Funding arb · Price arb /

LINK

all LINK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.027%

Price spread now: Kalshi against Lighter+0.012%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 7 days+0.094%+$9 · spread now +0.012%, 7d avg +0.015%

Together, before fees+0.028%+ Points / potential airdropLighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter LINK	13.004	0.0096	pay 0.0012% / 1h	46m 25s	$1.9M	$2.8M	10x
Short	Kalshi KXLINKPERP	13.005	0	get 0.0000% / 8h	7h 46m	$499K	$2.4M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now +0.012%Rate

Funding earned: −$20.16
Price spread: +0.012% → +0.015%: −$0.21
Slippage, 4 orders: −$25.2
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$55.57
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Kalshi: live order book, 2 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 Lighter live order book, 6 min ago	2.12 bp	4.6 bp −$5	14.0 bp −$140	84.8 bp −$8,479	doesn't fit
Sell Kalshi live order book, 2 min ago	6.26 bp	11.7 bp −$12	17.6 bp −$176	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	12.999	−0.032%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	13.005	+0.012%	$499K	$2.4M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0006%	1h	13.014	+0.076%	$185K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.642%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0053%	8h	13.010	+0.049%	$117K	$1.1M	20x	as long as short
Phoenix LINK	+0.0074%	1h	13.000	−0.025%	$3K	$82K	10x	as long as short
Lighter LINKlong	+0.0096%	1h	13.004	long leg	$1.9M	$2.8M	10x
Paradex LINK-USD-PERP	+0.0100%	8h	13.003	−0.007%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	13.000	−0.028%	$392K	$312K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	13.005	+0.010%	$1.3M	$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	13.007	+0.026%	$275K	$179K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	13.015	+0.084%	$121.1M	$299.9M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	13.011	+0.057%	$84.1M	$72.4M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	13.015	+0.088%	$27.5M	$81.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.018	+0.111%	$182K	$166K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	13.008	+0.034%	$128.9M	$12.8M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	13.014	+0.080%	$32.9M	$56.6M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	13.015	+0.088%	$22.8M	$13.5M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	13.010	+0.049%	$54.1M	$29.5M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	13.013	+0.072%	—	$6.6M	—	as long as short
Variational Omni LINK	+0.0100%	8h	13.016	+0.097%	$3.4M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.994	−0.076%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.993	−0.083%	$593K	$2.7M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.996	−0.058%	$133K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	13.019	+0.119%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.999	−0.037%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.016	+0.096%	$34K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.996	−0.058%	$12K	$63K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.956	−0.370%	$636K	$694K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.997	−0.048%	$631K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.999	−0.034%	$545K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0104%	1h	12.997	−0.051%	$925K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0138%	1h	13.000	−0.028%	$341K	$391K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0150%	1h	13.004	+0.004%	$785K	$205K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.988	−0.120%	$5.3M	$15.8M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0243%	1h	13.000	−0.025%	$6.7M	$8.1M	50x	as long as short
dYdX LINK-USD	+0.0333%	1h	13.005	+0.011%	$344K	$30K	10x	as long as short
Reya LINKRUSDPERP	+0.0391%	1h	13.010	+0.053%	$4K	—	20x	as long as short
Hyperliquid LINK	+0.0405%	1h	13.029	+0.195%	$81.6M	$27.4M	10x	as long as short
Phemex LINKUSDT	+0.0528%	8h	13.008	+0.034%	$20.1M	$11.4M	50x	as long as short