LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0304%/8h= −33.3% APRnext payment −$0.38 per $10,000 · paid last 24h −0.113%

Price spread now: Phoenix against Reya−0.098%59s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.098% cheaper against Reya than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 59 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	Reya LINKRUSDPERP	12.906	0.0397	pay 0.0050% / 1h	50m 19s	$4K	—	20x
Short	Phoenix LINK	12.893	0.0093	get 0.0012% / 1h	50m 19s	$3K	$85K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. 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 ReyabpFee PhoenixbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$63.85
Price spread: −0.098% → 0.000%: −$9.8
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$86.65
Costs to cover: 0.130%
Break-even: never at this rate

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

Reya and 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 −0.0089% / S +0.0166%	1h	12.906	+0.002%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.912	+0.049%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.905	−0.010%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0010%	8h	12.899	−0.055%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.921%	$4K	$48K	12x	as long as short
Phoenix LINKshort	+0.0093%	1h	12.893	−0.098%	$3K	$85K	10x
Lighter LINK	+0.0096%	1h	12.906	+0.003%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.907	+0.007%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.179%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.908	+0.016%	$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	+0.007%	$275K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.910	+0.032%	$119.1M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.906	0.000%	$83.3M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.907	+0.007%	$27.0M	$81.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	+0.116%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.906	0.000%	$124.2M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.909	+0.023%	$33.4M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.909	+0.023%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.906	0.000%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.906	0.000%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	−0.121%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.108%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.094%	$585K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	−0.070%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.913	+0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.905	−0.011%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.919	+0.099%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	+0.023%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.875	−0.239%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.902	−0.035%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.908	+0.012%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.914	+0.062%	$933K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0134%	1h	12.907	+0.007%	$336K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.913	+0.056%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.891	−0.117%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0285%	1h	12.914	+0.060%	$807K	$259K	50x	as long as short
Hyperliquid LINK	+0.0321%	1h	12.925	+0.147%	$80.6M	$27.7M	10x	as long as short
Reya LINKRUSDPERPlong	+0.0397%	1h	12.906	long leg	$4K	—	20x
Phemex LINKUSDT	+0.0570%	8h	12.924	+0.139%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0954%	1h	12.901	−0.037%	$344K	$33K	10x	as long as short