Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.022%

Price spread now: Coinbase International against Kalshi−0.085%57s7-day average +0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.510% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.144%+$14 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.085%, 7d avg +0.081%

Together, before fees+0.252%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.165% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of +0.081%). If the spread goes back, that is −$17 on $10k: about 4.6 days of funding at the current rate (+$4 a day). The two prices were read 57 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	Kalshi KXLINKPERP	12.880	0	get 0.0000% / 8h	5h 29m	$510K	$2.3M	3.7x
Short	Coinbase International LINK-PERP-INTX	12.869	0.0120	get 0.0015% / 1h	29m 19s	$933K	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.085%Rate

Funding earned: $25.2
Price spread: −0.085% → +0.081%: −$16.55
Slippage, 4 orders: −$31.02
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$42.37
Costs to cover: 0.510%
Break-even: 18.8 days

Slippage from Kalshi: live order book, 4 min ago; Coinbase International: live order book, 5 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, 4 min ago	8.16 bp	13.6 bp −$14	19.8 bp −$198	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	2.72 bp	12.7 bp −$13	17.3 bp −$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 −0.0088% / S +0.0166%	1h	12.873	−0.056%	$1.8M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0008%	8h	12.862	−0.139%	$93K	$1.1M	20x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.880	long leg	$510K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.873	−0.054%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.726%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.879	−0.005%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.879	−0.010%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.880	+0.004%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.878	−0.015%	$350K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.875	−0.040%	$1.3M	$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	12.879	−0.010%	$274K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.873	−0.054%	$118.8M	$301.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.868	−0.092%	$83.2M	$73.7M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.869	−0.085%	$27.0M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.895	+0.117%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.874	−0.046%	$123.9M	$15.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.872	−0.061%	$34.3M	$58.4M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.878	−0.015%	$22.7M	$12.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.867	−0.100%	$53.8M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.871	−0.069%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.867	−0.098%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.870	−0.079%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.871	−0.065%	$579K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.863	−0.131%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.879	−0.007%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.852	−0.217%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.886	+0.050%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.869	−0.085%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.840	−0.307%	$630K	$783K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.864	−0.124%	$626K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.872	−0.061%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0120%	1h	12.869	−0.085%	$933K	$2.8M	50x
Backpack LINK_USDC_PERP	+0.0124%	1h	12.887	+0.055%	$336K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.872	−0.065%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.874	−0.046%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0337%	1h	12.885	+0.040%	$80.3M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0398%	1h	12.865	−0.115%	$4K	—	20x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0418%	1h	12.878	−0.016%	$805K	$266K	50x	as long as short
Phemex LINKUSDT	+0.0585%	8h	12.888	+0.063%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0900%	1h	12.873	−0.056%	$343K	$33K	10x	as long as short