Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0167%/8h= −18.3% APRpaid last 24h −0.035%

Price spread now: GMX against Kalshi−0.065%7-day average +0.096% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.145%−$15 on $10k

Price spread, last 3 days (all we have)+0.118%+$12 · spread now −0.065%, 7d avg +0.096%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and GMX is 0.162% cheaper against Kalshi than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	13.171	0	get 0.0000% / 8h	3h 57m	$478K	$2.4M	3.7x
Short	GMX LINK/USD [LINK-USDC]	13.162	L −0.0091% / S +0.0167%	pay 0.0021% / 1h	57m 58s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$35.09
Price spread: −0.065% → +0.096%: −$16.18
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$73.27
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, just now; GMX: no order-book sample. 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 Kalshi live order book, just now	7.18 bp	12.8 bp −$13	25.9 bp −$259	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 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]short	L −0.0091% / S +0.0167%	1h	13.162	−0.065%	$1.8M	—	200x
dYdX LINK-USD	0.0000%	1h	13.152	−0.149%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.171	long leg	$478K	$2.4M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.157	−0.108%	$737K	$147K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0007%	1h	13.163	−0.064%	$134K	—	150x	as long as short
Phoenix LINK	+0.0012%	1h	13.136	−0.263%	$4K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.854%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0043%	8h	13.153	−0.137%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.162	−0.072%	$2.0M	$2.7M	10x	as long as short
SoDEX LINK-USD	+0.0099%	1h	13.153	−0.137%	$5K	$34K	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	13.156	−0.112%	$32K	$3K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.159	−0.096%	$401K	$311K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.164	−0.057%	$1.4M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.159	−0.090%	$277K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.165	−0.046%	$122.3M	$306.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.161	−0.077%	$85.1M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.165	−0.046%	$27.9M	$86.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.171	−0.001%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.163	−0.061%	$130.5M	$12.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.161	−0.077%	$36.6M	$57.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.163	−0.061%	$22.8M	$15.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.157	−0.107%	$54.8M	$30.7M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.163	−0.061%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.177	+0.043%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.172	+0.009%	$44K	$310K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.183	+0.093%	$597K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.185	+0.106%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.156	−0.115%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.150	−0.163%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.176	+0.038%	$34K	$1.6M	30x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.151	−0.150%	$647K	$875K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.154	−0.133%	$740K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.158	−0.102%	$552K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.167	−0.031%	$1.0M	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.181	+0.075%	$5.2M	$16.4M	75x	as long as short
Backpack LINK_USDC_PERP	+0.0234%	1h	13.170	−0.008%	$364K	$374K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0365%	1h	13.161	−0.074%	$6.9M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0380%	1h	13.150	−0.158%	$5K	—	20x	as long as short
Hyperliquid LINK	+0.0408%	1h	13.177	+0.045%	$78.9M	$24.4M	10x	as long as short
Phemex LINKUSDT	+0.1451%	8h	13.172	+0.007%	$20.4M	$11.6M	50x	as long as short