LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0003%/8h= +0.3% APRnext payment +$0.00 per $10,000 · paid last 24h −0.034%

Price spread now: Phoenix against Lighter−0.025%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

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: Phoenix is 0.025% cheaper against Lighter than usual: you would sell low and buy high, −$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	Lighter LINK	12.923	0.0096	pay 0.0012% / 1h	52m 48s	$1.9M	$2.8M	10x
Short	Phoenix LINK	12.920	0.0099	get 0.0012% / 1h	52m 48s	$3K	$84K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.025%Rate

Funding earned: $0.6
Price spread: −0.025% → 0.000%: −$2.48
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8.88
Costs to cover: 0.070%
Break-even: 111.2 days

Slippage unknown: Lighter: live order book, 4 min ago; Phoenix: no order-book sample. 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 Lighter live order book, 4 min ago	2.22 bp	3.6 bp −$4	10.0 bp −$100	69.6 bp −$6,959	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 −0.0090% / S +0.0167%	1h	12.942	+0.150%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.950	+0.206%	$489K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.943	+0.152%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.047%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0051%	1h	12.947	+0.190%	$773K	$189K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0061%	8h	12.942	+0.147%	$117K	$1.4M	20x	as long as short
Lighter LINKlong	+0.0096%	1h	12.923	long leg	$1.9M	$2.8M	10x
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.954	+0.240%	$943K	$2.7M	50x	as long as short
Phoenix LINKshort	+0.0099%	1h	12.920	−0.025%	$3K	$84K	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.921	−0.012%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.943	+0.151%	$391K	$310K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.939	+0.126%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.926	+0.024%	$273K	$173K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.922	−0.008%	$119.6M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.915	−0.062%	$83.4M	$71.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.918	−0.039%	$27.3M	$81.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.959	+0.279%	$181K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.940	+0.132%	$127.9M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.921	−0.015%	$32.2M	$55.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.939	+0.124%	$22.8M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.934	+0.085%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.936	+0.101%	—	$22.4M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.956	+0.258%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.951	+0.216%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.944	+0.163%	$583K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	−0.093%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.949	+0.201%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.944	+0.163%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.957	+0.260%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.943	+0.155%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.933	+0.077%	$633K	$703K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.936	+0.097%	$637K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.944	+0.162%	$543K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0137%	1h	12.947	+0.186%	$339K	$388K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.937	+0.108%	$5.3M	$15.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0388%	1h	12.941	+0.138%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0395%	1h	12.945	+0.171%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0436%	1h	12.951	+0.220%	$81.5M	$27.2M	10x	as long as short
dYdX LINK-USD	+0.0597%	1h	12.926	+0.026%	$342K	$30K	10x	as long as short
Phemex LINKUSDT	+0.0611%	8h	12.956	+0.255%	$20.0M	$11.4M	50x	as long as short