Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.030%

Price spread now: Backpack against Kalshi+0.023%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

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

Long on Kalshi Short on Backpack

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)−0.304%−$30 · spread now +0.023%, 7d avg +0.094%

Together, before fees−0.093%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.072% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.023% now, against its 7-day average of +0.094%). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	13.132	0	get 0.0000% / 8h	6h 06m	$469K	$2.3M	3.7x
Short	Backpack LINK_USDC_PERP	13.135	0.0110	get 0.0014% / 1h	6m 04s	$365K	$374K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: $23.09
Price spread: +0.023% → +0.094%: −$7.16
Slippage, 4 orders: −$19.22
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.29
Costs to cover: 0.392%
Break-even: 14.1 days

Slippage from Kalshi: live order book, 2 min ago; Backpack: live order book, 18 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 Kalshi live order book, 2 min ago	7.07 bp	12.1 bp −$12	19.3 bp −$193	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.38 bp	6.3 bp −$6	417.3 bp −$4,173	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 −0.0090% / S +0.0167%	1h	13.121	−0.083%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.132	long leg	$469K	$2.3M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.130	−0.019%	$717K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.122	−0.076%	$133K	—	150x	as long as short
dYdX LINK-USD	+0.0013%	1h	13.124	−0.064%	$348K	$60K	10x	as long as short
Phoenix LINK	+0.0018%	1h	13.163	+0.238%	$3K	$84K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−5.574%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.123	−0.069%	$133K	$1.6M	20x	as long as short
Lighter LINK	+0.0096%	1h	13.132	−0.003%	$2.1M	$2.4M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.120	−0.093%	$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	13.121	−0.080%	$399K	$317K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.137	+0.038%	$77.4M	$23.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.129	−0.024%	$1.6M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.124	−0.060%	$275K	$151K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.127	−0.041%	$121.6M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.123	−0.069%	$84.5M	$69.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.124	−0.061%	$27.6M	$85.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.140	+0.061%	$184K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.127	−0.038%	$130.3M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.127	−0.038%	$36.6M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.129	−0.023%	$22.2M	$15.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.124	−0.061%	$54.3M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.125	−0.053%	—	$21.8M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.155	+0.176%	$3.3M	$1.5M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.147	+0.112%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.145	+0.098%	$596K	$2.8M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.148	+0.122%	$153K	$666K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.124	−0.061%	$80K	$67K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.122	−0.073%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.139	+0.051%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.127	−0.038%	$5K	$40K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.121	−0.084%	$645K	$907K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.123	−0.066%	$667K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.129	−0.020%	$551K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	13.148	+0.122%	$990K	$2.7M	50x	as long as short
Backpack LINK_USDC_PERPshort	+0.0110%	1h	13.135	+0.023%	$365K	$374K	15x
BloFin LINK-USDT	+0.0220%	8h	13.127	−0.038%	$5.2M	$16.9M	75x	as long as short
Reya LINKRUSDPERP	+0.0374%	1h	13.120	−0.088%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0475%	8h	13.140	+0.061%	$20.3M	$11.6M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0505%	1h	13.136	+0.033%	$6.9M	$7.9M	50x	as long as short