Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0435%/8h= +47.6% APRpaid last 24h +0.013%

Price spread now: Deribit against Kalshi+0.008%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.008%, 7d avg +0.063%

Together, before fees+0.015%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.055% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.008% now, against its 7-day average of +0.063%). If the spread goes back, that is −$6 on $10k: about 10 hours of funding at the current rate (+$13 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.012% in total (about -0.6% 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	Kalshi KXLINKPERP	12.859	0	get 0.0000% / 8h	5h 35m	$512K	$2.3M	3.7x
Short	Deribit LINK_USDC-PERPETUAL	12.860	0.0435	get 0.0054% / 1h	35m 14s	$804K	$265K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.008%Rate

Funding earned: $91.35
Price spread: +0.008% → +0.063%: −$5.53
Slippage, 4 orders: −$30.85
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $37.97
Costs to cover: 0.479%
Break-even: 4.1 days

Slippage from Kalshi: live order book, 3 min ago; Deribit: live order book, 9 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, 3 min ago	8.85 bp	15.4 bp −$15	18.6 bp −$186	doesn't fit	doesn't fit
Sell Deribit live order book, 9 min ago	5.04 bp	10.1 bp −$10	17.4 bp −$174	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	−0.047%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0004%	8h	12.846	−0.100%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.859	long leg	$512K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.854	−0.038%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.568%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.874	+0.119%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.854	−0.041%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.852	−0.054%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.854	−0.037%	$349K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.857	−0.014%	$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	12.856	−0.025%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.855	−0.030%	$118.6M	$301.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.850	−0.068%	$83.1M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.854	−0.037%	$26.9M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	+0.103%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.849	−0.076%	$123.8M	$15.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.855	−0.030%	$34.3M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.860	+0.009%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.852	−0.053%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.852	−0.053%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.849	−0.074%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.870	+0.089%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.866	+0.057%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.873	+0.110%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.858	−0.006%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.852	−0.053%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.868	+0.068%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.854	−0.037%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.848	−0.082%	$631K	$787K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.849	−0.072%	$626K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.857	−0.014%	$539K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0111%	1h	12.861	+0.017%	$335K	$388K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.865	+0.048%	$932K	$2.8M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0194%	1h	12.857	−0.017%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.856	−0.022%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0335%	1h	12.869	+0.079%	$80.2M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.851	−0.060%	$4K	—	20x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0435%	1h	12.860	+0.008%	$804K	$265K	50x
Phemex LINKUSDT	+0.0585%	8h	12.873	+0.110%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0917%	1h	12.851	−0.062%	$342K	$33K	10x	as long as short