LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.003%

Price spread now: Lighter against Derive+0.021%7-day average — · you sell dearer than you buy

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

Long on Derive Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.021% dearer against Derive than usual: you sell high and buy low, +$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive LINK-PERP	12.929	0.0100	pay 0.0013% / 1h	13m 07s	$16K	$22K	10x
Short	Lighter LINK	12.932	0.0096	get 0.0012% / 1h	13m 07s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Derive. 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 DerivebpFee LighterbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$0.84
Price spread: +0.021% → 0.000%: $2.14
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$4.7
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Lighter: live order book, 4 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 Derive no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	3.19 bp	3.8 bp −$4	11.5 bp −$115	72.6 bp −$7,258	doesn't fit

Derive: 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	12.936	+0.052%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.940	+0.086%	$491K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.935	+0.048%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.093%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.931	+0.014%	$116K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.950	+0.163%	$3K	$82K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.932	+0.021%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.935	+0.044%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.935	+0.044%	$391K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.937	+0.058%	$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	12.937	+0.062%	$277K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.934	+0.040%	$120.0M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.929	−0.002%	$83.5M	$73.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.931	+0.014%	$27.3M	$80.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.953	+0.184%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.932	+0.021%	$128.1M	$13.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.933	+0.029%	$33.3M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.938	+0.068%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.933	+0.029%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.932	+0.021%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.938	+0.068%	$339K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.933	+0.031%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.942	+0.102%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.939	+0.075%	$581K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.962	+0.253%	$133K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.940	+0.083%	$81K	$70K	10x	as long as short
Derive LINK-PERPlong	+0.0100%	1h	12.929	long leg	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	12.948	+0.142%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.934	+0.037%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.910	−0.151%	$633K	$690K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.929	+0.001%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.935	+0.041%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.953	+0.184%	$924K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0106%	1h	12.939	+0.075%	$785K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.937	+0.060%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.937	+0.060%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0307%	1h	12.945	+0.122%	$80.8M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0393%	1h	12.933	+0.029%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0560%	8h	12.950	+0.161%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0836%	1h	12.933	+0.029%	$344K	$32K	10x	as long as short