LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0502%/8h= −54.9% APRnext payment −$5.02 per $10,000 · paid last 24h −0.082%

Price spread now: Orderly against Phemex−0.308%53s7-day average −0.073% · you buy dearer than you sell

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.248%−$25 on $10k

Price spread, last 4 days (all we have)+0.235%+$24 · spread now −0.308%, 7d avg −0.073%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Orderly is 0.235% cheaper against Phemex than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.073%). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.248% in total (about -12.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.02 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	12.983	0.0551	pay 0.0551% / 8h	3h 27m	$20.1M	$11.3M	50x
Short	Orderly PERP_LINK_USDC	12.943	0.0049	get 0.0049% / 8h	3h 27m	$117K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.308%Rate

Funding earned: −$105.35
Price spread: −0.308% → −0.073%: −$23.47
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$146.82
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Orderly: 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 Phemex live order book, 2 min ago	1.54 bp	9.5 bp −$9	16.0 bp −$160	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
GMX LINK/USD [LINK-USDC]	L −0.0089% / S +0.0166%	1h	12.949	−0.264%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.978	−0.039%	$493K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.949	−0.259%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.490%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDCshort	+0.0049%	8h	12.943	−0.308%	$117K	$1.1M	20x
Phoenix LINK	+0.0074%	1h	12.990	+0.052%	$3K	$82K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0089%	1h	12.970	−0.103%	$787K	$210K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.955	−0.216%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.955	−0.214%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.953	−0.231%	$391K	$308K	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	12.952	−0.240%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.958	−0.194%	$276K	$181K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.948	−0.269%	$120.2M	$300.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.942	−0.316%	$83.6M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.946	−0.285%	$27.4M	$81.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.972	−0.085%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.952	−0.239%	$128.3M	$12.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.953	−0.231%	$32.6M	$56.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.958	−0.193%	$22.7M	$13.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.951	−0.246%	$54.0M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.947	−0.277%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.968	−0.116%	$341K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.006	+0.179%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.981	−0.019%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.976	−0.054%	$591K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.997	+0.108%	$133K	$674K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.960	−0.177%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.964	−0.149%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.988	+0.039%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.969	−0.108%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.970	−0.102%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.948	−0.268%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.948	−0.266%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.975	−0.062%	$924K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.974	−0.069%	$5.3M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0244%	1h	12.968	−0.115%	$6.7M	$8.1M	50x	as long as short
Hyperliquid LINK	+0.0336%	1h	12.968	−0.116%	$81.0M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0392%	1h	12.950	−0.253%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0551%	8h	12.983	long leg	$20.1M	$11.3M	50x
dYdX LINK-USD	+0.0757%	1h	12.955	−0.213%	$344K	$31K	10x	as long as short