LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0264%/8h= +28.9% APRnext payment +$0.33 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Nado+0.015%7-day average +0.049% · 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−$31as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.218%−$22 · spread now +0.015%, 7d avg +0.049%

Together, before fees−0.215%+ Points / potential airdropNado: Active · farm board−$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.034% cheaper against Nado than usual: you would sell low and buy high (spread +0.015% now, against its 7-day average of +0.049%). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$8 a day). At the pace of the last 3 days (+0.002% in total) that is about 47 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.002% in total (about 0.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.33 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	Nado LINK-PERP	13.245	0.0100	pay 0.0012% / 1h	47m 51s	$406K	$311K	10x
Short	Backpack LINK_USDC_PERP	13.247	0.0364	get 0.0046% / 1h	47m 51s	$366K	$379K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.015%Rate

Funding earned: $55.49
Price spread: +0.015% → +0.049%: −$3.39
Slippage, 4 orders: −$10.47
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $24.62
Costs to cover: 0.275%
Break-even: 3.9 days

Slippage from Nado: live order book, 30 min ago; Backpack: live order book, 31 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 Nado live order book, 30 min ago	1.14 bp	7.6 bp −$8	23.2 bp −$232	doesn't fit	doesn't fit
Sell Backpack live order book, 31 min ago	0.38 bp	6.0 bp −$6	441.4 bp −$4,414	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 −0.0090% / S +0.0167%	1h	13.237	−0.060%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.231	−0.107%	$475K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.240	−0.039%	$726K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.237	−0.063%	$135K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.240	−0.039%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.380%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.237	−0.060%	$134K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.236	−0.071%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.236	−0.067%	$32K	$3K	20x	as long as short
Nado LINK-PERPlong	+0.0100%	1h	13.245	long leg	$406K	$311K	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.237	−0.058%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.244	−0.008%	$278K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.234	−0.083%	$123.3M	$303.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.231	−0.106%	$85.4M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.235	−0.076%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.255	+0.076%	$186K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.234	−0.083%	$131.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.238	−0.053%	$36.8M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.241	−0.030%	$22.7M	$15.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.232	−0.098%	$55.1M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.235	−0.076%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.238	−0.054%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.245	−0.001%	$44K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.244	−0.010%	$599K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.251	+0.045%	$154K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.242	−0.023%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.233	−0.090%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.251	+0.042%	$35K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.236	−0.068%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.229	−0.119%	$651K	$888K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.228	−0.127%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.239	−0.042%	$555K	$2K	3x	as long as short
dYdX LINK-USD	+0.0152%	1h	13.239	−0.045%	$351K	$48K	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.233	−0.091%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.236	−0.068%	$5.2M	$17.3M	75x	as long as short
Hyperliquid LINK	+0.0289%	1h	13.251	+0.045%	$78.4M	$24.0M	10x	as long as short
Backpack LINK_USDC_PERPshort	+0.0364%	1h	13.247	+0.015%	$366K	$379K	15x
Reya LINKRUSDPERP	+0.0378%	1h	13.236	−0.069%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0463%	8h	13.252	+0.053%	$20.5M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0474%	1h	13.242	−0.021%	$7.0M	$8.2M	50x	as long as short