LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0026%/8h= +2.9% APRnext payment +$0.03 per $10,000 · paid last 24h +0.040%

Price spread now: Backpack against Phoenix−0.250%80s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$23 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.250% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.250% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$25 on $10k: about 32 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.235% in total) that is about 7.4 days. The two prices were read 80 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	Phoenix LINK	12.940	0.0074	pay 0.0009% / 1h	10m 00s	$3K	$82K	10x
Short	Backpack LINK_USDC_PERP	12.908	0.0100	get 0.0013% / 1h	10m 00s	$338K	$391K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.250%Rate

Funding earned: $5.49
Price spread: −0.250% → 0.000%: −$24.96
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.47
Costs to cover: 0.170%
Break-even: 53.5 days

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 44 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack live order book, 44 min ago	0.38 bp	9.3 bp −$9	154.5 bp −$1,545	doesn't fit	doesn't fit

Phoenix: 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	12.902	−0.299%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.910	−0.233%	$491K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.903	−0.291%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.175%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.900	−0.311%	$115K	$1.1M	20x	as long as short
Phoenix LINKlong	+0.0074%	1h	12.940	long leg	$3K	$82K	10x
Lighter LINK	+0.0096%	1h	12.904	−0.279%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.902	−0.293%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.903	−0.284%	$390K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.907	−0.254%	$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	12.906	−0.264%	$276K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.909	−0.245%	$119.8M	$300.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.904	−0.281%	$83.3M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.907	−0.257%	$27.3M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	−0.149%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.905	−0.273%	$127.9M	$13.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.909	−0.242%	$33.2M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.909	−0.242%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.909	−0.242%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.909	−0.242%	—	$22.5M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.908	−0.250%	$338K	$391K	15x
Variational Omni LINK	+0.0100%	8h	12.902	−0.295%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.934	−0.051%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.932	−0.064%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.936	−0.033%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.910	−0.234%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.900	−0.310%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	−0.202%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.904	−0.281%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.885	−0.427%	$632K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.903	−0.289%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.906	−0.264%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.923	−0.134%	$921K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0207%	1h	12.909	−0.246%	$786K	$213K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.917	−0.180%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.911	−0.223%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0302%	1h	12.918	−0.172%	$80.6M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0393%	1h	12.901	−0.306%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0566%	8h	12.922	−0.141%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0858%	1h	12.903	−0.289%	$343K	$32K	10x	as long as short