Funding arb · Price arb /

LINK

all LINK markets

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: Injective against Kalshi−6.004%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Injective

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

Funding pays, the price is against you. Injective is 6.004% cheaper against Kalshi than usual: you would sell low and buy high (spread −6.004% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$600 on $10k: about 20 months of funding at the current rate (+$1 a day). At the pace of the last 7 days (+1.159% in total) that is about 36 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	13.192	0	get 0.0000% / 8h	5h 06m	$503K	$2.4M	3.7x
Short	Injective LINK/USDC PERP	12.400	0.0033	get 0.0004% / 1h	6m 28s	$4K	$48K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −6.004%Rate

Funding earned: $7
Price spread: −6.004% → 0.000%: −$600.36
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$603.38
Costs to cover: 0.100%
Break-even: 610.4 days

Slippage unknown: Kalshi: live order book, 2 min ago; Injective: no order-book sample. 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 Kalshi live order book, 2 min ago	5.65 bp	10.6 bp −$11	17.3 bp −$173	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	13.189	−0.024%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	13.192	long leg	$503K	$2.4M	3.7x
Deribit LINK_USDC-PERPETUAL	0.0000%	1h	13.193	+0.011%	$723K	$128K	50x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.190	−0.015%	$134K	—	150x	as long as short
Injective LINK/USDC PERPshort	+0.0033%	1h	12.400	−6.004%	$4K	$48K	12x
Phoenix LINK	+0.0037%	1h	13.190	−0.014%	$3K	$81K	10x	as long as short
Orderly PERP_LINK_USDC	+0.0041%	8h	13.184	−0.061%	$134K	$1.5M	20x	as long as short
dYdX LINK-USD	+0.0051%	1h	13.194	+0.013%	$349K	$48K	10x	as long as short
Lighter LINK	+0.0096%	1h	13.196	+0.030%	$2.0M	$2.7M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	13.194	+0.016%	$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	13.197	+0.036%	$403K	$313K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	13.213	+0.159%	$78.1M	$24.0M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.198	+0.049%	$1.4M	$2.9M	50x	as long as short
Pacifica LINK	+0.0100%	1h	13.198	+0.047%	$277K	$148K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.198	+0.045%	$122.7M	$303.4M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.194	+0.015%	$85.2M	$70.6M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.199	+0.053%	$27.9M	$86.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.208	+0.121%	$185K	$172K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.194	+0.015%	$130.7M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.196	+0.030%	$36.5M	$57.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.196	+0.030%	$22.7M	$15.4M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.197	+0.038%	$54.9M	$30.6M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	13.197	+0.038%	—	$21.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.165	−0.207%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	13.168	−0.180%	$44K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	13.189	−0.026%	$595K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	13.187	−0.038%	$153K	$668K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.200	+0.061%	$82K	$69K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	13.184	−0.063%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.203	+0.083%	$34K	$1.6M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.190	−0.015%	$5K	$36K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	13.163	−0.217%	$647K	$894K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	13.192	+0.002%	$678K	$1.8M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.189	−0.020%	$553K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	13.184	−0.061%	$992K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0212%	1h	13.204	+0.091%	$365K	$379K	15x	as long as short
BloFin LINK-USDT	+0.0220%	8h	13.190	−0.015%	$5.2M	$17.2M	75x	as long as short
Reya LINKRUSDPERP	+0.0377%	1h	13.194	+0.014%	$5K	—	20x	as long as short
Phemex LINKUSDT	+0.0465%	8h	13.205	+0.099%	$20.4M	$11.5M	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0692%	1h	13.201	+0.071%	$7.0M	$8.1M	50x	as long as short