Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.055%

Price spread now: Kalshi against Kraken Futures+0.087%7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.230%−$23 on $10k

Price spread, last 4 days (all we have)−0.231%−$23 · spread now +0.087%, 7d avg −0.073%

Together, before fees−0.461%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.160% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.087% now, against its 7-day average of −0.073%): +$16 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.230% in total) that is about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LINKUSD	12.921	0.0049	pay 0.0006% / 1h	47m 18s	$6.4M	$8.4M	50x
Short	Kalshi KXLINKPERP	12.933	0	get 0.0000% / 8h	3h 47m	$514K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.087%Rate

Funding earned: −$10.3
Price spread: +0.087% → −0.073%: $15.99
Slippage, 4 orders: −$27.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$41.41
Costs to cover: 0.471%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Kalshi: live order book, 1 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 Kraken Futures live order book, 2 min ago	2.71 bp	8.1 bp −$8	13.1 bp −$131	38.8 bp −$3,879	doesn't fit
Sell Kalshi live order book, 1 min ago	8.77 bp	14.2 bp −$14	21.7 bp −$217	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
Orderly PERP_LINK_USDC	−0.0109%	8h	12.918	−0.027%	$91K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.927	+0.042%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.933	+0.087%	$514K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.922	+0.004%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.036%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSDlong	+0.0049%	1h	12.921	long leg	$6.4M	$8.4M	50x
Phoenix LINK	+0.0087%	1h	12.915	−0.048%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.920	−0.012%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.927	+0.046%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.927	+0.039%	$350K	$335K	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	12.933	+0.089%	$80.8M	$28.1M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.926	+0.032%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.928	+0.047%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.923	+0.009%	$119.3M	$297.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.919	−0.019%	$83.7M	$73.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.921	−0.004%	$27.1M	$80.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.940	+0.144%	$181K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.929	+0.058%	$134.1M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.925	+0.027%	$35.1M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.927	+0.043%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.916	−0.042%	$53.8M	$30.0M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.923	+0.012%	—	$23.2M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.935	+0.105%	$336K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.909	−0.094%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.912	−0.075%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.913	−0.062%	$580K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.918	−0.027%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.930	+0.066%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.914	−0.061%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.945	+0.180%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.919	−0.019%	$11K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.899	−0.170%	$630K	$724K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.914	−0.056%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.922	+0.003%	$542K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0106%	1h	12.927	+0.042%	$809K	$268K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.930	+0.066%	$930K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.926	+0.035%	$5.3M	$15.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0402%	1h	12.922	+0.001%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0410%	8h	12.936	+0.113%	$20.0M	$11.5M	50x	as long as short
dYdX LINK-USD	+0.0915%	1h	12.927	+0.043%	$344K	$45K	10x	as long as short