LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0143%/8h= +15.7% APRnext payment +$0.18 per $10,000 · paid last 24h +0.021%

Price spread now: Kraken Futures against Backpack+0.047%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$390.395% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now +0.047%, 7d avg −0.025%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.072% dearer against Backpack than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	12.996	0.0100	pay 0.0013% / 1h	29m 17s	$341K	$390K	15x
Short	Kraken Futures PF_LINKUSD	13.002	0.0243	get 0.0030% / 1h	29m 17s	$6.7M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.047%Rate

Funding earned: $30.11
Price spread: +0.047% → −0.025%: $7.15
Slippage, 4 orders: −$19.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$2.23
Costs to cover: 0.395%
Break-even: 7.5 days

Slippage from Backpack: live order book, 24 min ago; Kraken Futures: live order book, 5 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, 24 min ago	0.38 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	2.69 bp	13.5 bp −$14	17.8 bp −$178	48.8 bp −$4,881	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	12.978	−0.142%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.005	+0.072%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.980	−0.123%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.586%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0050%	8h	12.973	−0.177%	$117K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.990	−0.048%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.985	−0.081%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.983	−0.097%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	−0.150%	$392K	$308K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.983	−0.101%	$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	12.988	−0.061%	$277K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.977	−0.146%	$120.5M	$300.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.978	−0.139%	$83.9M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.976	−0.154%	$27.5M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.999	+0.023%	$182K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.982	−0.108%	$128.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.980	−0.123%	$32.8M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.983	−0.100%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.978	−0.139%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.977	−0.146%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.996	long leg	$341K	$390K	15x
Variational Omni LINK	+0.0100%	8h	13.006	+0.079%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.995	−0.004%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.007	+0.084%	$584K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.997	+0.008%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.985	−0.085%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.973	−0.175%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.009	+0.099%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.996	0.000%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.983	−0.099%	$637K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.975	−0.159%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.980	−0.126%	$544K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.005	+0.069%	$926K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0135%	1h	12.980	−0.123%	$788K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.005	+0.069%	$5.3M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0243%	1h	13.002	+0.047%	$6.7M	$8.1M	50x
Hyperliquid LINK	+0.0346%	1h	12.995	−0.008%	$81.2M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.978	−0.135%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0543%	8h	13.008	+0.092%	$20.1M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0687%	1h	12.985	−0.082%	$344K	$30K	10x	as long as short