Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Polymarket Perps+0.021%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.021% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.021% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 hours. Mind the row above: over the last 7 days funding on this pair paid +0.161%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps LINK-USD	12.960	0.0100	pay 0.0013% / 1h	38m 11s	$80K	$70K	10x
Short	Kalshi KXLINKPERP	12.963	0	get 0.0000% / 8h	1h 38m	$480K	$2.2M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now +0.021%Rate

Funding earned: −$21
Price spread: +0.021% → 0.000%: $2.08
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$36.92
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Kalshi: live order book, 5 min ago. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	7.61 bp	12.9 bp −$13	19.5 bp −$195	doesn't fit	doesn't fit

Polymarket Perps: 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 −0.0090% / S +0.0167%	1h	12.955	−0.036%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.963	+0.021%	$480K	$2.2M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.955	−0.042%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.321%	$4K	$48K	12x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0043%	1h	12.959	−0.005%	$770K	$183K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0064%	1h	12.976	+0.123%	$937K	$2.7M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0066%	8h	12.952	−0.062%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.954	−0.045%	$1.9M	$2.8M	10x	as long as short
Phoenix LINK	+0.0098%	1h	12.983	+0.177%	$3K	$84K	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.967	+0.051%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.963	+0.023%	$394K	$315K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.960	0.000%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.971	+0.083%	$274K	$170K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.948	−0.091%	$119.4M	$296.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.944	−0.123%	$83.7M	$71.2M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.944	−0.123%	$27.3M	$81.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.983	+0.177%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.956	−0.031%	$128.0M	$12.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.948	−0.093%	$31.9M	$56.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.960	0.000%	$23.0M	$13.6M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.943	−0.131%	$53.9M	$30.0M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.946	−0.108%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.952	−0.062%	$338K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.971	+0.085%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.977	+0.133%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.011	+0.390%	$583K	$2.6M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.011	+0.394%	$133K	$671K	50x	as long as short
Polymarket Perps LINK-USDlong	+0.0100%	1h	12.960	long leg	$80K	$70K	10x
Derive LINK-PERP	+0.0100%	1h	12.955	−0.036%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.967	+0.058%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.954	−0.046%	$23K	$53K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.962	+0.014%	$639K	$688K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.950	−0.074%	$692K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.955	−0.038%	$543K	$2K	3x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.966	+0.046%	$5.2M	$15.7M	75x	as long as short
dYdX LINK-USD	+0.0375%	1h	12.967	+0.054%	$343K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	12.951	−0.067%	$4K	—	20x	as long as short
Kraken Futures PF_LINKUSD	+0.0556%	1h	12.956	−0.033%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0606%	8h	12.968	+0.062%	$20.0M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0653%	1h	12.973	+0.103%	$81.1M	$27.0M	10x	as long as short