LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.025%

Price spread now: Injective against Backpack−4.564%72s7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.944%+$94 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 4.564% cheaper against Backpack than usual: you would sell low and buy high (−$456 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.944%, so the current rate has only just turned against you. The two prices were read 72 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	Backpack LINK_USDC_PERP	12.993	0.0100	pay 0.0013% / 1h	1m 36s	$340K	$387K	15x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	1m 36s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.564%Rate

Funding earned: −$14
Price spread: −4.564% → 0.000%: −$456.4
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$480.42
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 57 min ago; Injective: no order-book sample. 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 Backpack live order book, 57 min ago	0.39 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	12.978	−0.112%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.980	−0.102%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.979	−0.111%	$185K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−4.564%	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0054%	8h	12.980	−0.100%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.995	+0.015%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.982	−0.085%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.952	−0.315%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.995	+0.017%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	−0.135%	$392K	$310K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.985	−0.061%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.999	+0.043%	$276K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.999	+0.046%	$120.2M	$297.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.995	+0.015%	$83.9M	$72.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.000	+0.054%	$27.5M	$81.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.012	+0.146%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.998	+0.038%	$128.7M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.999	+0.046%	$32.9M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.999	+0.046%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.000	+0.054%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.999	+0.046%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.993	long leg	$340K	$387K	15x
Variational Omni LINK	+0.0100%	8h	12.943	−0.383%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.382%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	−0.271%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.944	−0.377%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.984	−0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.981	−0.091%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	−0.016%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.986	−0.054%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.912	−0.627%	$634K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.993	−0.002%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.988	−0.040%	$545K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.972	−0.162%	$5.3M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0351%	1h	12.991	−0.015%	$781K	$202K	50x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.976	−0.127%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0391%	1h	13.005	+0.092%	$81.4M	$27.4M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0393%	1h	12.989	−0.029%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0455%	1h	12.991	−0.015%	$344K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0535%	8h	13.001	+0.062%	$20.1M	$11.4M	50x	as long as short