Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0394%/8h= +43.2% APRpaid last 24h +0.068%

Price spread now: Phemex against Lighter+0.122%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.353%+$35 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now +0.122%, 7d avg +0.111%

Together, before fees+0.403%+ Points / potential airdropLighter: Season 3 · farm board+$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.111%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.091	0.0096	pay 0.0012% / 1h	5m 37s	$2.0M	$2.7M	10x
Short	Phemex LINKUSDT	13.107	0.0490	get 0.0490% / 8h	5m 37s	$20.3M	$11.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.122%Rate

Funding earned: $82.79
Price spread: +0.122% → +0.111%: $1.02
Slippage, 4 orders: −$10.9
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: $60.91
Costs to cover: 0.229%
Break-even: 1.9 days

Slippage from Lighter: live order book, 6 min ago; Phemex: live order book, 3 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	1.47 bp	1.5 bp −$1	10.4 bp −$104	86.2 bp −$8,622	doesn't fit
Sell Phemex live order book, 3 min ago	0.76 bp	9.1 bp −$9	13.3 bp −$133	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 +0.0167%	1h	13.089	−0.014%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.104	+0.100%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.093	+0.017%	$725K	$139K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.091	−0.004%	$133K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.110	+0.141%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.279%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.086	−0.039%	$132K	$1.5M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	13.091	long leg	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.089	−0.012%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.095	+0.030%	$400K	$310K	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	13.100	+0.068%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.094	+0.019%	$275K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.089	−0.013%	$121.6M	$304.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.090	−0.008%	$84.4M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.092	+0.007%	$27.5M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.111	+0.152%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.090	−0.008%	$129.8M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.093	+0.015%	$36.1M	$58.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.095	+0.030%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.090	−0.008%	$54.4M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.090	−0.008%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.086	−0.041%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.104	+0.101%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.107	+0.122%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.106	+0.114%	$152K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.096	+0.038%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.087	−0.032%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.108	+0.128%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.089	−0.016%	$5K	$35K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.086	−0.035%	$644K	$880K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.089	−0.013%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.091	+0.001%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.111	+0.152%	$993K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0211%	1h	13.105	+0.106%	$362K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.097	+0.045%	$5.2M	$16.2M	75x	as long as short
Hyperliquid LINK	+0.0290%	1h	13.109	+0.137%	$77.8M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.087	−0.033%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.099	+0.061%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTshort	+0.0490%	8h	13.107	+0.122%	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0528%	1h	13.096	+0.034%	$347K	$48K	10x	as long as short