Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h −0.030%

Price spread now: Kalshi against Backpack−0.008%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

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

costs, in and out, $10k−$390.392% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

Price spread, last 3 days (all we have)+0.289%+$29 · spread now −0.008%, 7d avg −0.094%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.087% dearer against Backpack than usual: you sell high and buy low (spread −0.008% now, against its 7-day average of −0.094%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LINK_USDC_PERP	13.151	0.0112	pay 0.0014% / 1h	7m 53s	$365K	$373K	15x
Short	Kalshi KXLINKPERP	13.150	0	get 0.0000% / 8h	6h 07m	$469K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now −0.008%Rate

Funding earned: −$23.48
Price spread: −0.008% → −0.094%: $8.68
Slippage, 4 orders: −$19.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$54.02
Costs to cover: 0.392%
Break-even: never at this rate

Slippage from Backpack: live order book, 16 min ago; Kalshi: live order book, just now.

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 Backpack live order book, 16 min ago	0.38 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, just now	7.07 bp	12.6 bp −$13	20.1 bp −$201	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 −0.0092% / S +0.0167%	1h	13.142	−0.065%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	13.150	−0.008%	$469K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.146	−0.037%	$718K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.143	−0.061%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0014%	1h	13.139	−0.092%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.163	+0.094%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.711%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.140	−0.084%	$134K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.147	−0.031%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.141	−0.073%	$32K	$3K	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	13.143	−0.061%	$400K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.153	+0.015%	$77.5M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.144	−0.051%	$1.6M	$2.7M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.143	−0.057%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.142	−0.065%	$121.8M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.141	−0.076%	$84.6M	$69.9M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.146	−0.038%	$27.7M	$85.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.160	+0.068%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.143	−0.061%	$130.4M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.141	−0.076%	$36.7M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.145	−0.046%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.141	−0.076%	$54.4M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.141	−0.076%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.032%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.158	+0.055%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.154	+0.022%	$597K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.163	+0.091%	$153K	$665K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.147	−0.030%	$81K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.138	−0.097%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.157	+0.045%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.141	−0.076%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.136	−0.114%	$646K	$908K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.137	−0.105%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.146	−0.042%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	−0.023%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPlong	+0.0112%	1h	13.151	long leg	$365K	$373K	15x
BloFin LINK-USDT	+0.0220%	8h	13.142	−0.068%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.138	−0.098%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0472%	8h	13.157	+0.046%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0504%	1h	13.153	+0.014%	$6.9M	$7.9M	50x	as long as short