Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.010%

Price spread now: Kalshi against Injective+6.410%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.159%−$116 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 6.410% dearer against Injective than usual: you sell high and buy low (spread +6.410% now, against zero (this spread has no 7-day history yet)): +$641 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 21 months. At the pace of the last 7 days (−1.159% in total) that is about 39 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective LINK/USDC PERP	12.400	0.0033	pay 0.0004% / 1h	8m 29s	$4K	$48K	12x
Short	Kalshi KXLINKPERP	13.195	0	get 0.0000% / 8h	5h 08m	$490K	$2.4M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now +6.410%Rate

Funding earned: −$7
Price spread: +6.410% → 0.000%: $640.97
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $623.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 5 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 Injective no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	10.29 bp	15.4 bp −$15	20.3 bp −$203	doesn't fit	doesn't fit

Injective: 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 −0.0090% / S +0.0167%	1h	13.185	+6.334%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	13.195	+6.410%	$490K	$2.4M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.194	+6.400%	$720K	$125K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.178	+6.272%	$134K	—	150x	as long as short
Injective LINK/USDC PERPlong	+0.0033%	1h	12.400	long leg	$4K	$48K	12x
Phoenix LINK	+0.0037%	1h	13.183	+6.312%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.181	+6.298%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0050%	1h	13.187	+6.348%	$349K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.188	+6.355%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.183	+6.312%	$32K	$3K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	13.175	+6.248%	$403K	$314K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.190	+6.371%	$77.9M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.190	+6.373%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.190	+6.371%	$276K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.185	+6.330%	$122.5M	$303.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.178	+6.274%	$85.0M	$70.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.173	+6.234%	$27.8M	$86.2M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.196	+6.419%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.186	+6.339%	$130.7M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.175	+6.250%	$36.5M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.180	+6.290%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.173	+6.234%	$54.8M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.184	+6.323%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.165	+6.167%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.168	+6.195%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.162	+6.144%	$594K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.163	+6.153%	$153K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.180	+6.290%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.181	+6.299%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.196	+6.421%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.189	+6.363%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.127	+5.863%	$645K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.180	+6.289%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.187	+6.344%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.194	+6.403%	$995K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0213%	1h	13.203	+6.476%	$366K	$377K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.200	+6.452%	$5.2M	$17.2M	75x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.172	+6.224%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0465%	8h	13.202	+6.468%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0693%	1h	13.196	+6.418%	$7.0M	$8.1M	50x	as long as short