Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h 0.000%

Price spread now: Kalshi against Deribit−0.019%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

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

costs, in and out, $10k−$430.430% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now −0.019%, 7d avg −0.066%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.047% dearer against Deribit than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.066%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	13.054	0.0164	pay 0.0021% / 1h	24m 26s	$775K	$212K	50x
Short	Kalshi KXLINKPERP	13.052	0	get 0.0000% / 8h	2h 24m	$474K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.019%Rate

Funding earned: −$34.44
Price spread: −0.019% → −0.066%: $4.73
Slippage, 4 orders: −$26.05
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$72.76
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from Deribit: live order book, 44 min ago; Kalshi: live order book, 4 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 Deribit live order book, 44 min ago	3.04 bp	6.5 bp −$7	13.9 bp −$139	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	7.94 bp	13.4 bp −$13	22.3 bp −$223	doesn't fit	doesn't fit

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	13.027	−0.206%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	13.052	−0.019%	$474K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	13.030	−0.189%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.013%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.024	−0.233%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.028	−0.202%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.041	−0.103%	$956K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.044	−0.079%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.030	−0.183%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.032	−0.170%	$396K	$322K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.039	−0.119%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.046	−0.068%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.031	−0.181%	$119.6M	$303.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.024	−0.233%	$84.1M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.032	−0.172%	$27.4M	$84.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.049	−0.041%	$183K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.032	−0.172%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.031	−0.179%	$33.2M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.033	−0.164%	$22.6M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.030	−0.187%	$54.2M	$31.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.032	−0.172%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	−0.077%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.024	−0.231%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.020	−0.260%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.992	−0.478%	$133K	$677K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.036	−0.141%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.026	−0.214%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.058	+0.028%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.050	−0.034%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.037	−0.135%	$643K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.029	−0.198%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.033	−0.166%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.053	−0.011%	$339K	$386K	15x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0164%	1h	13.054	long leg	$775K	$212K	50x
dYdX LINK-USD	+0.0263%	1h	13.048	−0.051%	$346K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.029	−0.191%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0446%	1h	13.048	−0.049%	$80.6M	$26.2M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0499%	1h	13.055	+0.001%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0606%	8h	13.059	+0.035%	$20.2M	$11.5M	50x	as long as short