LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0380%/8h= +41.6% APRnext payment +$0.48 per $10,000 · paid last 24h +0.008%

Price spread now: Kraken Futures against Lighter+0.058%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 3 days (all we have)+0.055%+$6 · spread now +0.058%, 7d avg +0.030%

Together, before fees+0.173%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Kraken Futures is 0.027% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.030%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.117% in total (about 6.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.48 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	13.178	0.0096	pay 0.0012% / 1h	0m 20s	$2.0M	$2.8M	10x
Short	Kraken Futures PF_LINKUSD	13.186	0.0476	get 0.0060% / 1h	0m 20s	$6.9M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.058%Rate

Funding earned: $79.83
Price spread: +0.058% → +0.030%: $2.72
Slippage, 4 orders: −$16.57
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $55.98
Costs to cover: 0.266%
Break-even: 2.1 days

Slippage from Lighter: live order book, 7 min ago; Kraken Futures: live order book, 4 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, 7 min ago	1.13 bp	1.4 bp −$1	6.8 bp −$68	70.5 bp −$7,053	doesn't fit
Sell Kraken Futures live order book, 4 min ago	3.04 bp	13.1 bp −$13	17.2 bp −$172	49.3 bp −$4,931	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 +0.0167%	1h	13.182	+0.024%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.187	+0.064%	$478K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.183	+0.035%	$730K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.183	+0.031%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.136	−0.319%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.907%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.177	−0.011%	$133K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.178	long leg	$2.0M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.178	−0.001%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.178	−0.004%	$402K	$311K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.185	+0.051%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.184	+0.045%	$277K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.176	−0.019%	$122.4M	$306.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.176	−0.019%	$85.1M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.174	−0.034%	$27.9M	$86.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.194	+0.118%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.180	+0.012%	$130.6M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.181	+0.019%	$36.7M	$58.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.182	+0.027%	$22.8M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.178	−0.004%	$54.9M	$30.7M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.179	+0.004%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.177	−0.013%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.134	−0.338%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.096	−0.626%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.142	−0.277%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.185	+0.050%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.177	−0.013%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.195	+0.125%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.179	+0.004%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.146	−0.244%	$647K	$875K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.176	−0.019%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.182	+0.029%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.186	+0.057%	$1.0M	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0216%	1h	13.196	+0.133%	$364K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.180	+0.012%	$5.2M	$16.4M	75x	as long as short
Hyperliquid LINK	+0.0290%	1h	13.198	+0.148%	$78.7M	$24.3M	10x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.180	+0.010%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0466%	8h	13.190	+0.087%	$20.4M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0476%	1h	13.186	+0.058%	$6.9M	$8.2M	50x
dYdX LINK-USD	+0.0486%	1h	13.184	+0.042%	$349K	$48K	10x	as long as short