Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.022%

Price spread now: Coinbase International against Kalshi−0.049%57s7-day average +0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.514% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.144%+$14 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.049%, 7d avg +0.082%

Together, before fees+0.211%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.131% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.082%). If the spread goes back, that is −$13 on $10k: about 3.6 days of funding at the current rate (+$4 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.899	0	get 0.0000% / 8h	5h 48m	$511K	$2.3M	3.7x
Short	Coinbase International LINK-PERP-INTX	12.893	0.0120	get 0.0015% / 1h	48m 17s	$931K	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.049%Rate

Funding earned: $25.2
Price spread: −0.049% → +0.082%: −$13.07
Slippage, 4 orders: −$31.45
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$39.31
Costs to cover: 0.514%
Break-even: 17.9 days

Slippage from Kalshi: live order book, 5 min ago; Coinbase International: live order book, 6 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, 5 min ago	7.47 bp	14.2 bp −$14	16.8 bp −$168	doesn't fit	doesn't fit
Sell Coinbase International live order book, 6 min ago	3.49 bp	13.1 bp −$13	15.5 bp −$155	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	12.886	−0.100%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.899	long leg	$511K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.888	−0.088%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0007%	8h	12.880	−0.150%	$94K	$1.1M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.871%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.893	−0.046%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.887	−0.097%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.890	−0.072%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.885	−0.107%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.892	−0.055%	$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	12.895	−0.035%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.888	−0.090%	$118.9M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.883	−0.126%	$83.2M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.884	−0.119%	$26.9M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.906	+0.052%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.884	−0.119%	$124.0M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.890	−0.072%	$34.5M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.891	−0.064%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.882	−0.134%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.887	−0.095%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	−0.069%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.055%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.044%	$578K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	−0.018%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.890	−0.072%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.885	−0.110%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.899	−0.006%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.885	−0.111%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.876	−0.181%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.880	−0.149%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.889	−0.083%	$540K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTXshort	+0.0120%	1h	12.893	−0.049%	$931K	$2.8M	50x
Deribit LINK_USDC-PERPETUAL	+0.0138%	1h	12.893	−0.050%	$806K	$259K	50x	as long as short
Backpack LINK_USDC_PERP	+0.0146%	1h	12.902	+0.021%	$336K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.891	−0.068%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.893	−0.049%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0321%	1h	12.903	+0.029%	$80.4M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.883	−0.126%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0575%	8h	12.903	+0.029%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0830%	1h	12.894	−0.044%	$343K	$33K	10x	as long as short