Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.009%

Price spread now: Kalshi against Deribit−0.010%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

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

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now −0.010%, 7d avg −0.064%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.054% dearer against Deribit than usual: you sell high and buy low (spread −0.010% now, against its 7-day average of −0.064%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.016% in total (about 0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit LINK_USDC-PERPETUAL	12.962	0.0337	pay 0.0042% / 1h	1m 51s	$808K	$254K	50x
Short	Kalshi KXLINKPERP	12.961	0	get 0.0000% / 8h	6h 01m	$526K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.010%Rate

Funding earned: −$70.77
Price spread: −0.010% → −0.064%: $5.37
Slippage, 4 orders: −$30.11
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$112.51
Costs to cover: 0.471%
Break-even: never at this rate

Slippage from Deribit: live order book, 47 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 Deribit live order book, 47 min ago	4.25 bp	7.7 bp −$8	13.6 bp −$136	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	8.79 bp	14.0 bp −$14	19.9 bp −$199	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	12.953	−0.069%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.961	−0.010%	$526K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.954	−0.062%	$157K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0023%	8h	12.947	−0.116%	$95K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.336%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.985	+0.174%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.956	−0.045%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.951	−0.084%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.955	−0.054%	$347K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.958	−0.032%	$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	12.956	−0.050%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.957	−0.040%	$119.5M	$302.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.952	−0.077%	$83.6M	$73.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.955	−0.054%	$27.0M	$81.5M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.973	+0.085%	$181K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.949	−0.100%	$124.6M	$15.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.957	−0.039%	$33.1M	$58.2M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.958	−0.031%	$22.9M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.955	−0.054%	$54.2M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.956	−0.046%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.971	+0.071%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.967	+0.042%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.972	+0.074%	$581K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.970	+0.062%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.959	−0.023%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.952	−0.075%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.967	+0.038%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.956	−0.046%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.941	−0.161%	$634K	$785K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.951	−0.087%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.958	−0.031%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.961	−0.008%	$936K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0135%	1h	12.965	+0.023%	$338K	$390K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.960	−0.015%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0248%	1h	12.972	+0.077%	$80.9M	$27.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0276%	1h	12.960	−0.013%	$6.7M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUALlong	+0.0337%	1h	12.962	long leg	$808K	$254K	50x
Reya LINKRUSDPERP	+0.0396%	1h	12.952	−0.076%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0576%	8h	12.974	+0.093%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0587%	1h	12.951	−0.088%	$345K	$33K	10x	as long as short