Funding you earn now, next payment 23:00 UTC+0.0467%/8h= +51.2% APRnext payment +$0.58 per $10,000 · paid last 24h +0.045%
Price spread now: Kraken Futures against Phoenix−0.079%71s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.200%+$20 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Funding pays, the price is against you. Kraken Futures is 0.079% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 14 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.200% in total) that is about 2.8 days. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.200% in total (about 10.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.58 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 | Phoenix LINK | 13.110 | 0.0012 | pay 0.0002% / 1h | 6m 04s | $4K | $84K | 10x |
| Short | Kraken Futures PF_LINKUSD | 13.099 | 0.0479 | get 0.0060% / 1h | 6m 04s | $6.9M | $8.2M | 50x |
Phoenix LINK
Kraken Futures PF_LINKUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $98.11
- Price spread: −0.079% → 0.000%
- −$7.92
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $73.19
- Costs to cover
- 0.170%
- Break-even
- 1.8 days
Slippage unknown: Phoenix: no order-book sample; Kraken Futures: live order book, 3 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Kraken Futures live order book, 3 min ago | 3.05 bp | 10.9 bp −$11 | 13.6 bp −$136 | 37.4 bp −$3,740 | doesn't fit |
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 −0.0091% / S +0.0167% | 1h | 13.089 | −0.154% | $1.8M | — | 200x | as long as short |
| Kalshi KXLINKPERP | 0.0000% | 8h | 13.104 | −0.040% | $472K | $2.4M | 3.7x | as long as short |
| Deribit LINK_USDC-PERPETUAL | 0.0000% | 1h | 13.093 | −0.124% | $725K | $139K | 50x | as long as short |
| gTrade (Gains Network) LINK/USD | L +0.0004% / S −0.0007% | 1h | 13.091 | −0.144% | $133K | — | 150x | as long as short |
| Phoenix LINKlong | +0.0012% | 1h | 13.110 | long leg | $4K | $84K | 10x | |
| Injective LINK/USDC PERP | +0.0033% | 1h | 12.400 | −5.412% | $4K | $48K | 12x | as long as short |
| Orderly PERP_LINK_USDC | +0.0044% | 8h | 13.086 | −0.179% | $132K | $1.5M | 20x | as long as short |
| Lighter LINK | +0.0096% | 1h | 13.092 | −0.133% | $2.0M | $2.7M | 10x | as long as short |
| Paradex LINK-USD-PERP | +0.0100% | 8h | 13.090 | −0.148% | $31K | $3K | 20x | as long as short |
| Nado LINK-PERP | +0.0100% | 1h | 13.095 | −0.111% | $400K | $310K | 10x | as long as short |
GMX LINK/USD [LINK-USDC]
Kalshi KXLINKPERP
Deribit LINK_USDC-PERPETUAL
gTrade (Gains Network) LINK/USD
Injective LINK/USDC PERP
Orderly PERP_LINK_USDC
Lighter LINK
Paradex LINK-USD-PERP
Nado LINK-PERPShow all 40 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster LINKUSDT | +0.0100% | 8h | 13.100 | −0.070% | $1.4M | $3.0M | 50x | as long as short |
| Pacifica LINK | +0.0100% | 1h | 13.098 | −0.086% | $275K | $150K | 10x | as long as short |
| Binance LINKUSDT | +0.0100% | 8h | 13.097 | −0.095% | $121.7M | $305.0M | 75x | as long as short |
| Bybit LINKUSDT | +0.0100% | 8h | 13.097 | −0.095% | $84.4M | $71.2M | 75x | as long as short |
