LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.027%

Price spread now: Deribit against Lighter−0.011%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Lighter Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now −0.011%, 7d avg +0.016%

Together, before fees−0.022%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.027% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.081	0.0096	pay 0.0012% / 1h	48m 52s	$2.1M	$2.4M	10x
Short	Deribit LINK_USDC-PERPETUAL	13.080	0	get 0.0000% / 1h	48m 52s	$701K	$111K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Lighter. 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 LighterbpFee DeribitbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$20.16
Price spread: −0.011% → +0.016%: −$2.68
Slippage, 4 orders: −$16.19
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$46.03
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Deribit: live order book, 40 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 Lighter live order book, 3 min ago	2.65 bp	2.7 bp −$3	10.5 bp −$105	83.7 bp −$8,370	doesn't fit
Sell Deribit live order book, 40 min ago	3.78 bp	10.3 bp −$10	doesn't fit	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
GMX LINK/USD [LINK-USDC]	L −0.0091% / S +0.0165%	1h	13.075	−0.049%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.091	+0.074%	$456K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALshort	0.0000%	1h	13.080	−0.011%	$701K	$111K	50x
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.078	−0.027%	$82K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.073	−0.063%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.209%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0037%	8h	13.058	−0.182%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0055%	8h	13.069	−0.095%	$134K	$1.6M	20x	as long as short
dYdX LINK-USD	+0.0071%	1h	13.083	+0.009%	$347K	$60K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	13.081	long leg	$2.1M	$2.4M	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.076	−0.038%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.076	−0.041%	$397K	$319K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.082	+0.005%	$77.3M	$23.5M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.080	−0.009%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.080	−0.011%	$274K	$153K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.086	+0.035%	$121.0M	$301.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.088	+0.050%	$84.5M	$69.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.091	+0.073%	$27.6M	$84.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.093	+0.089%	$184K	$171K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.078	−0.026%	$130.3M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.083	+0.012%	$35.5M	$55.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.085	+0.028%	$21.9M	$16.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.081	−0.003%	$54.1M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.085	+0.028%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.086	+0.035%	$362K	$371K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.089	+0.060%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.062	−0.149%	$588K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.060	−0.164%	$152K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.082	+0.005%	$79K	$63K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.075	−0.052%	$22K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.086	+0.035%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.076	−0.041%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.059	−0.167%	$639K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.082	+0.008%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.080	−0.011%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.083	+0.012%	$987K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.081	−0.003%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.076	−0.042%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.084	+0.017%	$6.9M	$7.7M	50x	as long as short
Phemex LINKUSDT	+0.0510%	8h	13.092	+0.081%	$20.2M	$11.5M	50x	as long as short