Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Polymarket Perps+0.072%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.072% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.072% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.161%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps LINK-USD	12.890	0.0100	pay 0.0013% / 1h	48m 33s	$81K	$70K	10x
Short	Kalshi KXLINKPERP	12.899	0	get 0.0000% / 8h	5h 48m	$511K	$2.3M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Polymarket Perps. 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 Polymarket PerpsbpFee KalshibpOrdersPrice spread, now +0.072%Rate

Funding earned: −$21
Price spread: +0.072% → 0.000%: $7.21
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$31.79
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: no order-book sample; Kalshi: live order book, 5 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 Polymarket Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	7.47 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit

Polymarket Perps: 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 −0.0089% / S +0.0166%	1h	12.893	+0.025%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.899	+0.072%	$511K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.894	+0.031%	$156K	—	150x	as long as short
Orderly PERP_LINK_USDC	+0.0009%	8h	12.885	−0.039%	$94K	$1.2M	20x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.801%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.893	+0.026%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.893	+0.022%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.890	0.000%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.883	−0.054%	$349K	$339K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.892	+0.016%	$1.2M	$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	12.895	+0.038%	$275K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.888	−0.014%	$118.9M	$302.0M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.884	−0.047%	$83.2M	$73.8M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.886	−0.031%	$26.9M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.906	+0.124%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.889	−0.008%	$124.0M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.890	0.000%	$34.5M	$57.8M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.891	+0.008%	$22.7M	$12.9M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.887	−0.023%	$53.9M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.889	−0.008%	—	$23.3M	—	as long as short
Variational Omni LINK	+0.0100%	8h	12.890	+0.003%	$3.3M	$1.7M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.892	+0.017%	$43K	$306K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.894	+0.028%	$578K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.897	+0.054%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USDlong	+0.0100%	1h	12.890	long leg	$81K	$70K	10x
Derive LINK-PERP	+0.0100%	1h	12.891	+0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.906	+0.126%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.891	+0.008%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.877	−0.105%	$631K	$786K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.886	−0.031%	$629K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.892	+0.012%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.914	+0.186%	$933K	$2.8M	50x	as long as short
Backpack LINK_USDC_PERP	+0.0146%	1h	12.902	+0.093%	$336K	$388K	15x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0184%	1h	12.899	+0.066%	$806K	$259K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0193%	1h	12.896	+0.049%	$6.6M	$8.3M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.893	+0.023%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINK	+0.0321%	1h	12.903	+0.101%	$80.4M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.883	−0.054%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0576%	8h	12.906	+0.124%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0830%	1h	12.894	+0.028%	$343K	$33K	10x	as long as short