LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0069%/8h= −7.6% APRnext payment −$0.09 per $10,000 · paid last 24h −0.025%

Price spread now: Injective against Backpack−4.173%72s7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.943%+$94 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.173% cheaper against Backpack than usual: you would sell low and buy high (−$417 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.943%, so the current rate has only just turned against you. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.940	0.0103	pay 0.0013% / 1h	20m 01s	$337K	$390K	15x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	20m 01s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.173%Rate

Funding earned: −$14.59
Price spread: −4.173% → 0.000%: −$417.31
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$441.92
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 29 min ago; Injective: no order-book sample. 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 Backpack live order book, 29 min ago	0.39 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0089% / S +0.0166%	1h	12.925	−0.113%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.909	−0.240%	$525K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.925	−0.119%	$157K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.173%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0039%	8h	12.918	−0.170%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.881	−0.454%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.927	−0.100%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.922	−0.141%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.912	−0.213%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.935	−0.042%	$1.2M	$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	12.920	−0.151%	$275K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.935	−0.042%	$118.9M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.933	−0.054%	$83.5M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.932	−0.062%	$27.4M	$80.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.937	−0.023%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.922	−0.139%	$124.3M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.930	−0.077%	$32.9M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.930	−0.077%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.927	−0.100%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.932	−0.062%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.887	−0.408%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.844	−0.740%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.696%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.703%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.928	−0.093%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.924	−0.127%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.941	+0.012%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.927	−0.100%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.371%	$633K	$675K	75x	as long as short
Backpack LINK_USDC_PERPlong	+0.0103%	1h	12.940	long leg	$337K	$390K	15x
Extended LINK-USD	+0.0104%	1h	12.921	−0.144%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.921	−0.146%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.925	−0.116%	$920K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.348%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0237%	1h	12.941	+0.008%	$80.6M	$27.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.929	−0.089%	$6.6M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0322%	1h	12.934	−0.050%	$798K	$244K	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.920	−0.151%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0560%	8h	12.940	0.000%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0732%	1h	12.918	−0.171%	$344K	$33K	10x	as long as short