Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.080%

Price spread now: Kalshi against Hyperliquid−0.094%7-day average −0.143% · 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−$37as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.222%−$22 on $10k

Price spread, last 3 days (all we have)+0.394%+$39 · spread now −0.094%, 7d avg −0.143%

Together, before fees+0.172%+ Points / potential airdropHyperliquid: Season 2 · farm board+$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.048% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.094% now, against its 7-day average of −0.143%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	13.125	0.0100	pay 0.0013% / 1h	57m 07s	$78.2M	$23.4M	10x
Short	Kalshi KXLINKPERP	13.113	0	get 0.0000% / 8h	6h 57m	$457K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.094%Rate

Funding earned: −$21
Price spread: −0.094% → −0.143%: $4.82
Slippage, 4 orders: −$23.12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$58.3
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Kalshi: live order book, 1 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 Hyperliquid live order book, 7 min ago	0.38 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	8.96 bp	14.4 bp −$14	22.6 bp −$226	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 −0.0091% / S +0.0166%	1h	13.107	−0.141%	$1.7M	—	200x	as long as short
Phoenix LINK	−0.0012%	1h	13.127	+0.019%	$3K	$84K	10x	as long as short
dYdX LINK-USD	0.0000%	1h	13.109	−0.124%	$347K	$60K	10x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	13.113	−0.094%	$457K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.114	−0.085%	$698K	$108K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.109	−0.123%	$83K	—	150x	as long as short
Variational Omni LINK	+0.0025%	8h	13.175	+0.379%	$3.3M	$1.6M	—	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.524%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0058%	8h	13.103	−0.168%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.119	−0.044%	$2.1M	$2.3M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	13.095	−0.225%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.106	−0.145%	$397K	$323K	10x	as long as short
Hyperliquid LINKlong	+0.0100%	1h	13.125	long leg	$78.2M	$23.4M	10x
Aster LINKUSDT	+0.0100%	8h	13.110	−0.111%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.105	−0.156%	$275K	$155K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.114	−0.084%	$121.2M	$301.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.109	−0.122%	$84.9M	$68.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.115	−0.076%	$27.7M	$85.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.120	−0.038%	$198K	$155K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.110	−0.114%	$130.8M	$12.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.113	−0.091%	$35.4M	$55.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.116	−0.069%	$21.7M	$16.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.110	−0.114%	$54.2M	$30.1M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.112	−0.099%	—	$21.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.122	−0.023%	$363K	$374K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.150	+0.187%	$44K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.141	+0.125%	$591K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.157	+0.244%	$153K	$660K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.110	−0.114%	$79K	$62K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.106	−0.142%	$22K	$13K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.117	−0.061%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.109	−0.122%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.098	−0.210%	$641K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.107	−0.141%	$668K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.113	−0.095%	$550K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.108	−0.130%	$991K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.110	−0.114%	$5.3M	$16.6M	75x	as long as short
Reya LINKRUSDPERP	+0.0372%	1h	13.105	−0.154%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0496%	8h	13.125	0.000%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.122	−0.023%	$6.9M	$7.8M	50x	as long as short