Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Polymarket Perps+0.061%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.061% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.061% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days. Mind the row above: over the last 7 days funding on this pair paid +0.161%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps LINK-USD	12.862	0.0100	pay 0.0013% / 1h	35m 47s	$81K	$70K	10x
Short	Kalshi KXLINKPERP	12.870	0	get 0.0000% / 8h	4h 35m	$504K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now +0.061%Rate

Funding earned: −$21
Price spread: +0.061% → 0.000%: $6.06
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$32.94
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Kalshi: live order book, 3 min ago. 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 3 min ago	10.52 bp	15.6 bp −$16	22.5 bp −$225	doesn't fit	doesn't fit

Polymarket Perps: 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 −0.0087% / S +0.0165%	1h	12.861	−0.006%	$1.7M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0070%	8h	12.852	−0.078%	$90K	$1.1M	20x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.870	+0.061%	$504K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.861	−0.004%	$154K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.592%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.920	+0.453%	$3K	$85K	10x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0084%	1h	12.867	+0.037%	$805K	$268K	50x	as long as short
Lighter LINK	+0.0096%	1h	12.860	−0.019%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.851	−0.083%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.859	−0.025%	$346K	$344K	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.869	+0.054%	$80.4M	$28.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.861	−0.011%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.858	−0.027%	$274K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.856	−0.045%	$118.8M	$299.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.852	−0.078%	$83.1M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.853	−0.070%	$27.0M	$79.9M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.879	+0.132%	$180K	$97K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.856	−0.047%	$132.8M	$17.6M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.859	−0.023%	$34.4M	$58.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.862	0.000%	$22.8M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.856	−0.047%	$53.8M	$30.2M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.855	−0.054%	—	$6.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.865	+0.023%	$334K	$385K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.851	−0.086%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.882	+0.154%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.887	+0.192%	$585K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.911	+0.381%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USDlong	+0.0100%	1h	12.862	long leg	$81K	$70K	10x
Derive LINK-PERP	+0.0100%	1h	12.856	−0.046%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.865	+0.025%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.859	−0.023%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.845	−0.134%	$628K	$778K	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0102%	1h	12.864	+0.015%	$6.4M	$8.5M	50x	as long as short
Extended LINK-USD	+0.0104%	1h	12.851	−0.082%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.863	+0.009%	$539K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.875	+0.101%	$929K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.858	−0.031%	$5.2M	$15.8M	75x	as long as short
Reya LINKRUSDPERP	+0.0400%	1h	12.856	−0.050%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0556%	8h	12.878	+0.124%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0562%	1h	12.862	−0.001%	$343K	$45K	10x	as long as short