LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0269%/8h= −29.4% APRnext payment −$0.34 per $10,000 · paid last 24h −0.013%

Price spread now: Lighter against Kraken Futures−0.063%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now −0.063%, 7d avg −0.030%

Together, before fees−0.174%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.124% in total (about -6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 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	Kraken Futures PF_LINKUSD	13.159	0.0365	pay 0.0046% / 1h	51m 02s	$6.9M	$8.3M	50x
Short	Lighter LINK	13.150	0.0096	get 0.0012% / 1h	51m 02s	$2.0M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$56.48
Price spread: −0.063% → −0.030%: −$3.24
Slippage, 4 orders: −$18.26
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$87.97
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Lighter: live order book, 6 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 Kraken Futures live order book, 3 min ago	3.79 bp	13.6 bp −$14	17.6 bp −$176	45.4 bp −$4,537	doesn't fit
Sell Lighter live order book, 6 min ago	1.72 bp	2.6 bp −$3	13.3 bp −$133	76.6 bp −$7,661	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 −0.0091% / S +0.0167%	1h	13.154	−0.031%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.157	−0.012%	$468K	$2.4M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.155	−0.023%	$134K	—	150x	as long as short
Bybit LINKUSDT	+0.0021%	8h	13.151	−0.057%	$84.9M	$71.8M	75x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.765%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0036%	1h	13.179	+0.156%	$4K	$89K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.149	−0.072%	$133K	$1.5M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0062%	1h	13.157	−0.012%	$759K	$177K	50x	as long as short
Gate LINK_USDT	+0.0077%	8h	13.148	−0.080%	$130.3M	$12.1M	75x	as long as short
Lighter LINKshort	+0.0096%	1h	13.150	−0.063%	$2.0M	$2.7M	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.145	−0.104%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.146	−0.095%	$402K	$313K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.156	−0.016%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.151	−0.056%	$276K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.149	−0.072%	$122.2M	$306.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.153	−0.042%	$27.9M	$86.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.166	+0.057%	$185K	$172K	10x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.150	−0.065%	$36.5M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.154	−0.034%	$22.8M	$14.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.147	−0.088%	$54.7M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.149	−0.072%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.145	−0.099%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.171	+0.092%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.170	+0.087%	$590K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.179	+0.156%	$153K	$667K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.152	−0.050%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.148	−0.084%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.168	+0.074%	$33K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.151	−0.057%	$5K	$31K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.140	−0.139%	$646K	$874K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.146	−0.093%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.153	−0.042%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.152	−0.050%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.156	−0.019%	$5.2M	$16.7M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0245%	1h	13.157	−0.012%	$365K	$375K	15x	as long as short
dYdX LINK-USD	+0.0274%	1h	13.151	−0.057%	$348K	$48K	10x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0365%	1h	13.159	long leg	$6.9M	$8.3M	50x
Reya LINKRUSDPERP	+0.0380%	1h	13.149	−0.076%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0426%	8h	13.162	+0.026%	$20.4M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0459%	1h	13.164	+0.042%	$79.6M	$24.6M	10x	as long as short