.847	+0.059%	$804K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.843	+0.029%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0551%	8h	12.856	+0.129%	$19.8M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0576%	1h	12.840	+0.006%	$342K	$45K	10x	as long as short