LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0063%/8h= +6.9% APRnext payment +$0.08 per $10,000 · paid last 24h +0.036%

Price spread now: Derive against Phoenix+0.024%68s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.024% dearer against Phoenix than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 68 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	Phoenix LINK	13.111	0.0037	pay 0.0005% / 1h	28m 03s	$3K	$81K	10x
Short	Derive LINK-PERP	13.114	0.0100	get 0.0013% / 1h	28m 03s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Phoenix. 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 PhoenixbpFee DerivebpOrdersPrice spread, now +0.024%Rate

Funding earned: $13.32
Price spread: +0.024% → 0.000%: $2.4
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: $2.72
Costs to cover: 0.130%
Break-even: 5.6 days

Slippage unknown: Phoenix: no order-book sample; Derive: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Phoenix and Derive: 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	13.121	+0.074%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.143	+0.245%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.119	+0.061%	$460K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.121	+0.075%	$716K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.123	+0.088%	$133K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.423%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0037%	1h	13.111	long leg	$3K	$81K	10x
Orderly PERP_LINK_USDC	+0.0041%	8h	13.117	+0.046%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.117	+0.043%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.141	+0.227%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.128	+0.133%	$401K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.123	+0.092%	$77.3M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.116	+0.039%	$1.5M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.144	+0.253%	$275K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.109	−0.015%	$121.6M	$302.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.110	−0.008%	$84.5M	$70.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.110	−0.008%	$27.6M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.150	+0.297%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.117	+0.046%	$130.1M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.113	+0.015%	$36.3M	$56.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.117	+0.046%	$22.4M	$15.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.109	−0.015%	$54.7M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.113	+0.015%	—	$21.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.116	+0.037%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	+0.274%	$44K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.102	−0.069%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.154	+0.328%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.135	+0.183%	$80K	$68K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	13.114	+0.024%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	13.153	+0.317%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.113	+0.015%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.079	−0.247%	$643K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.116	+0.034%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.119	+0.059%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.127	+0.122%	$989K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0180%	1h	13.119	+0.061%	$363K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.131	+0.153%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0376%	1h	13.123	+0.095%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0471%	8h	13.130	+0.145%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0697%	1h	13.118	+0.057%	$6.9M	$8.1M	50x	as long as short