Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h +0.017%

Price spread now: Kalshi against GMX+0.133%7-day average −0.093% · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.082%+$8 on $10k

Price spread, last 3 days (all we have)−0.162%−$16 · spread now +0.133%, 7d avg −0.093%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.226% dearer against GMX than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	13.027	L −0.0090% / S +0.0167%	get 0.0011% / 1h	23m 54s	$1.8M	—	200x
Short	Kalshi KXLINKPERP	13.045	0	get 0.0000% / 8h	2h 23m	$474K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now +0.133%Rate

Funding earned: $18.95
Price spread: +0.133% → −0.093%: $22.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $19.54
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 4 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 GMX no order-book sample	—	—	—	—	—
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

GMX: 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]long	L −0.0090% / S +0.0167%	1h	13.027	long leg	$1.8M	—	200x
Kalshi KXLINKPERPshort	0.0000%	8h	13.045	+0.133%	$474K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	13.030	+0.017%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.817%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.024	−0.027%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.028	+0.004%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.041	+0.104%	$957K	$2.7M	50x	as long as short
Lighter LINK	+0.0096%	1h	13.035	+0.059%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.030	+0.023%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.032	+0.037%	$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	13.046	+0.143%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.046	+0.139%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.043	+0.116%	$119.7M	$303.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.039	+0.089%	$84.2M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.039	+0.089%	$27.4M	$84.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.049	+0.165%	$183K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.038	+0.081%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.042	+0.112%	$33.2M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.045	+0.135%	$22.6M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.042	+0.112%	$54.2M	$31.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.041	+0.104%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	+0.130%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.024	−0.025%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.020	−0.054%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.992	−0.272%	$133K	$677K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.036	+0.065%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.026	−0.008%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.044	+0.126%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.033	+0.042%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.018	−0.070%	$642K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.035	+0.059%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.033	+0.041%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.045	+0.135%	$339K	$386K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0118%	1h	13.037	+0.074%	$774K	$212K	50x	as long as short
dYdX LINK-USD	+0.0263%	1h	13.048	+0.156%	$346K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.029	+0.015%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0449%	1h	13.059	+0.242%	$80.7M	$26.2M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.039	+0.090%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0610%	8h	13.047	+0.150%	$20.1M	$11.5M	50x	as long as short