LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0483%/8h= −52.9% APRnext payment −$4.83 per $10,000 · paid last 24h −0.082%

Price spread now: Orderly against Phemex−0.154%7-day average −0.073% · you buy dearer than you sell

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.248%−$25 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.154%, 7d avg −0.073%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Orderly is 0.081% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.248% in total (about -12.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.83 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	12.990	0.0536	pay 0.0536% / 8h	4h 02m	$20.1M	$11.4M	50x
Short	Orderly PERP_LINK_USDC	12.970	0.0054	get 0.0054% / 8h	4h 02m	$117K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.154%Rate

Funding earned: −$101.36
Price spread: −0.154% → −0.073%: −$8.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$127.46
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Orderly: 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 Phemex live order book, 6 min ago	0.38 bp	12.7 bp −$13	17.3 bp −$173	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 −0.0089% / S +0.0166%	1h	12.972	−0.140%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.988	−0.016%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.973	−0.127%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.542%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0054%	8h	12.970	−0.154%	$117K	$1.2M	20x
Lighter LINK	+0.0096%	1h	12.973	−0.128%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.982	−0.062%	$943K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.952	−0.292%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.970	−0.156%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.976	−0.108%	$392K	$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	12.975	−0.114%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.966	−0.183%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.974	−0.120%	$120.0M	$297.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.968	−0.169%	$83.7M	$72.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.971	−0.146%	$27.4M	$81.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.987	−0.023%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.973	−0.131%	$128.5M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.974	−0.123%	$32.8M	$57.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.978	−0.092%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.973	−0.131%	$54.0M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.972	−0.139%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.982	−0.062%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.943	−0.360%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.943	−0.359%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.958	−0.248%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.944	−0.354%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.980	−0.077%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.970	−0.152%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.991	+0.005%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.974	−0.123%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.960	−0.229%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.969	−0.159%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.976	−0.106%	$544K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.972	−0.139%	$5.3M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0274%	1h	12.979	−0.084%	$780K	$202K	50x	as long as short
Hyperliquid LINK	+0.0388%	1h	12.989	−0.008%	$81.3M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	12.971	−0.143%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.977	−0.097%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0449%	1h	12.960	−0.228%	$343K	$30K	10x	as long as short
Phemex LINKUSDTlong	+0.0536%	8h	12.990	long leg	$20.1M	$11.4M	50x