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 +0.081%

Price spread now: Hyperliquid against Kalshi−0.004%46s7-day average +0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.365% of the position

Long on Kalshi Short on Hyperliquid

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)−0.197%−$20 · spread now −0.004%, 7d avg +0.142%

Together, before fees+0.026%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.146% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.142%). If the spread goes back, that is −$15 on $10k: about 4.9 days of funding at the current rate (+$3 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	13.088	0	get 0.0000% / 8h	6h 39m	$465K	$2.3M	3.7x
Short	Hyperliquid LINK	13.088	0.0100	get 0.0013% / 1h	39m 30s	$77.4M	$23.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.004%Rate

Funding earned: $21
Price spread: −0.004% → +0.142%: −$14.56
Slippage, 4 orders: −$17.46
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$30.03
Costs to cover: 0.365%
Break-even: 17.0 days

Slippage from Kalshi: live order book, 4 min ago; Hyperliquid: live order book, 4 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 Hyperliquid live order book, 4 min ago	0.76 bp	5.6 bp −$6	8.2 bp −$82	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	13.086	−0.016%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.088	long leg	$465K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.089	+0.008%	$702K	$112K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0003% / S −0.0002%	1h	13.080	−0.068%	$83K	—	150x	as long as short
Phoenix LINK	+0.0018%	1h	13.082	−0.046%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.260%	$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	−0.030%	$3.2M	$1.5M	—	as long as short
Orderly PERP_LINK_USDC	+0.0050%	8h	13.080	−0.065%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.092	+0.027%	$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 LINKshort	+0.0100%	1h	13.088	−0.004%	$77.4M	$23.6M	10x
Aster LINKUSDT	+0.0100%	8h	13.091	+0.020%	$1.6M	$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	13.074	−0.111%	$120.8M	$300.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.074	−0.111%	$84.2M	$69.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.078	−0.080%	$27.5M	$84.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.088	−0.004%	$183K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.083	−0.042%	$130.4M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.076	−0.096%	$35.6M	$56.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.081	−0.057%	$21.9M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.078	−0.080%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.072	−0.126%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	13.102	+0.103%	$362K	$370K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.083	−0.043%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.084	−0.034%	$590K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.086	−0.019%	$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	13.083	−0.038%	$16K	$16K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.099	+0.080%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.085	−0.027%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.068	−0.156%	$639K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.067	−0.165%	$664K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.088	0.000%	$549K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.083	−0.042%	$987K	$2.7M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.088	−0.004%	$5.2M	$16.7M	75x	as long as short
Reya LINKRUSDPERP	+0.0373%	1h	13.077	−0.084%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0504%	8h	13.102	+0.103%	$20.2M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0506%	1h	13.096	+0.054%	$7.0M	$7.7M	50x	as long as short