Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0087%/8h= +9.6% APRpaid last 24h +0.022%

Price spread now: Kalshi against GMX+0.078%7-day average −0.080% · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.263%−$26 · spread now +0.078%, 7d avg −0.080%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kalshi is 0.158% dearer against GMX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX LINK/USD [LINK-USDC]	12.972	L −0.0087% / S +0.0165%	get 0.0011% / 1h	17m 48s	$1.8M	—	200x
Short	Kalshi KXLINKPERP	12.982	0	get 0.0000% / 8h	3h 17m	$506K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now +0.078%Rate

Funding earned: $18.36
Price spread: +0.078% → −0.080%: $15.83
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $12.19
Costs to cover: 0.220%
Break-even: 2.4 days

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, just now. 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, just now	6.32 bp	11.4 bp −$11	18.1 bp −$181	doesn't fit	doesn't fit

GMX: 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
Orderly PERP_LINK_USDC	−0.0124%	8h	12.972	−0.001%	$91K	$929K	20x	as long as short
GMX LINK/USD [LINK-USDC]long	L −0.0087% / S +0.0165%	1h	12.972	long leg	$1.8M	—	200x
Kalshi KXLINKPERPshort	0.0000%	8h	12.982	+0.078%	$506K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.973	+0.009%	$106K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.410%	$4K	$48K	12x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.984	+0.094%	$6.5M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.933	−0.302%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.975	+0.021%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.968	−0.030%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.968	−0.031%	$350K	$323K	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	12.980	+0.061%	$81.1M	$27.7M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.979	+0.053%	$1.2M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.971	−0.005%	$276K	$176K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.977	+0.038%	$119.8M	$291.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.977	+0.038%	$83.9M	$71.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.981	+0.069%	$27.3M	$78.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.983	+0.084%	$181K	$96K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.976	+0.030%	$134.7M	$17.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.977	+0.038%	$35.4M	$59.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.977	+0.038%	$23.0M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.975	+0.023%	$54.2M	$29.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.974	+0.015%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.987	+0.115%	$336K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.965	−0.057%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.957	−0.113%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.970	−0.013%	$589K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.964	−0.062%	$133K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.974	+0.015%	$83K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−1.155%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.988	+0.124%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.979	+0.053%	$11K	$57K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.945	−0.212%	$632K	$676K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.966	−0.044%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.968	−0.033%	$544K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0143%	1h	12.984	+0.094%	$812K	$265K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.966	−0.047%	$931K	$3.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.974	+0.015%	$5.3M	$16.0M	75x	as long as short
Phemex LINKUSDT	+0.0317%	8h	12.991	+0.146%	$20.0M	$11.4M	50x	as long as short
Reya LINKRUSDPERP	+0.0404%	1h	12.965	−0.052%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1105%	1h	12.978	+0.042%	$349K	$49K	10x	as long as short