Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0560%/8h= +61.3% APRpaid last 24h +0.108%

Price spread now: Phemex against Lighter+0.132%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.418%+$42 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now +0.132%, 7d avg +0.108%

Together, before fees+0.433%+ Points / potential airdropLighter: Season 3 · farm board+$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Phemex is 0.024% dearer against Lighter than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.108%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.852	0.0096	pay 0.0012% / 1h	32m 52s	$1.9M	$2.8M	10x
Short	Phemex LINKUSDT	12.869	0.0656	get 0.0656% / 8h	7h 32m	$19.9M	$11.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.132%Rate

Funding earned: $117.52
Price spread: +0.132% → +0.108%: $2.43
Slippage, 4 orders: −$14.79
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: $93.16
Costs to cover: 0.268%
Break-even: 1.5 days

Slippage from Lighter: live order book, 4 min ago; Phemex: live order book, 6 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 Lighter live order book, 4 min ago	2.94 bp	3.5 bp −$3	11.9 bp −$119	76.9 bp −$7,688	doesn't fit
Sell Phemex live order book, 6 min ago	1.55 bp	10.2 bp −$10	14.4 bp −$144	doesn't fit	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
Orderly PERP_LINK_USDC	−0.0115%	8h	12.845	−0.054%	$90K	$977K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.847	−0.039%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.860	+0.062%	$504K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.851	−0.008%	$105K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.517%	$4K	$48K	12x	as long as short
Bybit LINKUSDT	+0.0042%	8h	12.844	−0.062%	$83.1M	$72.9M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.855	+0.026%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.886	+0.268%	$3K	$85K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	12.852	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.842	−0.079%	$31K	$2K	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	12.848	−0.027%	$348K	$336K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.857	+0.039%	$80.3M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.856	+0.033%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.850	−0.016%	$273K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.851	−0.011%	$118.6M	$297.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.847	−0.039%	$27.0M	$79.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.871	+0.148%	$180K	$100K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.852	0.000%	$133.2M	$17.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.854	+0.016%	$35.9M	$58.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.854	+0.016%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.846	−0.047%	$53.6M	$29.8M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.849	−0.023%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.856	+0.031%	$335K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.870	+0.143%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.873	+0.165%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.871	+0.148%	$579K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.895	+0.335%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.851	−0.008%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.874	+0.175%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.863	+0.083%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.849	−0.023%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.845	−0.058%	$628K	$716K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.843	−0.069%	$614K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.862	+0.080%	$539K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0147%	1h	12.856	+0.028%	$804K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.873	+0.163%	$926K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.851	−0.008%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.856	+0.028%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0656%	8h	12.869	+0.132%	$19.9M	$11.4M	50x
dYdX LINK-USD	+0.1437%	1h	12.851	−0.008%	$345K	$48K	10x	as long as short