LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0290%/8h= −31.8% APRnext payment −$0.36 per $10,000 · paid last 24h −0.074%

Price spread now: Backpack against Reya+0.054%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Backpack is 0.054% dearer against Reya than usual: you sell high and buy low (spread +0.054% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya LINKRUSDPERP	12.925	0.0396	pay 0.0049% / 1h	15m 34s	$4K	—	20x
Short	Backpack LINK_USDC_PERP	12.932	0.0106	get 0.0013% / 1h	15m 34s	$337K	$390K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$60.91
Price spread: +0.054% → 0.000%: $5.38
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$71.53
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 33 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack live order book, 33 min ago	0.39 bp	7.9 bp −$8	507.7 bp −$5,077	doesn't fit	doesn't fit

Reya: 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 −0.0089% / S +0.0166%	1h	12.924	−0.012%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.926	+0.007%	$526K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.923	−0.016%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.062%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0036%	8h	12.918	−0.055%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.924	−0.006%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.928	+0.025%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.924	−0.008%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.918	−0.051%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.926	+0.011%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.930	+0.035%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.925	0.000%	$118.8M	$302.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.923	−0.016%	$83.4M	$73.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.924	−0.008%	$27.4M	$80.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.940	+0.116%	$181K	$97K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.923	−0.016%	$124.3M	$15.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.927	+0.015%	$32.9M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.929	+0.031%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.925	0.000%	$54.0M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.926	+0.007%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.920	−0.036%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.924	−0.007%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.927	+0.015%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.931	+0.046%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.931	+0.046%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.923	−0.015%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.935	+0.075%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.923	−0.016%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.900	−0.195%	$632K	$782K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.920	−0.039%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.923	−0.012%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERPshort	+0.0106%	1h	12.932	+0.054%	$337K	$390K	15x
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.923	−0.016%	$919K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.925	0.000%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0236%	1h	12.941	+0.123%	$80.6M	$27.7M	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0237%	1h	12.930	+0.039%	$801K	$246K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.928	+0.022%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERPlong	+0.0396%	1h	12.925	long leg	$4K	—	20x
Phemex LINKUSDT	+0.0567%	8h	12.937	+0.092%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0676%	1h	12.923	−0.014%	$344K	$33K	10x	as long as short