LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0444%/8h= −48.6% APRnext payment −$4.44 per $10,000 · paid last 24h −0.082%

Price spread now: Binance against Phemex−0.032%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now −0.032%, 7d avg −0.098%

Together, before fees−0.428%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.067% dearer against Phemex than usual: you sell high and buy low (spread −0.032% now, against its 7-day average of −0.098%): +$7 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.294% in total) that is about 38 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.294% in total (about -15.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.44 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	Phemex LINKUSDT	12.969	0.0544	pay 0.0544% / 8h	4h 03m	$20.0M	$11.4M	50x
Short	Binance LINKUSDT	12.965	0.0100	get 0.0100% / 8h	4h 03m	$119.9M	$297.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phemex. 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 PhemexbpFee BinancebpOrdersPrice spread, now −0.032%Rate

Funding earned: −$93.21
Price spread: −0.032% → −0.098%: $6.65
Slippage, 4 orders: −$12.64
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$121.19
Costs to cover: 0.346%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Binance: live order book, 10 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 Phemex live order book, 5 min ago	0.38 bp	12.7 bp −$13	17.3 bp −$173	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.38 bp	5.4 bp −$5	8.7 bp −$87	38.2 bp −$3,822	129.1 bp −$64.6K

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	12.951	−0.137%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.951	−0.138%	$521K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.947	−0.166%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.387%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0054%	8h	12.949	−0.154%	$117K	$1.2M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.958	−0.085%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.961	−0.062%	$941K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.978	+0.070%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.942	−0.206%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.943	−0.200%	$391K	$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	12.959	−0.075%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.944	−0.195%	$274K	$178K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	12.965	−0.032%	$119.9M	$297.5M	75x
Bybit LINKUSDT	+0.0100%	8h	12.959	−0.077%	$83.6M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.959	−0.077%	$27.4M	$81.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.962	−0.054%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.958	−0.085%	$128.3M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.963	−0.046%	$32.8M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.964	−0.039%	$22.7M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.959	−0.077%	$53.9M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.961	−0.062%	—	$6.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.966	−0.023%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.943	−0.199%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	−0.070%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	−0.086%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.966	−0.023%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.960	−0.069%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.949	−0.158%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.972	+0.019%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.953	−0.123%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.889	−0.617%	$632K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.957	−0.090%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.952	−0.135%	$543K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.941	−0.216%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0229%	1h	12.956	−0.098%	$779K	$202K	50x	as long as short
Hyperliquid LINK	+0.0386%	1h	12.974	+0.039%	$81.2M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.952	−0.131%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.963	−0.046%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0421%	1h	12.943	−0.199%	$343K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0544%	8h	12.969	long leg	$20.0M	$11.4M	50x