Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.027%

Price spread now: Kalshi against Lighter+0.001%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 7 days+0.152%+$15 · spread now +0.001%, 7d avg +0.012%

Together, before fees+0.082%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	12.963	0.0096	pay 0.0012% / 1h	16m 30s	$1.9M	$2.8M	10x
Short	Kalshi KXLINKPERP	12.963	0	get 0.0000% / 8h	5h 16m	$513K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now +0.001%Rate

Funding earned: −$20.16
Price spread: +0.001% → +0.012%: −$1.09
Slippage, 4 orders: −$23.7
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$54.95
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Lighter: live order book, 11 min ago; Kalshi: live order book, 2 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 Lighter live order book, 11 min ago	1.83 bp	2.1 bp −$2	8.2 bp −$82	63.9 bp −$6,392	doesn't fit
Sell Kalshi live order book, 2 min ago	9.19 bp	14.2 bp −$14	18.9 bp −$189	doesn't fit	doesn't fit

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]	L −0.0087% / S +0.0165%	1h	12.956	−0.053%	$1.8M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0023%	8h	12.946	−0.129%	$94K	$1.1M	20x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.963	+0.001%	$513K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.956	−0.052%	$156K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.341%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.960	−0.022%	$3K	$85K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	12.963	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	12.962	−0.008%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.957	−0.048%	$355K	$341K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.963	+0.005%	$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	12.962	−0.003%	$276K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.964	+0.009%	$119.7M	$300.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.957	−0.045%	$83.7M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.959	−0.029%	$27.1M	$80.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.975	+0.094%	$181K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.962	−0.006%	$124.8M	$15.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.965	+0.017%	$34.7M	$58.9M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.967	+0.033%	$23.0M	$12.8M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.958	−0.037%	$54.2M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.961	−0.014%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.935	−0.212%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.946	−0.132%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.943	−0.153%	$586K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.949	−0.106%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.966	+0.025%	$81K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.973	+0.079%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.960	−0.021%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.923	−0.308%	$631K	$790K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.954	−0.066%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.960	−0.018%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.963	+0.002%	$937K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0132%	1h	12.969	+0.048%	$337K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.963	+0.001%	$6.7M	$8.3M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0213%	1h	12.964	+0.009%	$811K	$266K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.952	−0.083%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0263%	1h	12.971	+0.063%	$81.1M	$27.9M	10x	as long as short
Reya LINKRUSDPERP	+0.0398%	1h	12.951	−0.094%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0551%	8h	12.972	+0.071%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0647%	1h	12.957	−0.043%	$345K	$45K	10x	as long as short