LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0185%/8h= +20.3% APRnext payment +$0.23 per $10,000 · paid last 24h +0.042%

Price spread now: Backpack against Phoenix+0.105%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.239%+$24 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.105% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	13.192	0.0037	pay 0.0005% / 1h	2m 24s	$3K	$81K	10x
Short	Backpack LINK_USDC_PERP	13.206	0.0222	get 0.0028% / 1h	2m 24s	$364K	$379K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now +0.105%Rate

Funding earned: $38.88
Price spread: +0.105% → 0.000%: $10.46
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $32.34
Costs to cover: 0.170%
Break-even: 1.2 days

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 16 min ago. Net counts fees only.

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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack live order book, 16 min ago	0.38 bp	6.0 bp −$6	441.4 bp −$4,414	doesn't fit	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	13.200	+0.062%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.221	+0.218%	$493K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.203	+0.080%	$724K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.202	+0.071%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.005%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0037%	1h	13.192	long leg	$3K	$81K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.196	+0.029%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0053%	1h	13.196	+0.026%	$350K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.202	+0.071%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.198	+0.046%	$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	13.199	+0.052%	$404K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.218	+0.196%	$78.1M	$24.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.204	+0.091%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.203	+0.082%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.202	+0.074%	$122.8M	$303.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.199	+0.052%	$85.2M	$70.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.203	+0.082%	$27.8M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.217	+0.188%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.198	+0.044%	$130.8M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.202	+0.074%	$36.4M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.204	+0.089%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.200	+0.059%	$55.0M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.202	+0.074%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.189	−0.026%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.193	+0.004%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.198	+0.044%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.188	−0.032%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.204	+0.089%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.195	+0.022%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.216	+0.183%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.200	+0.059%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.196	+0.027%	$649K	$891K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.197	+0.040%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.203	+0.080%	$554K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.208	+0.120%	$994K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.206	+0.105%	$5.3M	$17.2M	75x	as long as short
Backpack LINK_USDC_PERPshort	+0.0222%	1h	13.206	+0.105%	$364K	$379K	15x
Reya LINKRUSDPERP	+0.0377%	1h	13.201	+0.065%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.213	+0.158%	$20.5M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.207	+0.114%	$7.0M	$8.1M	50x	as long as short