Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.027%

Price spread now: Lighter against Kalshi−0.041%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.816%−$82 · spread now −0.041%, 7d avg +0.036%

Together, before fees−0.755%+ Points / potential airdropLighter: Season 3 · farm board−$76 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.077% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.036%). If the spread goes back, that is −$8 on $10k: about 2.7 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.061% in total) that is about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	13.045	0	get 0.0000% / 8h	2h 23m	$474K	$2.3M	3.7x
Short	Lighter LINK	13.039	0.0096	get 0.0012% / 1h	23m 37s	$1.9M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.041%Rate

Funding earned: $20.16
Price spread: −0.041% → +0.036%: −$7.69
Slippage, 4 orders: −$24.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$22.43
Costs to cover: 0.349%
Break-even: 14.8 days

Slippage from Kalshi: live order book, 5 min ago; Lighter: 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, 5 min ago	7.94 bp	12.9 bp −$13	20.3 bp −$203	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	1.51 bp	5.8 bp −$6	10.2 bp −$102	70.3 bp −$7,030	doesn't fit

LINK on 39 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	13.027	−0.133%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.045	long leg	$474K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0008%	1h	13.030	−0.116%	$150K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.943%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0049%	1h	13.024	−0.159%	$3K	$86K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	13.028	−0.129%	$118K	$1.5M	20x	as long as short
Coinbase International LINK-PERP-INTX	+0.0072%	1h	13.041	−0.029%	$957K	$2.7M	50x	as long as short
Lighter LINKshort	+0.0096%	1h	13.039	−0.041%	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.037	−0.060%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.032	−0.096%	$396K	$322K	10x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	13.046	+0.009%	$1.3M	$3.0M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.041	−0.033%	$276K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.039	−0.041%	$119.7M	$303.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.035	−0.075%	$84.1M	$72.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.034	−0.083%	$27.4M	$84.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.051	+0.048%	$183K	$168K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.036	−0.067%	$128.6M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.039	−0.044%	$33.2M	$59.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.043	−0.014%	$22.6M	$14.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.035	−0.075%	$54.2M	$30.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.037	−0.060%	—	$23.0M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.044	−0.003%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.024	−0.157%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.020	−0.187%	$591K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.992	−0.405%	$133K	$677K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.036	−0.067%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.026	−0.141%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.044	−0.007%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.033	−0.090%	$15K	$41K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.018	−0.202%	$642K	$859K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.031	−0.105%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.033	−0.092%	$547K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0116%	1h	13.045	+0.002%	$339K	$386K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0118%	1h	13.037	−0.059%	$774K	$212K	50x	as long as short
dYdX LINK-USD	+0.0265%	1h	13.042	−0.022%	$345K	$45K	10x	as long as short
Reya LINKRUSDPERP	+0.0384%	1h	13.029	−0.118%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0451%	1h	13.057	+0.094%	$80.7M	$26.3M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0500%	1h	13.039	−0.043%	$6.8M	$8.1M	50x	as long as short
Phemex LINKUSDT	+0.0610%	8h	13.047	+0.017%	$20.1M	$11.5M	50x	as long as short