LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0017%/8h= +1.8% APRnext payment +$0.02 per $10,000 · paid last 24h +0.042%

Price spread now: Backpack against Phoenix+0.025%80s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 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 +$1 a day on $10k at the current rate, and Backpack is 0.025% dearer against Phoenix than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 80 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	Phoenix LINK	12.920	0.0099	pay 0.0012% / 1h	51m 59s	$3K	$84K	10x
Short	Backpack LINK_USDC_PERP	12.923	0.0116	get 0.0014% / 1h	51m 59s	$339K	$388K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: $3.52
Price spread: +0.025% → 0.000%: $2.48
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11
Costs to cover: 0.170%
Break-even: 28.9 days

Slippage unknown: Phoenix: 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 Phoenix 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

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	12.917	−0.022%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.933	+0.099%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.919	−0.009%	$158K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.023%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.915	−0.037%	$116K	$1.4M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0067%	1h	12.923	+0.022%	$771K	$189K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.918	−0.014%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.265%	$943K	$2.7M	50x	as long as short
Phoenix LINKlong	+0.0099%	1h	12.920	long leg	$3K	$84K	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.921	+0.013%	$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	12.918	−0.018%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.924	+0.035%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.926	+0.049%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.919	−0.006%	$119.5M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.914	−0.045%	$83.4M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.917	−0.022%	$27.3M	$81.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.936	+0.125%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.917	−0.022%	$127.6M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.918	−0.014%	$32.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.922	+0.017%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.914	−0.045%	$53.7M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.916	−0.029%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.283%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.951	+0.241%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	+0.188%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.068%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.932	+0.094%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.917	−0.024%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.934	+0.111%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.916	−0.029%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.913	−0.050%	$632K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.913	−0.056%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.919	−0.007%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0116%	1h	12.923	+0.025%	$339K	$388K	15x
BloFin LINK-USDT	+0.0220%	8h	12.937	+0.133%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.925	+0.040%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.920	+0.005%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0421%	1h	12.933	+0.102%	$81.4M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0597%	1h	12.926	+0.050%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0615%	8h	12.933	+0.102%	$19.9M	$11.4M	50x	as long as short