Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.035%

Price spread now: Backpack against Kalshi−0.026%7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 4 days (all we have)−0.274%−$27 · spread now −0.026%, 7d avg +0.062%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.089% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.026% now, against its 7-day average of +0.062%). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.888	0	get 0.0000% / 8h	49m 57s	$478K	$2.0M	3.7x
Short	Backpack LINK_USDC_PERP	12.885	0.0100	get 0.0013% / 1h	49m 57s	$324K	$350K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.026%Rate

Funding earned: $21
Price spread: −0.026% → +0.062%: −$8.86
Slippage, 4 orders: −$28.89
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.76
Costs to cover: 0.489%
Break-even: 19.3 days

Slippage from Kalshi: live order book, 1 min ago; Backpack: live order book, 57 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 Kalshi live order book, 1 min ago	9.78 bp	14.8 bp −$15	19.1 bp −$191	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	0.39 bp	10.1 bp −$10	486.9 bp −$4,869	doesn't fit	doesn't fit

LINK on 40 exchanges

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
Orderly PERP_LINK_USDC	−0.0248%	8h	12.881	−0.057%	$84K	$778K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.901	+0.099%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.888	long leg	$478K	$2.0M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	12.899	+0.086%	$114K	—	150x	as long as short
Phoenix LINK	+0.0025%	1h	12.914	+0.198%	$3K	$81K	10x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.789%	$4K	$48K	12x	as long as short
Variational Omni LINK	+0.0067%	8h	12.873	−0.119%	$3.3M	$1.7M	—	as long as short
Lighter LINK	+0.0096%	1h	12.879	−0.075%	$1.9M	$2.3M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.880	−0.069%	$31K	$600	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.889	+0.009%	$345K	$273K	10x	as long as short

Show all 40 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid LINK	+0.0100%	1h	12.883	−0.042%	$81.0M	$25.6M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.885	−0.027%	$1.2M	$2.8M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.882	−0.050%	$274K	$150K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.882	−0.050%	$119.8M	$263.7M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.876	−0.096%	$83.7M	$66.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.872	−0.127%	$27.3M	$72.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.907	+0.144%	$180K	$84K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.885	−0.026%	$132.9M	$17.1M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.873	−0.119%	$35.9M	$52.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.879	−0.073%	$23.1M	$11.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.876	−0.096%	$53.8M	$25.8M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.876	−0.096%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERPshort	+0.0100%	1h	12.885	−0.026%	$324K	$350K	15x
edgeX LINKUSDC	+0.0100%	4h	12.904	+0.125%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.907	+0.144%	$581K	$3.2M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.913	+0.191%	$104K	$686K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.901	+0.098%	$82K	$56K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.884	−0.035%	$16K	$18K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.901	+0.098%	$33K	$1.2M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.890	+0.012%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.872	−0.126%	$612K	$700K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.864	−0.192%	$625K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.890	+0.011%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.895	+0.051%	$982K	$3.0M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0216%	1h	12.882	−0.053%	$6.6M	$7.5M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.883	−0.042%	$5.4M	$15.1M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0340%	1h	12.896	+0.061%	$889K	$361K	50x	as long as short
Phemex LINKUSDT	+0.0407%	8h	12.889	+0.005%	$19.9M	$10.1M	50x	as long as short
Reya LINKRUSDPERP	+0.0410%	1h	12.894	+0.043%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1103%	1h	12.880	−0.065%	$346K	$20K	10x	as long as short