LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0757%/8h= +82.9% APRnext payment +$0.95 per $10,000 · paid last 24h +0.035%

Price spread now: dYdX against Lighter+0.056%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$840.836% of the position

Long on Lighter Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.411%+$41 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.056%, 7d avg +0.019%

Together, before fees+0.373%+ Points / potential airdropLighter: Season 3 · farm board+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and dYdX is 0.037% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.019%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.411% in total (about 21.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.95 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.910	0.0096	pay 0.0012% / 1h	11m 11s	$1.9M	$2.8M	10x
Short	dYdX LINK-USD	12.917	0.0853	get 0.0107% / 1h	11m 11s	$343K	$32K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.056%Rate

Funding earned: $159.05
Price spread: +0.056% → +0.019%: $3.67
Slippage, 4 orders: −$73.64
Fee Lighter: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: $79.09
Costs to cover: 0.836%
Break-even: 3.5 days

Slippage from Lighter: live order book, 6 min ago; dYdX: live order book, 43 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, 6 min ago	3.19 bp	3.3 bp −$3	9.8 bp −$98	77.5 bp −$7,745	doesn't fit
Sell dYdX live order book, 43 min ago	33.30 bp	38.3 bp −$38	149.8 bp −$1,498	173.8 bp −$17.4K	212.3 bp −$106.1K

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	12.907	−0.020%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.918	+0.062%	$491K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.907	−0.022%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.950%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0051%	8h	12.905	−0.039%	$115K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.940	+0.235%	$3K	$82K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	12.910	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.910	−0.003%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.917	+0.054%	$390K	$307K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.914	+0.034%	$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	12.918	+0.062%	$277K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.910	+0.001%	$119.8M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.906	−0.031%	$83.3M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.907	−0.023%	$27.3M	$80.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.929	+0.147%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.909	−0.008%	$127.9M	$13.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.911	+0.008%	$33.2M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.915	+0.039%	$22.7M	$13.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.909	−0.008%	$53.8M	$29.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.906	−0.031%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.913	+0.023%	$338K	$391K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.933	+0.180%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.934	+0.183%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.932	+0.170%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.936	+0.201%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.913	+0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.904	−0.043%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.917	+0.057%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.911	+0.008%	$9K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.898	−0.095%	$633K	$679K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.906	−0.033%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.911	+0.004%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.923	+0.101%	$921K	$2.7M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0199%	1h	12.915	+0.035%	$784K	$210K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.917	+0.054%	$5.2M	$15.7M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.914	+0.029%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0303%	1h	12.921	+0.085%	$80.6M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0393%	1h	12.907	−0.023%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0563%	8h	12.925	+0.116%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USDshort	+0.0853%	1h	12.917	+0.056%	$343K	$32K	10x