| OKX LINK-USDT-SWAP | +0.0100% | 8h | 13.097 | −0.095% | $27.5M | $85.4M | 50x | as long as short |
| Arcus LINK-USD | +0.0100% | 1h | 13.110 | +0.004% | $184K | $172K | 10x | as long as short |
| Gate LINK_USDT | +0.0100% | 8h | 13.095 | −0.111% | $129.9M | $12.9M | 75x | as long as short |
| MEXC LINK_USDT | +0.0100% | 8h | 13.092 | −0.133% | $36.2M | $58.4M | 300x | as long as short |
| KuCoin LINKUSDTM | +0.0100% | 8h | 13.096 | −0.103% | $22.7M | $15.2M | 75x | as long as short |
| Bitget LINKUSDT | +0.0100% | 8h | 13.095 | −0.111% | $54.5M | $30.6M | 75x | as long as short |
| BingX LINK-USDT | +0.0100% | 8h | 13.094 | −0.118% | — | $21.3M | — | as long as short |
| Variational Omni LINK | +0.0100% | 8h | 13.086 | −0.181% | $3.3M | $1.6M | — | as long as short |
| edgeX LINKUSDC | +0.0100% | 4h | 13.104 | −0.040% | $43K | $308K | 20x | as long as short |
| GRVT LINK_USDT_Perp | +0.0100% | 8h | 13.107 | −0.019% | $593K | $2.7M | 10x | as long as short |
| ApeX Omni LINKUSDT | +0.0100% | 1h | 13.106 | −0.027% | $152K | $668K | 50x | as long as short |
| Polymarket Perps LINK-USD | +0.0100% | 1h | 13.096 | −0.103% | $81K | $69K | 10x | as long as short |
| Derive LINK-PERP | +0.0100% | 1h | 13.087 | −0.172% | $16K | $22K | 10x | as long as short |
| SunX LINK-USDT | +0.0100% | 8h | 13.108 | −0.012% | $34K | $1.6M | 30x | as long as short |
| SoDEX LINK-USD | +0.0100% | 1h | 13.089 | −0.156% | $5K | $35K | 10x | as long as short |
| HTX LINK-USDT | +0.0100% | 8h | 13.086 | −0.175% | $644K | $880K | 75x | as long as short |
| Extended LINK-USD | +0.0104% | 1h | 13.095 | −0.111% | $667K | $1.9M | 25x | as long as short |
| Aevo LINK-PERP | +0.0104% | 1h | 13.091 | −0.140% | $549K | $2K | 3x | as long as short |
| Coinbase International LINK-PERP-INTX | +0.0160% | 1h | 13.111 | +0.011% | $993K | $2.7M | 50x | as long as short |
| Backpack LINK_USDC_PERP | +0.0211% | 1h | 13.105 | −0.034% | $362K | $376K | 15x | as long as short |
| BloFin LINK-USDT | +0.0220% | 8h | 13.097 | −0.095% | $5.2M | $16.2M | 75x | as long as short |
| Hyperliquid LINK | +0.0291% | 1h | 13.114 | +0.034% | $77.8M | $24.0M | 10x | as long as short |
| Reya LINKRUSDPERP | +0.0380% | 1h | 13.087 | −0.173% | $5K | — | 20x | as long as short |
| Kraken Futures PF_LINKUSDshort | +0.0479% | 1h | 13.099 | −0.079% | $6.9M | $8.2M | 50x | |
| Phemex LINKUSDT | +0.0490% | 8h | 13.107 | −0.019% | $20.3M | $11.6M | 50x | as long as short |
| dYdX LINK-USD | +0.0521% | 1h | 13.103 | −0.051% | $347K | $48K | 10x | as long as short |
Aster LINKUSDT
Pacifica LINK
Binance LINKUSDT
Bybit LINKUSDT
OKX LINK-USDT-SWAP
Arcus LINK-USD
Gate LINK_USDT
MEXC LINK_USDT
KuCoin LINKUSDTM
Bitget LINKUSDT
BingX LINK-USDT
Variational Omni LINK
edgeX LINKUSDC
GRVT LINK_USDT_Perp
ApeX Omni LINKUSDT
Polymarket Perps LINK-USD
Derive LINK-PERP
SunX LINK-USDT
SoDEX LINK-USD
HTX LINK-USDT
Extended LINK-USD
Aevo LINK-PERP
Coinbase International LINK-PERP-INTX
Backpack LINK_USDC_PERP
BloFin LINK-USDT
Hyperliquid LINK
Reya LINKRUSDPERP
Phemex LINKUSDT
dYdX LINK-USD