Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0400%/8h= +43.8% APRpaid last 24h +0.110%

Price spread now: Reya against Kalshi−0.154%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 Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.154% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.154% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 31 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.892	0	get 0.0000% / 8h	4h 38m	$507K	$2.3M	3.7x
Short	Reya LINKRUSDPERP	12.872	0.0400	get 0.0050% / 1h	38m 14s	$4K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.154%Rate

Funding earned: $84.01
Price spread: −0.154% → 0.000%: −$15.42
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $52.59
Costs to cover: 0.160%
Break-even: 2.6 days

Slippage unknown: Kalshi: live order book, 5 min ago; Reya: 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, 5 min ago	8.99 bp	14.2 bp −$14	20.4 bp −$204	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 −0.0087% / S +0.0165%	1h	12.878	−0.114%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0068%	8h	12.872	−0.157%	$90K	$1.1M	20x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.892	long leg	$507K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.882	−0.080%	$806K	$268K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.879	−0.106%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.819%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.920	+0.217%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.872	−0.157%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.885	−0.053%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.886	−0.053%	$353K	$340K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.881	−0.088%	$80.5M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.878	−0.111%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.888	−0.032%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.871	−0.164%	$118.9M	$299.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.869	−0.181%	$83.2M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.870	−0.173%	$27.0M	$79.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.896	+0.029%	$180K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.875	−0.134%	$133.1M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.872	−0.157%	$34.3M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.880	−0.095%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.872	−0.157%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.871	−0.165%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.877	−0.119%	$334K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.900	+0.060%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.906	+0.106%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.903	+0.087%	$586K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	+0.145%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.881	−0.088%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.874	−0.144%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.892	−0.001%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.874	−0.142%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.194%	$629K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.876	−0.129%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.870	−0.176%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.877	−0.120%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.894	+0.013%	$931K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.885	−0.057%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERPshort	+0.0400%	1h	12.872	−0.154%	$4K	—	20x
Phemex LINKUSDT	+0.0557%	8h	12.891	−0.010%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0570%	1h	12.886	−0.051%	$343K	$45K	10x	as long as short