LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0030%/8h= +3.3% APRnext payment +$0.04 per $10,000 · paid last 24h −0.031%

Price spread now: Deribit against Backpack−0.026%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.238%−$24 on $10k

Price spread, last 4 days (all we have)+0.133%+$13 · spread now −0.026%, 7d avg −0.039%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.238%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.008	0.0197	pay 0.0025% / 1h	57m 07s	$341K	$386K	15x
Short	Deribit LINK_USDC-PERPETUAL	13.005	0.0227	get 0.0028% / 1h	57m 07s	$782K	$202K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Backpack. 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 BackpackbpFee DeribitbpOrdersPrice spread, now −0.026%Rate

Funding earned: $6.28
Price spread: −0.026% → −0.039%: $1.3
Slippage, 4 orders: −$22.41
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$31.83
Costs to cover: 0.394%
Break-even: 42.5 days

Slippage from Backpack: live order book, 62 min ago; Deribit: live order book, 62 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 Backpack live order book, 62 min ago	0.39 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 62 min ago	4.64 bp	8.1 bp −$8	doesn't fit	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 −0.0089% / S +0.0166%	1h	12.998	−0.076%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.006	−0.017%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.999	−0.069%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.674%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.999	−0.069%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.001	−0.056%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0099%	1h	12.981	−0.211%	$3K	$82K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.006	−0.017%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.999	−0.065%	$392K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.002	−0.049%	$1.3M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	13.008	+0.003%	$276K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.002	−0.043%	$120.5M	$298.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.994	−0.108%	$83.9M	$72.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.997	−0.085%	$27.5M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.017	+0.069%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.000	−0.062%	$128.8M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.002	−0.046%	$32.9M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.004	−0.031%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.998	−0.077%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.000	−0.062%	—	$22.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.990	−0.137%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.989	−0.149%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.977	−0.239%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.995	−0.100%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.006	−0.015%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.996	−0.089%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.013	+0.035%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.000	−0.062%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.979	−0.219%	$637K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.993	−0.114%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.001	−0.057%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.012	+0.031%	$942K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0197%	1h	13.008	long leg	$341K	$386K	15x
BloFin LINK-USDT	+0.0220%	8h	12.999	−0.069%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0227%	1h	13.005	−0.026%	$782K	$202K	50x
Kraken Futures PF_LINKUSD	+0.0243%	1h	13.004	−0.029%	$6.7M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.997	−0.085%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0405%	1h	13.015	+0.056%	$81.5M	$27.4M	10x	as long as short
dYdX LINK-USD	+0.0486%	1h	13.003	−0.041%	$344K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0517%	8h	13.014	+0.046%	$20.1M	$11.4M	50x	as long as short