Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.010%

Price spread now: Injective against Kalshi−5.734%66s7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.159%+$116 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 5.734% cheaper against Kalshi than usual: you would sell low and buy high (spread −5.734% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$573 on $10k: about 19 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+1.159% in total) that is about 35 days. The two prices were read 66 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	13.154	0	get 0.0000% / 8h	5h 35m	$462K	$2.3M	3.7x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	35m 50s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.734%Rate

Funding earned: $7
Price spread: −5.734% → 0.000%: −$573.35
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$576.37
Costs to cover: 0.100%
Break-even: 583.4 days

Slippage unknown: Kalshi: live order book, 3 min ago; Injective: 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, 3 min ago	6.53 bp	16.0 bp −$16	21.2 bp −$212	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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]	L −0.0090% / S +0.0167%	1h	13.139	−0.114%	$1.8M	—	200x	as long as short
dYdX LINK-USD	0.0000%	1h	13.150	−0.035%	$348K	$48K	10x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.154	long leg	$462K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.140	−0.105%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.141	−0.100%	$133K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−5.734%	$4K	$48K	12x
Phoenix LINK	+0.0037%	1h	13.208	+0.412%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.139	−0.116%	$133K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.137	−0.134%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.142	−0.091%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.147	−0.055%	$399K	$312K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.138	−0.123%	$77.5M	$23.8M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.139	−0.116%	$1.5M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.147	−0.055%	$275K	$149K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.132	−0.165%	$121.9M	$302.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.132	−0.169%	$84.6M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.132	−0.169%	$27.6M	$85.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.163	+0.067%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.132	−0.169%	$130.4M	$12.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.133	−0.161%	$36.4M	$56.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.136	−0.138%	$22.2M	$15.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.131	−0.176%	$54.7M	$30.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.134	−0.154%	—	$21.5M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.205	+0.386%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.183	+0.220%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.179	+0.185%	$596K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.182	+0.211%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.143	−0.085%	$80K	$68K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.136	−0.139%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.156	+0.011%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.134	−0.154%	$5K	$38K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.131	−0.179%	$646K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.132	−0.167%	$675K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.141	−0.104%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.148	−0.047%	$992K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0176%	1h	13.136	−0.138%	$364K	$375K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.152	−0.017%	$5.2M	$17.0M	75x	as long as short
Reya LINKRUSDPERP	+0.0375%	1h	13.137	−0.127%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0465%	8h	13.144	−0.078%	$20.3M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0696%	1h	13.137	−0.133%	$6.9M	$8.0M	50x	as long as short