LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0359%/8h= −39.3% APRnext payment −$0.45 per $10,000 · paid last 24h −0.042%

Price spread now: Phoenix against Backpack−0.272%7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.239%−$24 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 −$11 a day on $10k at the current rate, and Phoenix is 0.272% cheaper against Backpack than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.239% in total (about -12.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.45 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 54s	$366K	$380K	15x
Short	Phoenix LINK	13.224	0.0037	get 0.0005% / 1h	54m 54s	$4K	$84K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.272%Rate

Funding earned: −$75.39
Price spread: −0.272% → 0.000%: −$27.22
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$119.61
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 24 min ago; Phoenix: 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, 24 min ago	0.38 bp	6.9 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 −0.0090% / 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 LINKshort	+0.0037%	1h	13.224	−0.272%	$4K	$84K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.249	−0.083%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0058%	1h	13.251	−0.070%	$351K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.250	−0.077%	$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	13.254	−0.048%	$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	13.255	−0.038%	$123.4M	$303.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.251	−0.068%	$85.6M	$70.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.254	−0.045%	$28.0M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.263	+0.023%	$186K	$172K	10x	as long as short
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	13.252	−0.060%	$55.2M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.252	−0.060%	—	$6.6M	—	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	+0.0324%	1h	13.265	+0.038%	$78.4M	$24.1M	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