Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Derive against Kalshi−0.092%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Derive is 0.092% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.092% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.1 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	12.897	0	get 0.0000% / 8h	5h 47m	$511K	$2.3M	3.7x
Short	Derive LINK-PERP	12.885	0.0100	get 0.0013% / 1h	47m 43s	$16K	$22K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.092%Rate

Funding earned: $21
Price spread: −0.092% → 0.000%: −$9.2
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$4.2
Costs to cover: 0.160%
Break-even: 8.4 days

Slippage unknown: Kalshi: live order book, 1 min ago; Derive: no order-book sample. 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 Kalshi live order book, 1 min ago	9.89 bp	15.0 bp −$15	20.1 bp −$201	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	12.886	−0.082%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.897	long leg	$511K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.888	−0.071%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0007%	8h	12.880	−0.132%	$94K	$1.1M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.854%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.893	−0.028%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.883	−0.109%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.890	−0.054%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.885	−0.089%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.885	−0.095%	$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	12.895	−0.017%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.879	−0.138%	$118.8M	$301.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.875	−0.171%	$83.1M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.878	−0.147%	$26.9M	$80.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.906	+0.070%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.884	−0.101%	$124.0M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.886	−0.085%	$34.5M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.891	−0.047%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.881	−0.124%	$53.8M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.884	−0.101%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	−0.051%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.038%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.026%	$578K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	0.000%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.890	−0.054%	$81K	$70K	10x	as long as short
Derive LINK-PERPshort	+0.0100%	1h	12.885	−0.092%	$16K	$22K	10x
SunX LINK-USDT	+0.0100%	8h	12.899	+0.012%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.885	−0.093%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.876	−0.163%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.880	−0.132%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.889	−0.065%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.893	−0.031%	$931K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0138%	1h	12.893	−0.032%	$806K	$259K	50x	as long as short
Backpack LINK_USDC_PERP	+0.0140%	1h	12.894	−0.023%	$336K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.891	−0.050%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.893	−0.031%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0323%	1h	12.902	+0.039%	$80.4M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.883	−0.108%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0575%	8h	12.903	+0.047%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0840%	1h	12.880	−0.130%	$343K	$33K	10x	as long as short