LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0470%/8h= +51.5% APRnext payment +$4.70 per $10,000 · paid last 24h +0.084%

Price spread now: Phemex against OKX+0.233%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.304%+$30 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.233%, 7d avg +0.111%

Together, before fees+0.205%+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Phemex is 0.122% dearer against OKX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.111%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.304% in total (about 15.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$4.70 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	OKX LINK-USDT-SWAP	12.894	0.0100	pay 0.0100% / 8h	1h 50m	$27.0M	$81.0M	50x
Short	Phemex LINKUSDT	12.924	0.0570	get 0.0570% / 8h	1h 50m	$19.9M	$11.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now +0.233%Rate

Funding earned: $98.76
Price spread: +0.233% → +0.111%: $12.22
Slippage, 4 orders: −$9.74
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $79.24
Costs to cover: 0.317%
Break-even: 1.4 days

Slippage from OKX: live order book, 4 min ago; Phemex: live order book, 4 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 OKX live order book, 4 min ago	0.39 bp	6.6 bp −$7	13.1 bp −$131	26.4 bp −$2,635	doesn't fit
Sell Phemex live order book, 4 min ago	0.77 bp	8.5 bp −$8	15.1 bp −$151	doesn't fit	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 −0.0089% / S +0.0166%	1h	12.906	+0.096%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.912	+0.143%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.905	+0.083%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0010%	8h	12.899	+0.039%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.831%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.893	−0.005%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.906	+0.097%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.907	+0.100%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.085%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.905	+0.082%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.907	+0.101%	$275K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.905	+0.088%	$119.1M	$301.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.897	+0.023%	$83.3M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.894	long leg	$27.0M	$81.0M	50x
Arcus LINK-USD	+0.0100%	1h	12.921	+0.209%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.904	+0.078%	$124.1M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.910	+0.124%	$33.6M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.910	+0.124%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.907	+0.101%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.907	+0.101%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	−0.028%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.014%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.001%	$585K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	+0.023%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.913	+0.147%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.905	+0.082%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.919	+0.192%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	+0.116%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.875	−0.146%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.902	+0.059%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.908	+0.106%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.914	+0.155%	$933K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0149%	1h	12.917	+0.178%	$337K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.913	+0.150%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.891	−0.023%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0285%	1h	12.914	+0.154%	$807K	$259K	50x	as long as short
Hyperliquid LINK	+0.0318%	1h	12.922	+0.217%	$80.6M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.906	+0.093%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0570%	8h	12.924	+0.233%	$19.9M	$11.3M	50x
dYdX LINK-USD	+0.0954%	1h	12.901	+0.057%	$344K	$33K	10x	as long as short