LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0097%/8h= −10.6% APRnext payment −$0.12 per $10,000 · paid last 24h −0.031%

Price spread now: Lighter against Kraken Futures−0.149%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$16 on $10k

Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.149%, 7d avg −0.028%

Together, before fees−0.119%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Lighter is 0.122% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	12.913	0.0193	pay 0.0024% / 1h	49m 43s	$6.6M	$8.3M	50x
Short	Lighter LINK	12.894	0.0096	get 0.0012% / 1h	49m 43s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$20.34
Price spread: −0.149% → −0.028%: −$12.17
Slippage, 4 orders: −$20.95
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$63.46
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Lighter: live order book, 2 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 Kraken Futures live order book, 4 min ago	0.39 bp	13.2 bp −$13	18.9 bp −$189	42.8 bp −$4,276	doesn't fit
Sell Lighter live order book, 2 min ago	2.84 bp	3.4 bp −$3	10.6 bp −$106	67.5 bp −$6,754	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	−0.054%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.912	−0.007%	$511K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.905	−0.067%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0010%	8h	12.899	−0.111%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.975%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.893	−0.154%	$3K	$85K	10x	as long as short
Lighter LINKshort	+0.0096%	1h	12.894	−0.149%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.892	−0.162%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.235%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.895	−0.142%	$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	12.896	−0.138%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.893	−0.157%	$118.9M	$301.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.891	−0.173%	$83.2M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.891	−0.173%	$27.0M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.921	+0.060%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.900	−0.103%	$124.1M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.893	−0.157%	$34.0M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.904	−0.072%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.896	−0.134%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.898	−0.118%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	−0.177%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.164%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.150%	$585K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	−0.126%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.913	−0.002%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.905	−0.067%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.919	+0.043%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	−0.033%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.875	−0.295%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.890	−0.182%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.908	−0.044%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.914	+0.005%	$933K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0149%	1h	12.917	+0.029%	$337K	$388K	15x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0193%	1h	12.913	long leg	$6.6M	$8.3M	50x
BloFin LINK-USDT	+0.0220%	8h	12.891	−0.173%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0285%	1h	12.914	+0.004%	$807K	$259K	50x	as long as short
Hyperliquid LINK	+0.0315%	1h	12.910	−0.025%	$80.5M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.906	−0.056%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0570%	8h	12.924	+0.083%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0860%	1h	12.894	−0.152%	$343K	$33K	10x	as long as short