LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h −0.020%

Price spread now: Backpack against Kraken Futures−0.090%51s7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.375% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.090%, 7d avg +0.025%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.115% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of +0.025%). If the spread goes back, that is −$11 on $10k: about 7.5 days of funding at the current rate (+$2 a day). The two prices were read 51 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	Kraken Futures PF_LINKUSD	12.920	0.0049	pay 0.0006% / 1h	51m 20s	$6.4M	$8.4M	50x
Short	Backpack LINK_USDC_PERP	12.908	0.0100	get 0.0013% / 1h	51m 20s	$335K	$385K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.090%Rate

Funding earned: $10.7
Price spread: −0.090% → +0.025%: −$11.47
Slippage, 4 orders: −$17.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.28
Costs to cover: 0.375%
Break-even: 32.0 days

Slippage from Kraken Futures: live order book, 3 min ago; Backpack: live order book, 47 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 Kraken Futures live order book, 3 min ago	2.33 bp	9.2 bp −$9	13.4 bp −$134	38.2 bp −$3,822	doesn't fit
Sell Backpack live order book, 47 min ago	0.39 bp	7.9 bp −$8	882.0 bp −$8,820	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
Orderly PERP_LINK_USDC	−0.0106%	8h	12.908	−0.090%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.915	−0.032%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.908	−0.087%	$514K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.915	−0.035%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.022%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0049%	1h	12.920	long leg	$6.4M	$8.4M	50x
Phoenix LINK	+0.0087%	1h	12.911	−0.064%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.915	−0.033%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.904	−0.117%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.915	−0.034%	$349K	$336K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.922	+0.019%	$80.7M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.916	−0.025%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.905	−0.113%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.917	−0.022%	$119.3M	$297.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.912	−0.059%	$83.7M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.916	−0.028%	$27.1M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.925	+0.042%	$181K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.916	−0.028%	$134.0M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.916	−0.028%	$34.9M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.920	+0.003%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.913	−0.051%	$53.8M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.916	−0.028%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.908	−0.090%	$335K	$385K	15x
Variational Omni LINK	+0.0100%	8h	12.891	−0.218%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.901	−0.147%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.904	−0.117%	$582K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.910	−0.074%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.919	−0.005%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.919	−0.002%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.930	+0.080%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.915	−0.036%	$11K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.892	−0.213%	$630K	$751K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.910	−0.076%	$615K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.916	−0.024%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.908	−0.090%	$929K	$3.1M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0191%	1h	12.922	+0.021%	$808K	$268K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.912	−0.059%	$5.3M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.913	−0.051%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0578%	1h	12.900	−0.150%	$344K	$45K	10x	as long as short
Phemex LINKUSDT	+0.0582%	8h	12.929	+0.073%	$20.0M	$11.5M	50x	as long as short