LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0022%/8h= −2.4% APRnext payment −$0.03 per $10,000 · paid last 24h −0.028%

Price spread now: Phoenix against Lighter−0.028%74s7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.028% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.846	0.0096	pay 0.0012% / 1h	20m 02s	$1.9M	$2.9M	10x
Short	Phoenix LINK	12.842	0.0074	get 0.0009% / 1h	20m 02s	$3K	$85K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$4.56
Price spread: −0.028% → 0.000%: −$2.81
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$14.37
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 12 min ago; Phoenix: 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 Lighter live order book, 12 min ago	2.57 bp	5.3 bp −$5	11.8 bp −$118	74.6 bp −$7,457	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 −0.0087% / S +0.0165%	1h	12.845	−0.011%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0084%	8h	12.834	−0.094%	$90K	$1.0M	20x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.848	+0.013%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.845	−0.009%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.473%	$4K	$48K	12x	as long as short
Phoenix LINKshort	+0.0074%	1h	12.842	−0.028%	$3K	$85K	10x
Lighter LINKlong	+0.0096%	1h	12.846	long leg	$1.9M	$2.9M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.838	−0.061%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.830	−0.125%	$345K	$342K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.856	+0.077%	$80.3M	$28.1M	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	12.848	+0.017%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.836	−0.076%	$273K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.849	+0.022%	$118.8M	$299.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.839	−0.055%	$83.1M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.846	−0.001%	$27.0M	$79.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.856	+0.077%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.842	−0.032%	$132.1M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.847	+0.007%	$34.5M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.849	+0.022%	$22.6M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.842	−0.032%	$53.7M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.845	−0.009%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.854	+0.061%	$334K	$386K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.823	−0.178%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.838	−0.062%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.839	−0.054%	$574K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.845	−0.009%	$131K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.845	−0.009%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.833	−0.101%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.861	+0.117%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.846	−0.001%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.821	−0.197%	$626K	$776K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0103%	1h	12.849	+0.025%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.841	−0.043%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.846	−0.001%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.832	−0.110%	$929K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.838	−0.063%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0272%	1h	12.852	+0.043%	$804K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.838	−0.063%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0549%	8h	12.860	+0.108%	$19.8M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0636%	1h	12.833	−0.100%	$342K	$45K	10x	as long as short