Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0942%/8h= −103.2% APRpaid last 24h −0.066%

Price spread now: Kalshi against dYdX+0.025%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$277as in the Funding arb table

Net, price: spread back to 7d avg − costs−$221as in the Price arb table

costs, in and out, $10k−$2282.276% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.494%−$49 on $10k

Price spread, last 4 days (all we have)+0.228%+$23 · spread now +0.025%, 7d avg −0.039%

Together, before fees−0.266%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.064% dearer against dYdX than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.039%): +$6 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.494% in total) that is about 22 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.494% in total (about -25.8% a year). A funding rate is set anew for every payment. 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	dYdX LINK-USD	12.851	0.0942	pay 0.0118% / 1h	33m 48s	$342K	$33K	10x
Short	Kalshi KXLINKPERP	12.854	0	get 0.0000% / 8h	5h 33m	$512K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.025%Rate

Funding earned: −$197.85
Price spread: +0.025% → −0.039%: $6.37
Slippage, 4 orders: −$207.65
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$419.12
Costs to cover: 2.276%
Break-even: never at this rate

Slippage from dYdX: live order book, 10 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 dYdX live order book, 10 min ago	46.36 bp	51.4 bp −$51	51.4 bp −$514	67.5 bp −$6,753	119.9 bp −$59.9K
Sell Kalshi live order book, 4 min ago	8.85 bp	13.9 bp −$14	19.7 bp −$197	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	12.853	+0.015%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0004%	8h	12.840	−0.084%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.854	+0.025%	$512K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.847	−0.029%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.508%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.874	+0.181%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.849	−0.013%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.846	−0.039%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.848	−0.026%	$349K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.852	+0.011%	$1.3M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.852	+0.009%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.851	−0.001%	$118.5M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.846	−0.037%	$83.0M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.849	−0.014%	$26.9M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.866	+0.118%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.845	−0.045%	$123.8M	$15.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.851	+0.001%	$34.3M	$58.3M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.853	+0.017%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.846	−0.037%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.850	−0.006%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.849	−0.012%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.870	+0.151%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.866	+0.119%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.873	+0.173%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.848	−0.022%	$80K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.852	+0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.861	+0.078%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.847	−0.030%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.820	−0.240%	$629K	$787K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.843	−0.061%	$626K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.848	−0.018%	$539K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0109%	1h	12.857	+0.048%	$335K	$388K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.848	−0.022%	$931K	$2.8M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0194%	1h	12.850	−0.003%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.856	+0.040%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0335%	1h	12.866	+0.118%	$80.2M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.843	−0.064%	$4K	—	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0435%	1h	12.854	+0.025%	$804K	$266K	50x	as long as short
Phemex LINKUSDT	+0.0587%	8h	12.866	+0.118%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USDlong	+0.0942%	1h	12.851	long leg	$342K	$33K	10x