LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0176%/8h= +19.2% APRnext payment +$0.22 per $10,000 · paid last 24h +0.033%

Price spread now: Backpack against gTrade (Gains Network)+0.097%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$295as in the Price arb table

costs, in and out, $10k−$3013.007% of the position

Long on gTrade (Gains Network)Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−0.178%−$18 · spread now +0.097%, 7d avg +0.037%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.060% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) LINK/USD	12.998	L +0.0004% / S −0.0006%	pay 0.0001% / 1h	50m 00s	$185K	—	150x
Short	Backpack LINK_USDC_PERP	13.011	0.0180	get 0.0022% / 1h	50m 00s	$343K	$390K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now +0.097%Rate

Funding earned: $36.87
Price spread: +0.097% → +0.037%: $5.96
Slippage, 4 orders: −$280.71
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$257.89
Costs to cover: 3.007%
Break-even: 56.0 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 64 min ago; Backpack: live order book, 4 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 gTrade (Gains Network) virtual book (oracle venue), 64 min ago	130.05 bp	141.1 bp −$141	963.4 bp −$9,634	10292.4 bp −$1.03M	doesn't fit
Sell Backpack live order book, 4 min ago	0.38 bp	9.3 bp −$9	154.5 bp −$1,545	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	−0.001%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.002	+0.032%	$499K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USDlong	L +0.0004% / S −0.0006%	1h	12.998	long leg	$185K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.604%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.996	−0.018%	$117K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	13.045	+0.361%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.007	+0.065%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.001	+0.023%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.007	+0.062%	$393K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.002	+0.028%	$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	13.005	+0.054%	$275K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.002	+0.029%	$121.0M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.997	−0.011%	$84.0M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.001	+0.020%	$27.5M	$81.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.018	+0.151%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.003	+0.035%	$128.7M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.000	+0.012%	$32.9M	$56.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.005	+0.051%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.999	+0.005%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.005	+0.051%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.016	+0.137%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.026	+0.212%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.045	+0.359%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.034	+0.274%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.004	+0.043%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.997	−0.012%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.012	+0.106%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.000	+0.012%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.986	−0.095%	$637K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.995	−0.023%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.999	+0.008%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.014	+0.120%	$948K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0135%	1h	13.004	+0.039%	$782K	$202K	50x	as long as short
dYdX LINK-USD	+0.0171%	1h	13.001	+0.023%	$344K	$30K	10x	as long as short
Backpack LINK_USDC_PERPshort	+0.0180%	1h	13.011	+0.097%	$343K	$390K	15x
BloFin LINK-USDT	+0.0220%	8h	13.011	+0.097%	$5.2M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0243%	1h	13.006	+0.062%	$6.7M	$8.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.998	−0.007%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0394%	1h	13.021	+0.174%	$81.5M	$27.4M	10x	as long as short
Phemex LINKUSDT	+0.0534%	8h	13.016	+0.135%	$20.1M	$11.3M	50x	as long as short