Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0604%/8h= −66.2% APRpaid last 24h −0.064%

Price spread now: Kalshi against dYdX+0.074%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1111.110% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.487%−$49 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now +0.074%, 7d avg −0.040%

Together, before fees−0.209%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.113% dearer against dYdX than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of −0.040%): +$11 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.487% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX LINK-USD	12.969	0.0604	pay 0.0076% / 1h	8m 42s	$345K	$33K	10x
Short	Kalshi KXLINKPERP	12.978	0	get 0.0000% / 8h	6h 08m	$526K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now +0.074%Rate

Funding earned: −$126.89
Price spread: +0.074% → −0.040%: $11.32
Slippage, 4 orders: −$90.96
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$226.54
Costs to cover: 1.110%
Break-even: never at this rate

Slippage from dYdX: live order book, 40 min ago; Kalshi: 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 dYdX live order book, 40 min ago	36.55 bp	41.6 bp −$42	76.2 bp −$762	80.6 bp −$8,060	125.3 bp −$62.7K
Sell Kalshi live order book, 5 min ago	8.80 bp	13.8 bp −$14	20.7 bp −$207	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 −0.0089% / S +0.0166%	1h	12.968	−0.004%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.978	+0.074%	$526K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.966	−0.024%	$157K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0030%	8h	12.955	−0.105%	$95K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.385%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.980	+0.088%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.969	0.000%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.967	−0.010%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.975	+0.049%	$347K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.975	+0.045%	$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	12.967	−0.016%	$276K	$183K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.970	+0.008%	$119.4M	$302.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.965	−0.028%	$83.6M	$73.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.968	−0.005%	$26.9M	$81.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.982	+0.103%	$181K	$95K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.969	+0.003%	$124.8M	$15.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.970	+0.010%	$33.0M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.959	−0.075%	$22.9M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.965	−0.028%	$54.2M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.969	+0.003%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.963	−0.042%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.964	−0.037%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.969	+0.003%	$590K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.968	−0.005%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.979	+0.080%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.958	−0.079%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.971	+0.016%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.957	−0.090%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.951	−0.133%	$634K	$783K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.962	−0.050%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.964	−0.036%	$544K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.989	+0.157%	$923K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0129%	1h	12.959	−0.075%	$338K	$390K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0205%	1h	12.965	−0.027%	$805K	$249K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.966	−0.021%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0243%	1h	12.969	+0.003%	$80.9M	$27.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0276%	1h	12.959	−0.077%	$6.7M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0396%	1h	12.969	+0.006%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0561%	8h	12.967	−0.013%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USDlong	+0.0604%	1h	12.969	long leg	$345K	$33K	10x