LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0047%/8h= +5.2% APRnext payment +$0.06 per $10,000 · paid last 24h +0.037%

Price spread now: Lighter against Phoenix+0.086%74s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Lighter

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.086% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	13.024	0.0049	pay 0.0006% / 1h	22m 00s	$3K	$86K	10x
Short	Lighter LINK	13.035	0.0096	get 0.0012% / 1h	22m 00s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now +0.086%Rate

Funding earned: $9.88
Price spread: +0.086% → 0.000%: $8.65
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: $11.53
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Lighter: live order book, 5 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	1.51 bp	5.8 bp −$6	10.2 bp −$102	70.3 bp −$7,030	doesn't fit

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 39 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	13.039	+0.117%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	13.051	+0.207%	$474K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	13.039	+0.113%	$160K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.791%	$4K	$48K	12x	as long as short
Phoenix LINKlong	+0.0049%	1h	13.024	long leg	$3K	$86K	10x
Orderly PERP_LINK_USDC	+0.0068%	8h	13.035	+0.084%	$118K	$1.5M	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0072%	1h	13.043	+0.149%	$775K	$212K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.049	+0.192%	$957K	$2.7M	50x	as long as short
Lighter LINKshort	+0.0096%	1h	13.035	+0.086%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.047	+0.180%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.041	+0.131%	$396K	$322K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.043	+0.150%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.048	+0.188%	$277K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.028	+0.030%	$119.7M	$303.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.021	−0.023%	$84.1M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.019	−0.038%	$27.4M	$84.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.058	+0.261%	$183K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.030	+0.046%	$128.5M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.033	+0.069%	$33.1M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.043	+0.146%	$22.6M	$14.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.034	+0.077%	$54.2M	$30.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.034	+0.077%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	+0.156%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.024	+0.002%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.047	+0.177%	$592K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.048	+0.184%	$134K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.050	+0.200%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.038	+0.107%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.054	+0.230%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.034	+0.077%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.025	+0.005%	$642K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.033	+0.065%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.039	+0.118%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0119%	1h	13.041	+0.131%	$339K	$386K	15x	as long as short
dYdX LINK-USD	+0.0268%	1h	13.043	+0.148%	$345K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.044	+0.153%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0452%	1h	13.049	+0.192%	$80.7M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.039	+0.111%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0580%	8h	13.048	+0.184%	$20.1M	$11.5M	50x	as long as short