Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Backpack against Kalshi−0.104%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$430.428% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.211%+$21 on $10k

Price spread, last 3 days (all we have)−0.177%−$18 · spread now −0.104%, 7d avg +0.094%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.198% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of +0.094%). If the spread goes back, that is −$20 on $10k: about 6.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	13.089	0	get 0.0000% / 8h	6h 38m	$465K	$2.3M	3.7x
Short	Backpack LINK_USDC_PERP	13.075	0.0100	get 0.0013% / 1h	38m 56s	$361K	$369K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.104%Rate

Funding earned: $21
Price spread: −0.104% → +0.094%: −$19.84
Slippage, 4 orders: −$22.77
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.61
Costs to cover: 0.428%
Break-even: 20.9 days

Slippage from Kalshi: live order book, 4 min ago; Backpack: live order book, 49 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 Kalshi live order book, 4 min ago	7.41 bp	13.1 bp −$13	20.8 bp −$208	doesn't fit	doesn't fit
Sell Backpack live order book, 49 min ago	0.38 bp	8.0 bp −$8	507.9 bp −$5,079	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 +0.0165%	1h	13.077	−0.091%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.089	long leg	$465K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.074	−0.112%	$707K	$117K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.080	−0.069%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.082	−0.047%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.261%	$4K	$48K	12x	as long as short
dYdX LINK-USD	+0.0035%	1h	13.085	−0.025%	$347K	$60K	10x	as long as short
Variational Omni LINK	+0.0049%	8h	13.085	−0.031%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0050%	8h	13.068	−0.157%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.074	−0.114%	$2.1M	$2.4M	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	13.075	−0.103%	$31K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.074	−0.113%	$398K	$319K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.077	−0.089%	$77.3M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.071	−0.134%	$1.5M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.085	−0.030%	$274K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.067	−0.165%	$120.7M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.068	−0.157%	$84.2M	$69.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.070	−0.142%	$27.5M	$84.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.088	−0.005%	$183K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.068	−0.157%	$130.2M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.066	−0.173%	$35.6M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.069	−0.150%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.067	−0.165%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.067	−0.165%	—	$21.7M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	13.075	−0.104%	$361K	$369K	15x
edgeX LINKUSDC	+0.0100%	4h	13.083	−0.044%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.084	−0.035%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.086	−0.020%	$152K	$662K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.079	−0.073%	$80K	$65K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.070	−0.141%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.089	+0.002%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.068	−0.157%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.056	−0.253%	$638K	$903K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.065	−0.180%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.076	−0.095%	$548K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.088	−0.005%	$986K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.065	−0.180%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.077	−0.085%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0501%	8h	13.083	−0.043%	$20.2M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0507%	1h	13.076	−0.095%	$7.0M	$7.8M	50x	as long as short