Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0165%/8h= −18.1% APRpaid last 24h −0.040%

Price spread now: GMX against Kalshi−0.130%7-day average +0.084% · you buy dearer than you sell

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

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.160%−$16 on $10k

Price spread, last 4 days (all we have)+0.169%+$17 · spread now −0.130%, 7d avg +0.084%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and GMX is 0.214% cheaper against Kalshi than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.084%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.966	0	get 0.0000% / 8h	5h 15m	$513K	$2.3M	3.7x
Short	GMX LINK/USD [LINK-USDC]	12.949	L −0.0087% / S +0.0165%	pay 0.0021% / 1h	15m 06s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$34.7
Price spread: −0.130% → +0.084%: −$21.42
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$78.12
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 3 min ago; GMX: 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, 3 min ago	9.19 bp	14.5 bp −$14	18.0 bp −$180	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 39 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]short	L −0.0087% / S +0.0165%	1h	12.949	−0.130%	$1.8M	—	200x
Orderly PERP_LINK_USDC	−0.0025%	8h	12.943	−0.177%	$94K	$1.1M	20x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.966	long leg	$513K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.950	−0.126%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.365%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.966	−0.003%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.952	−0.108%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.953	−0.099%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.950	−0.120%	$355K	$341K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.957	−0.072%	$1.3M	$2.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.961	−0.035%	$276K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.950	−0.123%	$119.6M	$300.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.945	−0.162%	$83.6M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.949	−0.131%	$27.0M	$80.8M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.970	+0.031%	$181K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.950	−0.123%	$127.9M	$16.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.952	−0.108%	$34.7M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.955	−0.085%	$22.9M	$12.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.946	−0.154%	$54.1M	$30.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.953	−0.100%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.954	−0.091%	$3.3M	$1.9M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.953	−0.103%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.943	−0.178%	$586K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.958	−0.062%	$133K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.957	−0.069%	$81K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.968	+0.017%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.951	−0.116%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.916	−0.387%	$631K	$790K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.942	−0.187%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.953	−0.103%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.948	−0.139%	$935K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0130%	1h	12.959	−0.054%	$337K	$388K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0167%	1h	12.956	−0.076%	$810K	$266K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.952	−0.104%	$6.7M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.952	−0.108%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0246%	1h	12.962	−0.031%	$81.0M	$27.9M	10x	as long as short
Reya LINKRUSDPERP	+0.0398%	1h	12.947	−0.143%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0548%	8h	12.966	0.000%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0632%	1h	12.957	−0.068%	$345K	$45K	10x	as long as short