Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.035%

Price spread now: Kalshi against Backpack−0.266%54s7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.425% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$22 on $10k

Price spread, last 4 days (all we have)+0.664%+$66 · spread now −0.266%, 7d avg −0.067%

Together, before fees+0.449%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.200% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.067%). Swap the legs. The two prices were read 54 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	Backpack LINK_USDC_PERP	12.878	0.0100	pay 0.0013% / 1h	41m 21s	$338K	$389K	15x
Short	Kalshi KXLINKPERP	12.844	0	get 0.0000% / 8h	6h 41m	$499K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now −0.266%Rate

Funding earned: −$21
Price spread: −0.266% → −0.067%: −$19.96
Slippage, 4 orders: −$22.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$83.47
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Backpack: live order book, 7 min ago; Kalshi: live order book, 2 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 Backpack live order book, 7 min ago	0.39 bp	7.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	8.43 bp	13.4 bp −$13	19.4 bp −$194	doesn't fit	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 −0.0089% / S +0.0166%	1h	12.849	−0.228%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.844	−0.266%	$499K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.849	−0.228%	$183K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.712%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0046%	1h	12.854	−0.188%	$786K	$228K	50x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.838	−0.311%	$101K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.879	+0.009%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.849	−0.229%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.856	−0.169%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.862	−0.124%	$341K	$340K	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	12.846	−0.245%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.866	−0.094%	$274K	$185K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.845	−0.256%	$118.6M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.845	−0.256%	$82.8M	$73.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.846	−0.248%	$27.2M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	−0.047%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.850	−0.217%	$123.8M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.850	−0.217%	$32.9M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.856	−0.171%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.848	−0.233%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.847	−0.241%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERPlong	+0.0100%	1h	12.878	long leg	$338K	$389K	15x
Variational Omni LINK	+0.0100%	8h	12.896	+0.142%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	+0.032%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.898	+0.155%	$585K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.884	+0.047%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.859	−0.148%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.845	−0.256%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.863	−0.119%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.848	−0.233%	$10K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.807	−0.551%	$629K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.843	−0.272%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.851	−0.208%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.856	−0.171%	$914K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.849	−0.225%	$5.2M	$15.7M	75x	as long as short
Hyperliquid LINK	+0.0257%	1h	12.868	−0.078%	$80.3M	$27.5M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0279%	1h	12.851	−0.208%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.852	−0.201%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0580%	8h	12.865	−0.101%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.1042%	1h	12.862	−0.122%	$342K	$32K	10x	as long as short