Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0229%/8h= −25.1% APRpaid last 24h −0.083%

Price spread now: Kalshi against Hyperliquid+0.217%7-day average −0.068% · you sell dearer than you buy

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

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

costs, in and out, $10k−$360.355% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.250%−$25 on $10k

Price spread, last 7 days−0.153%−$15 · spread now +0.217%, 7d avg −0.068%

Together, before fees−0.403%+ Points / potential airdropHyperliquid: Season 2 · farm board−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.285% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.217% now, against its 7-day average of −0.068%): +$28 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid LINK	12.871	0.0229	pay 0.0029% / 1h	34m 36s	$80.1M	$27.6M	10x
Short	Kalshi KXLINKPERP	12.899	0	get 0.0000% / 8h	6h 34m	$506K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now +0.217%Rate

Funding earned: −$48.13
Price spread: +0.217% → −0.068%: $28.48
Slippage, 4 orders: −$16.52
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$55.16
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Kalshi: live order book, 4 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 Hyperliquid live order book, 9 min ago	0.39 bp	5.9 bp −$6	9.6 bp −$96	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	6.18 bp	11.8 bp −$12	21.1 bp −$211	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	12.897	+0.203%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.899	+0.217%	$506K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.897	+0.202%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.659%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0048%	8h	12.892	+0.163%	$97K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.887	+0.128%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.856	−0.118%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.855	−0.126%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.854	−0.132%	$343K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.860	−0.089%	$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	12.857	−0.107%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.854	−0.132%	$118.5M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.850	−0.163%	$82.9M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.852	−0.148%	$27.2M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	+0.008%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.851	−0.155%	$123.9M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.857	−0.109%	$32.9M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.859	−0.093%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.851	−0.155%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.855	−0.124%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.895	+0.186%	$336K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	+0.012%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.869	−0.012%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	+0.070%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.877	+0.047%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.902	+0.241%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.898	+0.208%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	+0.330%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.897	+0.202%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.034%	$631K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.850	−0.164%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.902	+0.241%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.884	+0.101%	$916K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.892	+0.163%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINKlong	+0.0229%	1h	12.871	long leg	$80.1M	$27.6M	10x
Deribit LINK_USDC-PERPETUAL	+0.0246%	1h	12.906	+0.276%	$792K	$233K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.900	+0.223%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.896	+0.191%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0571%	8h	12.907	+0.280%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0793%	1h	12.860	−0.089%	$343K	$33K	10x	as long as short