LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0296%/8h= −32.4% APRnext payment −$0.37 per $10,000 · paid last 24h 0.000%

Price spread now: Arcus against Backpack+0.023%7-day average +0.027% · 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−$43as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Backpack Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now +0.023%, 7d avg +0.027%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.001% in total (about -0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 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	Backpack LINK_USDC_PERP	13.260	0.0396	pay 0.0049% / 1h	54m 44s	$366K	$380K	15x
Short	Arcus LINK-USD	13.263	0.0100	get 0.0013% / 1h	54m 44s	$186K	$172K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$62.07
Price spread: +0.023% → +0.027%: −$0.41
Slippage, 4 orders: −$28.41
Fee Backpack: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$105.39
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Backpack: live order book, 24 min ago; Arcus: live order book, 23 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	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 23 min ago	6.07 bp	8.5 bp −$8	17.0 bp −$170	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	13.251	−0.071%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.261	+0.009%	$484K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.251	−0.070%	$135K	—	150x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0022%	1h	13.255	−0.036%	$727K	$128K	50x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−6.486%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.224	−0.272%	$4K	$84K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.249	−0.083%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0046%	1h	13.251	−0.070%	$351K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.251	−0.069%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.250	−0.077%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.252	−0.060%	$405K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.255	−0.035%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.253	−0.052%	$278K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.249	−0.083%	$123.4M	$303.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.243	−0.128%	$85.6M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.249	−0.083%	$28.0M	$86.1M	50x	as long as short
Arcus LINK-USDshort	+0.0100%	1h	13.263	+0.023%	$186K	$172K	10x
Gate LINK_USDT	+0.0100%	8h	13.250	−0.075%	$131.3M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.254	−0.045%	$36.9M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.253	−0.053%	$22.6M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.251	−0.068%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.254	−0.045%	—	$21.2M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.231	−0.221%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.228	−0.241%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.231	−0.218%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.228	−0.241%	$154K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.260	0.000%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.246	−0.105%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.264	+0.032%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.250	−0.075%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.229	−0.235%	$651K	$892K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.250	−0.072%	$670K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.253	−0.056%	$556K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.239	−0.158%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.247	−0.098%	$5.3M	$17.2M	75x	as long as short
Hyperliquid LINK	+0.0322%	1h	13.268	+0.060%	$78.4M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.253	−0.054%	$5K	—	20x	as long as short
Backpack LINK_USDC_PERPlong	+0.0396%	1h	13.260	long leg	$366K	$380K	15x
Phemex LINKUSDT	+0.0463%	8h	13.264	+0.030%	$20.5M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0474%	1h	13.256	−0.034%	$7.0M	$8.2M	50x	as long as short