LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.027%

Price spread now: Lighter against Deribit−0.051%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

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

costs, in and out, $10k−$240.237% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)−0.063%−$6 · spread now −0.051%, 7d avg −0.016%

Together, before fees+0.018%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.035% cheaper against Deribit than usual: you would sell low and buy high (spread −0.051% now, against its 7-day average of −0.016%). If the spread goes back, that is −$4 on $10k: about 30 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.081% in total) that is about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.182	0	get 0.0000% / 1h	13m 49s	$720K	$125K	50x
Short	Lighter LINK	13.175	0.0096	get 0.0012% / 1h	13m 49s	$2.0M	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now −0.051%Rate

Funding earned: $20.16
Price spread: −0.051% → −0.016%: −$3.54
Slippage, 4 orders: −$16.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$7.1
Costs to cover: 0.237%
Break-even: 9.5 days

Slippage from Deribit: live order book, 5 min ago; Lighter: live order book, 3 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 Deribit live order book, 5 min ago	4.17 bp	7.7 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	1.72 bp	2.6 bp −$3	11.3 bp −$113	79.6 bp −$7,961	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
GMX LINK/USD [LINK-USDC]	L −0.0090% / S +0.0167%	1h	13.179	−0.020%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.196	+0.103%	$462K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUALlong	0.0000%	1h	13.182	long leg	$720K	$125K	50x
dYdX LINK-USD	+0.0003%	1h	13.183	+0.011%	$349K	$48K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.181	−0.005%	$134K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.932%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0037%	1h	13.167	−0.117%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.176	−0.046%	$134K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.175	−0.051%	$2.0M	$2.4M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.178	−0.029%	$32K	$3K	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	13.178	−0.027%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.181	−0.011%	$77.8M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.174	−0.059%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.189	+0.054%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.165	−0.129%	$122.2M	$303.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.164	−0.137%	$84.9M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.164	−0.137%	$27.8M	$86.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.192	+0.076%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.172	−0.076%	$130.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.167	−0.114%	$36.3M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.169	−0.099%	$22.4M	$15.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.163	−0.144%	$54.8M	$30.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.167	−0.114%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.184	+0.014%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.179	−0.020%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.184	+0.015%	$598K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	+0.038%	$153K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.182	0.000%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.175	−0.051%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.194	+0.088%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.176	−0.046%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.159	−0.175%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.162	−0.149%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.180	−0.014%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.192	+0.076%	$995K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.183	+0.008%	$365K	$376K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.183	+0.008%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.178	−0.032%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0468%	8h	13.190	+0.061%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0693%	1h	13.184	+0.013%	$7.0M	$8.1M	50x	as long as short