LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0171%/8h= +18.7% APRnext payment +$0.21 per $10,000 · paid last 24h +0.029%

Price spread now: Backpack against gTrade (Gains Network)−0.029%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$304as in the Price arb table

costs, in and out, $10k−$2982.981% of the position

Long on gTrade (Gains Network)Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.090%+$9 on $10k

Price spread, last 3 days (all we have)−0.052%−$5 · spread now −0.029%, 7d avg +0.035%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.064% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.035%). If the spread goes back, that is −$6 on $10k: about 30 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) LINK/USD	13.117	L +0.0004% / S −0.0006%	pay 0.0000% / 1h	30m 20s	$133K	—	150x
Short	Backpack LINK_USDC_PERP	13.113	0.0175	get 0.0022% / 1h	30m 20s	$363K	$375K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now −0.029%Rate

Funding earned: $35.92
Price spread: −0.029% → +0.035%: −$6.37
Slippage, 4 orders: −$278.09
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$268.54
Costs to cover: 2.981%
Break-even: 59.3 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 49 min ago; Backpack: live order book, 53 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 gTrade (Gains Network) virtual book (oracle venue), 49 min ago	130.05 bp	141.1 bp −$141	963.4 bp −$9,634	10292.3 bp −$1.03M	doesn't fit
Sell Backpack live order book, 53 min ago	0.38 bp	6.3 bp −$6	417.3 bp −$4,173	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	13.117	0.000%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.107	−0.073%	$347K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.123	+0.047%	$461K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.106	−0.079%	$716K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USDlong	L +0.0004% / S −0.0006%	1h	13.117	long leg	$133K	—	150x
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.465%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.134	+0.129%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.113	−0.029%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.108	−0.067%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.103	−0.106%	$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	13.106	−0.082%	$398K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.124	+0.055%	$77.3M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.118	+0.006%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.105	−0.091%	$275K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.115	−0.014%	$121.7M	$302.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.117	+0.002%	$84.6M	$70.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.119	+0.017%	$27.5M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.123	+0.047%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.114	−0.021%	$130.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.113	−0.029%	$36.3M	$56.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.117	+0.002%	$22.4M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.115	−0.014%	$54.6M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.117	+0.002%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.116	−0.007%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	+0.230%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.146	+0.223%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.154	+0.284%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.115	−0.014%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.113	−0.026%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.129	+0.093%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.104	−0.098%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.082	−0.269%	$643K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.104	−0.096%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.117	+0.004%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.123	+0.047%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0175%	1h	13.113	−0.029%	$363K	$375K	15x
BloFin LINK-USDT	+0.0220%	8h	13.097	−0.151%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.112	−0.037%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0476%	8h	13.122	+0.040%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0697%	1h	13.112	−0.040%	$6.9M	$8.1M	50x	as long as short