LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0386%/8h= −42.3% APRnext payment −$0.48 per $10,000 · paid last 24h +0.009%

Price spread now: Backpack against Kraken Futures+0.010%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.354% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 3 days (all we have)−0.123%−$12 · spread now +0.010%, 7d avg +0.026%

Together, before fees−0.072%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.051%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.051% in total (about 2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.48 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	13.200	0.0502	pay 0.0063% / 1h	14m 02s	$7.0M	$7.9M	50x
Short	Backpack LINK_USDC_PERP	13.201	0.0116	get 0.0015% / 1h	14m 02s	$366K	$372K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$81.05
Price spread: +0.010% → +0.026%: −$1.59
Slippage, 4 orders: −$15.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$118.06
Costs to cover: 0.354%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 10 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 Kraken Futures live order book, 5 min ago	2.66 bp	10.2 bp −$10	14.5 bp −$145	38.2 bp −$3,819	doesn't fit
Sell Backpack live order book, 10 min ago	0.38 bp	6.3 bp −$6	417.3 bp −$4,173	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 −0.0092% / S +0.0167%	1h	13.191	−0.064%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.178	−0.164%	$483K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.196	−0.031%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.193	−0.051%	$134K	—	150x	as long as short
dYdX LINK-USD	+0.0016%	1h	13.180	−0.148%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.185	−0.113%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.058%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.187	−0.096%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.196	−0.028%	$2.1M	$2.4M	10x	as long as short
Variational Omni LINK	+0.0097%	8h	13.185	−0.112%	$3.3M	$1.5M	—	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.176	−0.181%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.177	−0.170%	$401K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.203	+0.025%	$78.1M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.192	−0.055%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.179	−0.158%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.191	−0.069%	$122.5M	$301.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.183	−0.126%	$84.9M	$69.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.185	−0.111%	$28.0M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.195	−0.035%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.191	−0.066%	$131.0M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.190	−0.073%	$37.4M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.193	−0.051%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.185	−0.111%	$54.6M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.190	−0.073%	—	$21.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.188	−0.086%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.187	−0.096%	$595K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.197	−0.020%	$154K	$664K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.188	−0.088%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.187	−0.093%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.206	+0.050%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.192	−0.058%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.166	−0.254%	$647K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.181	−0.140%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.193	−0.049%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.191	−0.066%	$992K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0116%	1h	13.201	+0.010%	$366K	$372K	15x
BloFin LINK-USDT	+0.0220%	8h	13.179	−0.157%	$5.3M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.186	−0.101%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0462%	8h	13.204	+0.033%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0502%	1h	13.200	long leg	$7.0M	$7.9M	50x