LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0383%/8h= +41.9% APRnext payment +$0.48 per $10,000 · paid last 24h −0.009%

Price spread now: Kraken Futures against Backpack−0.042%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 3 days (all we have)+0.155%+$15 · spread now −0.042%, 7d avg −0.026%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.051% in total (about -2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.48 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	13.183	0.0120	pay 0.0015% / 1h	20m 37s	$365K	$372K	15x
Short	Kraken Futures PF_LINKUSD	13.177	0.0503	get 0.0063% / 1h	20m 37s	$7.0M	$7.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.042%Rate

Funding earned: $80.33
Price spread: −0.042% → −0.026%: −$1.65
Slippage, 4 orders: −$17.08
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $41.6
Costs to cover: 0.371%
Break-even: 3.4 days

Slippage from Backpack: live order book, 3 min ago; Kraken Futures: live order book, 3 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, 3 min ago	0.38 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	2.28 bp	9.8 bp −$10	11.2 bp −$112	39.0 bp −$3,902	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 −0.0092% / S +0.0166%	1h	13.163	−0.148%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.171	−0.088%	$483K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.171	−0.090%	$714K	$120K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.165	−0.133%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0018%	1h	13.174	−0.066%	$349K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.159	−0.183%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.939%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.161	−0.167%	$135K	$1.6M	20x	as long as short
Variational Omni LINK	+0.0076%	8h	13.148	−0.265%	$3.3M	$1.5M	—	as long as short
Lighter LINK	+0.0096%	1h	13.179	−0.027%	$2.1M	$2.4M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.174	−0.071%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.165	−0.137%	$399K	$318K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.190	+0.053%	$78.0M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.178	−0.036%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.177	−0.043%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.174	−0.071%	$122.1M	$300.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.172	−0.083%	$84.8M	$69.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.173	−0.076%	$27.9M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.186	+0.023%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.178	−0.038%	$131.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.175	−0.061%	$37.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.180	−0.023%	$22.0M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.174	−0.068%	$54.5M	$30.1M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.175	−0.061%	—	$6.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.151	−0.240%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	−0.288%	$593K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.155	−0.212%	$153K	$663K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.170	−0.099%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.165	−0.138%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.183	−0.002%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.168	−0.114%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.158	−0.190%	$647K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.170	−0.099%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.169	−0.103%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.165	−0.137%	$988K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0120%	1h	13.183	long leg	$365K	$372K	15x
BloFin LINK-USDT	+0.0220%	8h	13.164	−0.144%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.156	−0.203%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0465%	8h	13.179	−0.030%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0503%	1h	13.177	−0.042%	$7.0M	$7.8M	50x