LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0009%/8h= −1.0% APRnext payment −$0.01 per $10,000 · paid last 24h −0.027%

Price spread now: Phoenix against Lighter+0.028%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.028% dearer against Lighter than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 10 days. At the pace of the last 7 days (−0.086% in total) that is about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.912	0.0096	pay 0.0012% / 1h	44m 47s	$1.9M	$2.8M	10x
Short	Phoenix LINK	12.915	0.0087	get 0.0011% / 1h	44m 47s	$3K	$85K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$1.93
Price spread: +0.028% → 0.000%: $2.8
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.13
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 2 min ago; 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 Lighter live order book, 2 min ago	1.85 bp	2.3 bp −$2	10.7 bp −$107	71.9 bp −$7,186	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
Orderly PERP_LINK_USDC	−0.0110%	8h	12.907	−0.035%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.912	+0.005%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.923	+0.091%	$514K	$2.3M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.917	+0.039%	$808K	$268K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.912	+0.003%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.962%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.911	−0.004%	$6.4M	$8.4M	50x	as long as short
HTX LINK-USDT	+0.0084%	8h	12.899	−0.094%	$630K	$724K	75x	as long as short
Phoenix LINKshort	+0.0087%	1h	12.915	+0.028%	$3K	$85K	10x
Lighter LINKlong	+0.0096%	1h	12.912	long leg	$1.9M	$2.8M	10x

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	12.914	+0.019%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.915	+0.023%	$349K	$335K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.918	+0.050%	$80.7M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.917	+0.045%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.911	−0.004%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.909	−0.018%	$119.2M	$297.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.907	−0.035%	$83.7M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.911	−0.004%	$27.1M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.931	+0.150%	$181K	$98K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.914	+0.019%	$133.9M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.913	+0.011%	$35.9M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.917	+0.042%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.909	−0.020%	$53.8M	$29.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.912	+0.003%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.918	+0.050%	$335K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.913	+0.014%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.912	+0.001%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.913	+0.015%	$580K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.930	+0.143%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.919	+0.057%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.914	+0.015%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.927	+0.121%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	−0.020%	$10K	$61K	10x	as long as short
Extended LINK-USD	+0.0104%	1h	12.907	−0.035%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.912	+0.004%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.924	+0.096%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.914	+0.019%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.910	−0.012%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0420%	8h	12.927	+0.119%	$20.0M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.0962%	1h	12.912	+0.005%	$344K	$45K	10x	as long as short