Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.056%

Price spread now: Kraken Futures against Kalshi−0.006%7-day average +0.075% · 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−$490.495% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.228%+$23 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.006%, 7d avg +0.075%

Together, before fees+0.267%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.081% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.006% now, against its 7-day average of +0.075%). If the spread goes back, that is −$8 on $10k: about 2.6 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	12.900	0	get 0.0000% / 8h	4h 10m	$503K	$2.3M	3.7x
Short	Kraken Futures PF_LINKUSD	12.899	0.0102	get 0.0013% / 1h	10m 34s	$6.4M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.006%Rate

Funding earned: $21.45
Price spread: −0.006% → +0.075%: −$8.08
Slippage, 4 orders: −$29.49
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$36.12
Costs to cover: 0.495%
Break-even: 18.8 days

Slippage from Kalshi: live order book, 3 min ago; Kraken Futures: live order book, 3 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, 3 min ago	8.41 bp	13.6 bp −$14	19.8 bp −$198	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	2.71 bp	11.4 bp −$11	16.3 bp −$163	41.3 bp −$4,128	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
Orderly PERP_LINK_USDC	−0.0091%	8h	12.887	−0.102%	$90K	$1.0M	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.896	−0.030%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.900	long leg	$503K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.893	−0.053%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.877%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0074%	1h	12.886	−0.112%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.896	−0.031%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.895	−0.038%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.901	+0.007%	$348K	$335K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.904	+0.030%	$80.5M	$28.1M	10x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster LINKUSDT	+0.0100%	8h	12.905	+0.039%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.899	−0.009%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.903	+0.024%	$119.2M	$298.2M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.901	+0.007%	$83.5M	$73.1M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.906	+0.046%	$27.1M	$80.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.917	+0.131%	$180K	$99K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.897	−0.024%	$134.1M	$18.0M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.904	+0.030%	$34.5M	$58.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.905	+0.038%	$22.9M	$12.2M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.903	+0.022%	$53.9M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.902	+0.015%	—	$23.3M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.905	+0.038%	$335K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.886	−0.110%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.879	−0.165%	$43K	$309K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.891	−0.068%	$585K	$3.0M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.899	−0.009%	$132K	$671K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.910	+0.077%	$82K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.885	−0.117%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.915	+0.117%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.895	−0.040%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.848	−0.405%	$629K	$766K	75x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0102%	1h	12.899	−0.006%	$6.4M	$8.4M	50x
Extended LINK-USD	+0.0104%	1h	12.896	−0.029%	$618K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.897	−0.025%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0160%	1h	12.901	+0.007%	$932K	$2.9M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.902	+0.015%	$5.2M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0332%	1h	12.901	+0.004%	$807K	$268K	50x	as long as short
Reya LINKRUSDPERP	+0.0401%	1h	12.903	+0.026%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0543%	8h	12.912	+0.092%	$19.9M	$11.4M	50x	as long as short
dYdX LINK-USD	+0.0559%	1h	12.894	−0.050%	$343K	$45K	10x	as long as short