Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Kalshi against Injective+4.035%66s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.159%−$116 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 4.035% dearer against Injective than usual: you sell high and buy low (spread +4.035% now, against zero (this spread has no 7-day history yet)): +$404 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 months. At the pace of the last 7 days (−1.159% in total) that is about 24 days. The two prices were read 66 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	Injective LINK/USDC PERP	12.400	0.0033	pay 0.0004% / 1h	54m 16s	$4K	$48K	12x
Short	Kalshi KXLINKPERP	12.900	0	get 0.0000% / 8h	5h 54m	$513K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now +4.035%Rate

Funding earned: −$7
Price spread: +4.035% → 0.000%: $403.55
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $386.53
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	7.69 bp	18.1 bp −$18	23.9 bp −$239	doesn't fit	doesn't fit

Injective: 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 −0.0089% / S +0.0166%	1h	12.894	+3.982%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.900	+4.035%	$513K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.897	+4.008%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0014%	8h	12.891	+3.960%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERPlong	+0.0033%	1h	12.400	long leg	$4K	$48K	12x
Phoenix LINK	+0.0074%	1h	12.916	+4.165%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.899	+4.024%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.886	+3.917%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.891	+3.964%	$347K	$337K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.900	+4.032%	$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	12.890	+3.953%	$275K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.897	+4.011%	$118.9M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.892	+3.968%	$83.1M	$73.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.895	+3.992%	$27.0M	$81.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.906	+4.081%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.891	+3.960%	$124.0M	$15.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.898	+4.016%	$33.3M	$57.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.901	+4.040%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.894	+3.984%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.895	+3.992%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.901	+4.042%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.938	+4.343%	$43K	$305K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.911	+4.119%	$586K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.924	+4.226%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.892	+3.968%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.897	+4.004%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.908	+4.099%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.898	+4.016%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.887	+3.925%	$632K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.893	+3.978%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.901	+4.040%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.896	+4.000%	$932K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0142%	1h	12.904	+4.065%	$336K	$389K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.904	+4.061%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.905	+4.073%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0262%	1h	12.906	+4.079%	$804K	$257K	50x	as long as short
Hyperliquid LINK	+0.0287%	1h	12.910	+4.113%	$80.5M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.885	+3.908%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0578%	8h	12.915	+4.153%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.1240%	1h	12.889	+3.943%	$343K	$33K	10x	as long as short