LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0082%/8h= +9.0% APRnext payment +$0.10 per $10,000 · paid last 24h +0.025%

Price spread now: Backpack against Injective+4.218%48s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Backpack

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 4.218% dearer against Injective than usual: you sell high and buy low: +$422 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.944%, so the current rate has only just turned in your favour. The two prices were read 48 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	Injective LINK/USDC PERP	12.400	0.0033	pay 0.0004% / 1h	51m 17s	$4K	$48K	12x
Short	Backpack LINK_USDC_PERP	12.923	0.0116	get 0.0014% / 1h	51m 17s	$339K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +4.218%Rate

Funding earned: $17.28
Price spread: +4.218% → 0.000%: $421.77
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $429.03
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 7 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 7 min ago	0.39 bp	12.6 bp −$13	3894.0 bp −$38.9K	doesn't fit	doesn't fit

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 −0.0090% / S +0.0167%	1h	12.911	+4.122%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.917	+4.172%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.910	+4.110%	$158K	—	150x	as long as short
Injective LINK/USDC PERPlong	+0.0033%	1h	12.400	long leg	$4K	$48K	12x
Orderly PERP_LINK_USDC	+0.0061%	8h	12.908	+4.097%	$116K	$1.3M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0091%	1h	12.913	+4.134%	$771K	$189K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.908	+4.099%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+4.468%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.947	+4.410%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.910	+4.109%	$31K	$2K	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	12.905	+4.075%	$390K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.914	+4.142%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.909	+4.108%	$272K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.911	+4.120%	$119.4M	$296.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.906	+4.081%	$83.3M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.907	+4.089%	$27.2M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.928	+4.258%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.911	+4.121%	$127.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.914	+4.145%	$32.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.916	+4.161%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.906	+4.081%	$53.6M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.913	+4.137%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+4.487%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	+4.383%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.939	+4.343%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.945	+4.395%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.919	+4.185%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.907	+4.091%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.925	+4.235%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	+4.105%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.894	+3.985%	$631K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.901	+4.040%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.911	+4.119%	$541K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0116%	1h	12.923	+4.218%	$339K	$388K	15x
BloFin LINK-USDT	+0.0220%	8h	12.917	+4.169%	$5.2M	$15.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.909	+4.109%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0396%	1h	12.912	+4.129%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0407%	1h	12.926	+4.242%	$81.0M	$27.4M	10x	as long as short
Phemex LINKUSDT	+0.0621%	8h	12.926	+4.242%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0727%	1h	12.907	+4.086%	$342K	$30K	10x	as long as short