Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0285%/8h= +31.2% APRpaid last 24h +0.013%

Price spread now: Deribit against Kalshi+0.011%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$460.460% of the position

Long on Kalshi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now +0.011%, 7d avg +0.064%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.053% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.064%). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$9 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.012% in total (about -0.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.912	0	get 0.0000% / 8h	5h 49m	$511K	$2.3M	3.7x
Short	Deribit LINK_USDC-PERPETUAL	12.914	0.0285	get 0.0036% / 1h	49m 23s	$807K	$259K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.011%Rate

Funding earned: $59.85
Price spread: +0.011% → +0.064%: −$5.29
Slippage, 4 orders: −$28.97
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $8.59
Costs to cover: 0.460%
Break-even: 6.0 days

Slippage from Kalshi: live order book, 4 min ago; Deribit: live order book, 59 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, 4 min ago	7.47 bp	14.2 bp −$14	16.8 bp −$168	doesn't fit	doesn't fit
Sell Deribit live order book, 59 min ago	4.25 bp	11.6 bp −$12	16.9 bp −$169	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	12.893	−0.149%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.912	long leg	$511K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.894	−0.142%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0009%	8h	12.885	−0.212%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.968%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.893	−0.147%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.894	−0.142%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.892	−0.155%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.228%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.895	−0.135%	$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	12.896	−0.131%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.895	−0.135%	$119.0M	$301.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.891	−0.166%	$83.2M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.892	−0.158%	$27.0M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.910	−0.019%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.887	−0.197%	$124.0M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.894	−0.142%	$34.1M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.895	−0.135%	$22.8M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.888	−0.189%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.892	−0.158%	—	$6.7M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	−0.171%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	−0.157%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	−0.145%	$578K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	−0.119%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.892	−0.158%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.891	−0.165%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.919	+0.050%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.909	−0.026%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.875	−0.288%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.886	−0.204%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.892	−0.161%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.914	+0.012%	$933K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0149%	1h	12.917	+0.036%	$337K	$388K	15x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.913	+0.007%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.891	−0.166%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUALshort	+0.0285%	1h	12.914	+0.011%	$807K	$259K	50x
Hyperliquid LINK	+0.0317%	1h	12.906	−0.050%	$80.5M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.889	−0.185%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0570%	8h	12.924	+0.090%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0860%	1h	12.894	−0.145%	$343K	$33K	10x	as long as short