LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0059%/8h= −6.5% APRnext payment −$0.07 per $10,000 · paid last 24h −0.010%

Price spread now: Coinbase International against Backpack−0.121%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$390.391% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 3 days (all we have)+0.141%+$14 · spread now −0.121%, 7d avg −0.023%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Coinbase International is 0.099% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.190	0.0179	pay 0.0022% / 1h	14m 39s	$365K	$363K	15x
Short	Coinbase International LINK-PERP-INTX	13.174	0.0120	get 0.0015% / 1h	14m 39s	$1.0M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$12.43
Price spread: −0.121% → −0.023%: −$9.86
Slippage, 4 orders: −$19.07
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$61.36
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; Coinbase International: 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 Backpack live order book, 59 min ago	0.38 bp	7.0 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	3.05 bp	11.0 bp −$11	15.2 bp −$152	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 −0.0091% / S +0.0167%	1h	13.180	−0.078%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.182	−0.061%	$469K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.180	−0.074%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.989%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.142	−0.368%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.179	−0.083%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.189	−0.007%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0099%	8h	13.231	+0.314%	$32K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.178	−0.087%	$404K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.190	+0.001%	$1.4M	$3.0M	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	13.191	+0.011%	$276K	$154K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.196	+0.045%	$122.5M	$299.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.193	+0.023%	$85.0M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.196	+0.045%	$27.6M	$84.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.207	+0.129%	$185K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.192	+0.015%	$130.7M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.191	+0.008%	$37.1M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.195	+0.038%	$23.1M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.187	−0.023%	$54.7M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.192	+0.015%	—	$21.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.154	−0.269%	$3.4M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.139	−0.383%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.140	−0.377%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.150	−0.303%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.186	−0.030%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.177	−0.095%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.196	+0.042%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.181	−0.068%	$14K	$32K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.162	−0.213%	$649K	$867K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.184	−0.045%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.183	−0.051%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0120%	1h	13.174	−0.121%	$1.0M	$2.7M	50x
Deribit LINK_USDC-PERPETUAL	+0.0122%	1h	13.188	−0.017%	$783K	$211K	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0179%	1h	13.190	long leg	$365K	$363K	15x
BloFin LINK-USDT	+0.0220%	8h	13.184	−0.045%	$5.2M	$15.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0364%	1h	13.189	−0.007%	$6.9M	$8.0M	50x	as long as short
Reya LINKRUSDPERP	+0.0382%	1h	13.180	−0.073%	$5K	—	20x	as long as short
dYdX LINK-USD	+0.0447%	1h	13.190	−0.004%	$349K	$48K	10x	as long as short
Hyperliquid LINK	+0.0559%	1h	13.202	+0.091%	$81.5M	$25.0M	10x	as long as short
Phemex LINKUSDT	+0.0600%	8h	13.197	+0.053%	$20.4M	$11.6M	50x	as long as short