Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0661%/8h= +72.4% APRpaid last 24h +0.066%

Price spread now: dYdX against Kalshi−0.063%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$178as in the Funding arb table

Net, price: spread back to 7d avg − costs−$237as in the Price arb table

costs, in and out, $10k−$2272.273% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.494%+$49 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now −0.063%, 7d avg +0.039%

Together, before fees+0.305%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.102% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.039%). If the spread goes back, that is −$10 on $10k: about 12 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.494% in total) that is about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.958	0	get 0.0000% / 8h	5h 19m	$512K	$2.3M	3.7x
Short	dYdX LINK-USD	12.950	0.0661	get 0.0083% / 1h	19m 47s	$345K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $138.86
Price spread: −0.063% → +0.039%: −$10.2
Slippage, 4 orders: −$207.26
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$98.61
Costs to cover: 2.273%
Break-even: 12.0 days

Slippage from Kalshi: live order book, 4 min ago; dYdX: live order book, 24 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	9.43 bp	14.4 bp −$14	18.8 bp −$188	doesn't fit	doesn't fit
Sell dYdX live order book, 24 min ago	46.36 bp	147.0 bp −$147	147.1 bp −$1,471	161.5 bp −$16.1K	212.4 bp −$106.2K

LINK on 39 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 −0.0087% / S +0.0165%	1h	12.953	−0.041%	$1.8M	—	200x	as long as short
Orderly PERP_LINK_USDC	−0.0018%	8h	12.946	−0.096%	$94K	$1.1M	20x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.958	long leg	$512K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.948	−0.080%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.309%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.931	−0.210%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.949	−0.070%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.948	−0.079%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.955	−0.026%	$355K	$341K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.951	−0.055%	$1.3M	$2.4M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.952	−0.053%	$276K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.949	−0.073%	$119.5M	$301.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.945	−0.103%	$83.7M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.949	−0.073%	$27.1M	$80.7M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.965	+0.051%	$181K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.946	−0.096%	$124.6M	$15.4M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.950	−0.065%	$34.7M	$58.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.955	−0.026%	$22.9M	$12.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.945	−0.103%	$54.2M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.947	−0.088%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.935	−0.179%	$3.4M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.928	−0.238%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.924	−0.268%	$583K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.936	−0.173%	$132K	$670K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.961	+0.020%	$81K	$70K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.965	+0.052%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.951	−0.057%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.933	−0.193%	$632K	$790K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.944	−0.108%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.954	−0.036%	$543K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.954	−0.034%	$937K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0136%	1h	12.953	−0.042%	$337K	$388K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0182%	1h	12.958	−0.005%	$810K	$266K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0192%	1h	12.953	−0.043%	$6.7M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.950	−0.065%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0299%	1h	12.960	+0.012%	$81.0M	$27.9M	10x	as long as short
Reya LINKRUSDPERP	+0.0398%	1h	12.950	−0.062%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0559%	8h	12.966	+0.059%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USDshort	+0.0661%	1h	12.950	−0.063%	$345K	$45K	10x