Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0229%/8h= −25.0% APRpaid last 24h −0.108%

Price spread now: Lighter against Phemex−0.063%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.418%−$42 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.063%, 7d avg −0.108%

Together, before fees−0.502%+ Points / potential airdropLighter: Season 3 · farm board−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.045% dearer against Phemex than usual: you sell high and buy low (spread −0.063% now, against its 7-day average of −0.108%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	12.945	0.0325	pay 0.0325% / 8h	7h 22m	$20.0M	$11.4M	50x
Short	Lighter LINK	12.937	0.0096	get 0.0012% / 1h	22m 55s	$1.9M	$2.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$48
Price spread: −0.063% → −0.108%: $4.48
Slippage, 4 orders: −$19.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$75.17
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Lighter: 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 Phemex live order book, 6 min ago	2.34 bp	9.9 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	3.96 bp	5.1 bp −$5	12.0 bp −$120	68.9 bp −$6,886	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
Orderly PERP_LINK_USDC	−0.0122%	8h	12.928	−0.131%	$91K	$936K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.934	−0.084%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.921	−0.182%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.931	−0.110%	$106K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.210%	$4K	$48K	12x	as long as short
Bybit LINKUSDT	+0.0040%	8h	12.943	−0.015%	$83.7M	$72.5M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.939	−0.047%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.845	−0.775%	$3K	$85K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.937	−0.063%	$1.9M	$2.9M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.916	−0.221%	$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	12.912	−0.251%	$348K	$335K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.950	+0.039%	$80.9M	$27.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.935	−0.077%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.913	−0.247%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.937	−0.062%	$119.4M	$295.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.943	−0.015%	$27.1M	$79.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.927	−0.139%	$181K	$100K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.936	−0.070%	$134.3M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.931	−0.108%	$35.1M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.939	−0.046%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.943	−0.015%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.933	−0.093%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.943	−0.015%	$336K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.835	−0.850%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.860	−0.658%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.865	−0.617%	$588K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.850	−0.734%	$131K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.922	−0.178%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−0.948%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.952	+0.053%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.936	−0.070%	$11K	$58K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.900	−0.348%	$630K	$698K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.928	−0.130%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.936	−0.070%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.938	−0.054%	$927K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.929	−0.124%	$5.3M	$15.9M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0268%	1h	12.944	−0.009%	$810K	$266K	50x	as long as short
Phemex LINKUSDTlong	+0.0325%	8h	12.945	long leg	$20.0M	$11.4M	50x
Reya LINKRUSDPERP	+0.0403%	1h	12.920	−0.189%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1327%	1h	12.868	−0.596%	$346K	$49K	10x	as long as short