LINK

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0569%/8h= +62.3% APRnext payment +$5.69 per $10,000 · paid last 24h +0.106%

Price spread now: Phemex against Kalshi+0.108%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$560.560% of the position

Long on Kalshi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.446%+$45 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now +0.108%, 7d avg +0.158%

Together, before fees+0.478%+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.050% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.108% now, against its 7-day average of +0.158%). If the spread goes back, that is −$5 on $10k: about 7 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.446% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.896	0	get 0.0000% / 8h	7h 00m	$483K	$2.3M	3.7x
Short	Phemex LINKUSDT	12.910	0.0569	get 0.0569% / 8h	3h 00m	$20.0M	$11.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.108%Rate

Funding earned: $119.55
Price spread: +0.108% → +0.158%: −$4.98
Slippage, 4 orders: −$34
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: $58.58
Costs to cover: 0.560%
Break-even: 3.6 days

Slippage from Kalshi: live order book, 3 min ago; Phemex: live order book, 3 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	8.49 bp	13.5 bp −$13	17.7 bp −$177	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	4.64 bp	14.8 bp −$15	16.0 bp −$160	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	12.889	−0.054%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.896	long leg	$483K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.892	−0.034%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.847%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.888	−0.063%	$115K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.922	+0.200%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.895	−0.006%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.896	+0.002%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.892	−0.032%	$389K	$309K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.899	+0.021%	$1.2M	$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	12.897	+0.005%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.901	+0.036%	$119.6M	$300.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.899	+0.022%	$83.3M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.899	+0.022%	$27.3M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.914	+0.139%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.892	−0.032%	$124.3M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.901	+0.038%	$32.9M	$57.5M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.899	+0.022%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.900	+0.030%	$54.2M	$29.9M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.898	+0.015%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.899	+0.022%	$338K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.884	−0.092%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.900	+0.027%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.914	+0.140%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.896	−0.001%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.906	+0.077%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.888	−0.060%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.905	+0.071%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.892	−0.032%	$9K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.878	−0.140%	$632K	$677K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.897	+0.003%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.893	−0.024%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.899	+0.022%	$918K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.009%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0239%	1h	12.899	+0.022%	$788K	$215K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.894	−0.013%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0299%	1h	12.914	+0.139%	$80.6M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.898	+0.018%	$4K	—	20x	as long as short
Phemex LINKUSDTshort	+0.0569%	8h	12.910	+0.108%	$20.0M	$11.2M	50x
dYdX LINK-USD	+0.0792%	1h	12.893	−0.022%	$342K	$32K	10x	as long as short