Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h +0.010%

Price spread now: Kalshi against Phoenix−0.308%74s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kalshi is 0.308% cheaper against Phoenix than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix LINK	13.039	0.0049	pay 0.0006% / 1h	54m 15s	$3K	$84K	10x
Short	Kalshi KXLINKPERP	12.999	0	get 0.0000% / 8h	1h 54m	$468K	$2.2M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now −0.308%Rate

Funding earned: −$10.28
Price spread: −0.308% → 0.000%: −$30.83
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$58.11
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Kalshi: live order book, 4 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	8.20 bp	13.4 bp −$13	17.7 bp −$177	doesn't fit	doesn't fit

Phoenix: 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 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 −0.0090% / S +0.0167%	1h	12.988	−0.393%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.999	−0.308%	$468K	$2.2M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0009%	1h	12.990	−0.380%	$159K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.903%	$4K	$48K	12x	as long as short
ApeX Omni LINKUSDT	+0.0039%	1h	12.976	−0.485%	$133K	$672K	50x	as long as short
Phoenix LINKlong	+0.0049%	1h	13.039	long leg	$3K	$84K	10x
Coinbase International LINK-PERP-INTX	+0.0064%	1h	13.010	−0.225%	$953K	$2.6M	50x	as long as short
Orderly PERP_LINK_USDC	+0.0068%	8h	12.996	−0.332%	$117K	$1.5M	20x	as long as short
Lighter LINK	+0.0096%	1h	12.998	−0.317%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.990	−0.375%	$31K	$2K	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.990	−0.378%	$395K	$316K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.990	−0.375%	$1.3M	$2.3M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.992	−0.362%	$274K	$168K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.995	−0.336%	$119.6M	$296.6M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.985	−0.416%	$84.0M	$71.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.987	−0.401%	$27.4M	$82.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	13.007	−0.248%	$182K	$165K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.987	−0.401%	$128.1M	$12.5M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.993	−0.355%	$32.1M	$56.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.998	−0.317%	$23.0M	$13.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.986	−0.409%	$54.0M	$30.2M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.989	−0.386%	—	$22.7M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.995	−0.340%	$339K	$378K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	13.034	−0.038%	$3.4M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.981	−0.445%	$43K	$304K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.973	−0.507%	$586K	$2.6M	10x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.993	−0.355%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.995	−0.341%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	13.003	−0.281%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	13.002	−0.286%	$5K	$46K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.987	−0.399%	$641K	$685K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.997	−0.325%	$703K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	13.004	−0.275%	$545K	$2K	3x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0265%	1h	13.005	−0.264%	$772K	$212K	50x	as long as short
Reya LINKRUSDPERP	+0.0386%	1h	12.984	−0.425%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.0428%	1h	12.994	−0.349%	$344K	$30K	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0554%	1h	13.005	−0.260%	$6.8M	$8.0M	50x	as long as short
Phemex LINKUSDT	+0.0596%	8h	13.007	−0.248%	$20.1M	$11.6M	50x	as long as short
Hyperliquid LINK	+0.0640%	1h	13.007	−0.248%	$81.4M	$26.4M	10x	as long as short