LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0476%/8h= −52.1% APRnext payment −$4.76 per $10,000 · paid last 24h −0.082%

Price spread now: Binance against Phemex−0.158%52s7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.342% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.294%−$29 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.158%, 7d avg −0.095%

Together, before fees−0.258%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Binance is 0.063% cheaper against Phemex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.095%). Swap the legs. The two prices were read 52 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 -0.294% in total (about -15.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.76 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	Phemex LINKUSDT	12.925	0.0576	pay 0.0576% / 8h	1h 55m	$19.9M	$11.3M	50x
Short	Binance LINKUSDT	12.905	0.0100	get 0.0100% / 8h	1h 55m	$119.0M	$301.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phemex. 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 PhemexbpFee BinancebpOrdersPrice spread, now −0.158%Rate

Funding earned: −$99.87
Price spread: −0.158% → −0.095%: −$6.32
Slippage, 4 orders: −$12.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$140.42
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Binance: 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 Phemex live order book, 4 min ago	0.77 bp	10.1 bp −$10	17.7 bp −$177	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.39 bp	6.9 bp −$7	12.7 bp −$127	32.3 bp −$3,231	121.3 bp −$60.7K

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	12.902	−0.178%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.914	−0.087%	$513K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.907	−0.138%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0015%	8h	12.898	−0.209%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.062%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.916	−0.066%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.908	−0.128%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.907	−0.138%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.906	−0.143%	$348K	$337K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.906	−0.147%	$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	12.909	−0.121%	$275K	$183K	10x	as long as short
Binance LINKUSDTshort	+0.0100%	8h	12.905	−0.158%	$119.0M	$301.6M	75x
Bybit LINKUSDT	+0.0100%	8h	12.899	−0.201%	$83.2M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.901	−0.186%	$27.0M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.923	−0.015%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.900	−0.193%	$124.1M	$15.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.905	−0.155%	$33.1M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.907	−0.139%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.904	−0.162%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.902	−0.178%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.901	−0.184%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.938	+0.104%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.911	−0.110%	$586K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.924	−0.008%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.908	−0.132%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.902	−0.176%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.921	−0.034%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.905	−0.155%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.894	−0.243%	$632K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.899	−0.198%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.907	−0.136%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.914	−0.085%	$933K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0150%	1h	12.916	−0.070%	$337K	$389K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.908	−0.130%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.908	−0.132%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0238%	1h	12.913	−0.091%	$805K	$254K	50x	as long as short
Hyperliquid LINK	+0.0280%	1h	12.920	−0.042%	$80.5M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.901	−0.185%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0576%	8h	12.925	long leg	$19.9M	$11.3M	50x
dYdX LINK-USD	+0.1145%	1h	12.908	−0.133%	$344K	$33K	10x	as long as short