LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0509%/8h= −55.7% APRnext payment −$5.09 per $10,000 · paid last 24h −0.089%

Price spread now: Bybit against Phemex−0.123%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.332%−$33 on $10k

Price spread, last 4 days (all we have)−0.193%−$19 · spread now −0.123%, 7d avg −0.124%

Together, before fees−0.525%−$53 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.124%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.332% in total (about -17.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.09 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.042	0.0609	pay 0.0609% / 8h	5h 33m	$20.1M	$11.6M	50x
Short	Bybit LINKUSDT	13.026	0.0100	get 0.0100% / 8h	5h 33m	$84.2M	$71.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$106.85
Price spread: −0.123% → −0.124%: $0.09
Slippage, 4 orders: −$14.62
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$144.38
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Bybit: live order book, 1 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 Phemex live order book, 6 min ago	3.08 bp	11.6 bp −$12	16.4 bp −$164	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.38 bp	6.4 bp −$6	10.6 bp −$106	40.0 bp −$3,996	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 −0.0090% / S +0.0167%	1h	13.024	−0.141%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.023	−0.150%	$482K	$2.2M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.024	−0.135%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.923%	$4K	$48K	12x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.007	−0.268%	$938K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0065%	8h	13.023	−0.146%	$118K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.026	−0.121%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	13.016	−0.199%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.024	−0.135%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.023	−0.146%	$396K	$315K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.028	−0.107%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.022	−0.156%	$275K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.028	−0.107%	$120.1M	$295.9M	75x	as long as short
Bybit LINKUSDTshort	+0.0100%	8h	13.026	−0.123%	$84.2M	$71.3M	75x
OKX LINK-USDT-SWAP	+0.0100%	8h	13.029	−0.100%	$27.5M	$82.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.033	−0.069%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.025	−0.130%	$128.7M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.028	−0.107%	$32.1M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.029	−0.100%	$23.1M	$13.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.029	−0.100%	$54.2M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.030	−0.092%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.034	−0.061%	$344K	$379K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.994	−0.368%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.004	−0.294%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.016	−0.200%	$585K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.005	−0.284%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.031	−0.084%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.023	−0.146%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.040	−0.018%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.026	−0.123%	$23K	$53K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.982	−0.459%	$640K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.026	−0.120%	$659K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.026	−0.125%	$546K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.025	−0.130%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0364%	1h	13.029	−0.099%	$774K	$183K	50x	as long as short
dYdX LINK-USD	+0.0365%	1h	13.014	−0.212%	$345K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0387%	1h	13.025	−0.132%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0553%	1h	13.029	−0.097%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDTlong	+0.0609%	8h	13.042	long leg	$20.1M	$11.6M	50x
Hyperliquid LINK	+0.0645%	1h	13.048	+0.046%	$81.8M	$27.1M	10x	as long as short