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: Kalshi against Phemex−0.108%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

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

Long on Phemex Short on Kalshi

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

The price spread pays, funding is against you. Kalshi is 0.050% dearer against Phemex than usual: you sell high and buy low (spread −0.108% now, against its 7-day average of −0.158%): +$5 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 7 hours. 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	Phemex LINKUSDT	12.910	0.0569	pay 0.0569% / 8h	3h 00m	$20.0M	$11.2M	50x
Short	Kalshi KXLINKPERP	12.896	0	get 0.0000% / 8h	7h 00m	$483K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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 PhemexbpFee KalshibpOrdersPrice spread, now −0.108%Rate

Funding earned: −$119.55
Price spread: −0.108% → −0.158%: $4.99
Slippage, 4 orders: −$34
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$170.56
Costs to cover: 0.560%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Kalshi: live order book, 2 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 Phemex live order book, 3 min ago	4.64 bp	13.9 bp −$14	18.9 bp −$189	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	8.49 bp	13.8 bp −$14	20.7 bp −$207	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	−0.161%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.896	−0.108%	$483K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	12.892	−0.142%	$184K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.950%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	12.888	−0.170%	$115K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.922	+0.092%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.892	−0.138%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.888	−0.171%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.205%	$389K	$309K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.893	−0.133%	$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	12.890	−0.152%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.894	−0.126%	$119.5M	$300.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.889	−0.163%	$83.3M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.890	−0.155%	$27.3M	$80.4M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.909	−0.008%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.889	−0.163%	$124.3M	$14.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.893	−0.132%	$33.0M	$57.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.897	−0.101%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.891	−0.147%	$54.2M	$29.9M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.891	−0.147%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.899	−0.085%	$338K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.884	−0.199%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.900	−0.081%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.914	+0.033%	$580K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.896	−0.108%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.900	−0.077%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.888	−0.168%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.905	−0.036%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.892	−0.139%	$9K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.878	−0.247%	$632K	$677K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.889	−0.163%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.893	−0.131%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.899	−0.085%	$918K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.895	−0.116%	$5.2M	$15.7M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0239%	1h	12.899	−0.086%	$788K	$215K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0245%	1h	12.894	−0.121%	$6.6M	$8.2M	50x	as long as short
Hyperliquid LINK	+0.0298%	1h	12.906	−0.031%	$80.5M	$27.5M	10x	as long as short
Reya LINKRUSDPERP	+0.0394%	1h	12.893	−0.132%	$4K	—	20x	as long as short
Phemex LINKUSDTlong	+0.0569%	8h	12.910	long leg	$20.0M	$11.2M	50x
dYdX LINK-USD	+0.0785%	1h	12.884	−0.201%	$342K	$32K	10x	as long as short