LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0475%/8h= +52.0% APRnext payment +$4.75 per $10,000 · paid last 24h +0.082%

Price spread now: Phemex against Orderly+0.201%53s7-day average +0.073% · you sell dearer than you buy

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

Long on Orderly Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.248%+$25 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.201%, 7d avg +0.073%

Together, before fees+0.099%+$10 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 0.128% dearer against Orderly than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.073%. The two prices were read 53 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 0.248% in total (about 12.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$4.75 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	Orderly PERP_LINK_USDC	12.937	0.0056	pay 0.0056% / 8h	4h 18m	$117K	$1.2M	20x
Short	Phemex LINKUSDT	12.963	0.0531	get 0.0531% / 8h	4h 18m	$20.0M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Orderly. 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 OrderlybpFee PhemexbpOrdersPrice spread, now +0.201%Rate

Funding earned: $99.68
Price spread: +0.201% → +0.073%: $12.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $94.48
Costs to cover: 0.180%
Break-even: 0.4 days

Slippage unknown: Orderly: no order-book sample; Phemex: live order book, 6 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 Orderly no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	1.93 bp	8.9 bp −$9	14.1 bp −$141	doesn't fit	doesn't fit

Orderly: 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 −0.0090% / S +0.0167%	1h	12.939	+0.015%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.953	+0.126%	$520K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.939	+0.015%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.151%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDClong	+0.0056%	8h	12.937	long leg	$117K	$1.2M	20x
Lighter LINK	+0.0096%	1h	12.937	−0.001%	$1.9M	$2.8M	10x	as long as short
Coinbase International LINK-PERP-INTX	+0.0096%	1h	12.955	+0.139%	$942K	$2.7M	50x	as long as short
Phoenix LINK	+0.0099%	1h	12.961	+0.184%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.942	+0.041%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.932	−0.035%	$391K	$310K	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	12.947	+0.074%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.938	+0.009%	$274K	$177K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.940	+0.023%	$119.8M	$297.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.936	−0.008%	$83.4M	$72.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.939	+0.015%	$27.3M	$81.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.958	+0.162%	$181K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.940	+0.023%	$128.0M	$13.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.943	+0.046%	$32.7M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.946	+0.070%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.938	+0.008%	$53.8M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.940	+0.023%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.952	+0.116%	$339K	$387K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.939	+0.016%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.960	+0.176%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.961	+0.185%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.949	+0.093%	$132K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.946	+0.070%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.945	+0.062%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.963	+0.205%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.948	+0.085%	$11K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.931	−0.046%	$635K	$693K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.935	−0.019%	$632K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.951	+0.108%	$543K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0136%	1h	12.953	+0.120%	$779K	$202K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.949	+0.093%	$4.6M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0372%	1h	12.957	+0.155%	$81.1M	$27.4M	10x	as long as short
Reya LINKRUSDPERP	+0.0390%	1h	12.935	−0.013%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0394%	1h	12.951	+0.111%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0438%	1h	12.936	−0.005%	$343K	$30K	10x	as long as short
Phemex LINKUSDTshort	+0.0531%	8h	12.963	+0.201%	$20.0M	$11.4M	50x