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: Kalshi against Reya+0.168%45s7-day average — · you sell dearer than you buy

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

Long on Reya Short on Kalshi

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

The price spread pays, funding is against you. Kalshi is 0.168% dearer against Reya than usual: you sell high and buy low (spread +0.168% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 34 hours. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya LINKRUSDPERP	12.872	0.0400	pay 0.0050% / 1h	38m 33s	$4K	—	20x
Short	Kalshi KXLINKPERP	12.894	0	get 0.0000% / 8h	4h 38m	$507K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Reya. 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 ReyabpFee KalshibpOrdersPrice spread, now +0.168%Rate

Funding earned: −$84.01
Price spread: +0.168% → 0.000%: $16.84
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$83.17
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	8.99 bp	14.0 bp −$14	17.8 bp −$178	doesn't fit	doesn't fit

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	12.890	+0.133%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0067%	8h	12.882	+0.074%	$90K	$1.1M	20x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.894	+0.168%	$507K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	12.895	+0.172%	$806K	$268K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.886	+0.102%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.670%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.920	+0.372%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.888	+0.124%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.885	+0.101%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.886	+0.102%	$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	12.899	+0.206%	$80.7M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.883	+0.082%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.888	+0.122%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.880	+0.057%	$118.9M	$299.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.874	+0.012%	$83.2M	$73.3M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.876	+0.028%	$27.1M	$79.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.896	+0.183%	$180K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.888	+0.121%	$133.2M	$17.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.887	+0.113%	$34.3M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.894	+0.168%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.876	+0.028%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.885	+0.098%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.892	+0.152%	$335K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.900	+0.214%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.906	+0.260%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.903	+0.241%	$586K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	+0.300%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.881	+0.067%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.890	+0.139%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.902	+0.233%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.887	+0.113%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.869	−0.029%	$629K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.892	+0.155%	$6.4M	$8.4M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.876	+0.024%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.887	+0.115%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.896	+0.183%	$931K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.885	+0.098%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERPlong	+0.0400%	1h	12.872	long leg	$4K	—	20x
Phemex LINKUSDT	+0.0557%	8h	12.906	+0.261%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0570%	1h	12.886	+0.103%	$343K	$45K	10x	as long as short