Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h −0.004%

Price spread now: Phoenix against Kalshi−0.210%7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 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. Phoenix is 0.210% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.210% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 9.4 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.908	0	get 0.0000% / 8h	6h 20m	$525K	$2.3M	3.7x
Short	Phoenix LINK	12.881	0.0074	get 0.0009% / 1h	20m 30s	$3K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.210%Rate

Funding earned: $15.62
Price spread: −0.210% → 0.000%: −$20.99
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$22.37
Costs to cover: 0.170%
Break-even: 17.0 days

Slippage unknown: Kalshi: live order book, 3 min ago; Phoenix: 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	4.93 bp	9.9 bp −$10	17.9 bp −$179	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 −0.0089% / S +0.0166%	1h	12.925	+0.132%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.908	long leg	$525K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.925	+0.125%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.939%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0039%	8h	12.918	+0.074%	$95K	$1.2M	20x	as long as short
Phoenix LINKshort	+0.0074%	1h	12.881	−0.210%	$3K	$82K	10x
Lighter LINK	+0.0096%	1h	12.919	+0.084%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.922	+0.103%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.912	+0.032%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.926	+0.134%	$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	12.920	+0.093%	$275K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.927	+0.144%	$118.8M	$303.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.926	+0.136%	$83.4M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.927	+0.144%	$27.4M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.937	+0.222%	$181K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.921	+0.098%	$124.3M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.926	+0.136%	$32.9M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.922	+0.105%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.923	+0.113%	$54.0M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.924	+0.121%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.897	−0.088%	$336K	$390K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.887	−0.164%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.844	−0.497%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.850	−0.452%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.849	−0.460%	$131K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.928	+0.152%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.884	−0.191%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	+0.044%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.888	−0.158%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.320%	$632K	$675K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.918	+0.077%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.888	−0.162%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.857	−0.398%	$915K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0208%	1h	12.893	−0.122%	$796K	$244K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.104%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0235%	1h	12.936	+0.214%	$80.6M	$27.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.888	−0.156%	$6.6M	$8.2M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.920	+0.094%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0575%	8h	12.903	−0.042%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0732%	1h	12.918	+0.073%	$344K	$33K	10x	as long as short