Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0393%/8h= −43.1% APRpaid last 24h −0.068%

Price spread now: Lighter against Phemex−0.065%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 3 days (all we have)−0.107%−$11 · spread now −0.065%, 7d avg −0.111%

Together, before fees−0.460%+ Points / potential airdropLighter: Season 3 · farm board−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.046% dearer against Phemex than usual: you sell high and buy low (spread −0.065% now, against its 7-day average of −0.111%): +$5 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.353% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex LINKUSDT	13.129	0.0489	pay 0.0489% / 8h	20m 49s	$20.3M	$11.6M	50x
Short	Lighter LINK	13.120	0.0096	get 0.0012% / 1h	20m 49s	$2.0M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$82.58
Price spread: −0.065% → −0.111%: $4.65
Slippage, 4 orders: −$13.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$103.1
Costs to cover: 0.252%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter: 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 Phemex live order book, 3 min ago	2.29 bp	10.3 bp −$10	16.6 bp −$166	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	1.79 bp	2.6 bp −$3	10.6 bp −$106	68.4 bp −$6,841	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 −0.0091% / S +0.0167%	1h	13.115	−0.107%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.126	−0.027%	$472K	$2.4M	3.7x	as long as short
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.112	−0.128%	$724K	$136K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.112	−0.129%	$132K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.129	+0.003%	$4K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.553%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0044%	8h	13.107	−0.168%	$133K	$1.5M	20x	as long as short
Lighter LINKshort	+0.0096%	1h	13.120	−0.065%	$2.0M	$2.7M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.112	−0.132%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.113	−0.122%	$400K	$310K	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	13.123	−0.046%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.121	−0.058%	$276K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.115	−0.110%	$121.8M	$305.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.113	−0.122%	$84.5M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.112	−0.129%	$27.7M	$85.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.132	+0.023%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.118	−0.084%	$130.1M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.120	−0.069%	$36.6M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.125	−0.030%	$22.7M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.123	−0.046%	$54.6M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.122	−0.053%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.115	−0.109%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.103	−0.198%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.117	−0.091%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.114	−0.114%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.122	−0.053%	$81K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.106	−0.174%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.132	+0.026%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.107	−0.168%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.110	−0.149%	$645K	$884K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.118	−0.088%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.111	−0.138%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	13.117	−0.091%	$992K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.107	−0.168%	$5.2M	$17.3M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0223%	1h	13.123	−0.046%	$362K	$375K	15x	as long as short
Hyperliquid LINK	+0.0286%	1h	13.139	+0.076%	$77.9M	$24.0M	10x	as long as short
Reya LINKRUSDPERP	+0.0379%	1h	13.116	−0.100%	$5K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0479%	1h	13.115	−0.106%	$6.9M	$8.2M	50x	as long as short
Phemex LINKUSDTlong	+0.0489%	8h	13.129	long leg	$20.3M	$11.6M	50x
dYdX LINK-USD	+0.0577%	1h	13.121	−0.058%	$348K	$48K	10x	as long as short