Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0408%/8h= −44.7% APRpaid last 24h −0.113%

Price spread now: Kalshi against Reya+0.155%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Kalshi is 0.155% dearer against Reya than usual: you sell high and buy low (spread +0.155% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya LINKRUSDPERP	12.933	0.0408	pay 0.0051% / 1h	47m 09s	$4K	—	20x
Short	Kalshi KXLINKPERP	12.953	0	get 0.0000% / 8h	1h 47m	$488K	$2.0M	3.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Reya. 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 ReyabpFee KalshibpOrdersPrice spread, now +0.155%Rate

Funding earned: −$85.65
Price spread: +0.155% → 0.000%: $15.48
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$86.17
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	6.71 bp	12.3 bp −$12	21.2 bp −$212	doesn't fit	doesn't fit

Reya: 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 exchanges

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	−0.0203%	8h	12.928	−0.042%	$85K	$866K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.940	+0.048%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERPshort	0.0000%	8h	12.953	+0.155%	$488K	$2.0M	3.7x
Phoenix LINK	0.0000%	1h	12.948	+0.113%	$3K	$81K	10x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0001%	1h	12.944	+0.080%	$115K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.124%	$4K	$48K	12x	as long as short
SoDEX LINK-USD	+0.0057%	1h	12.940	+0.051%	$11K	$61K	10x	as long as short
HTX LINK-USDT	+0.0082%	8h	12.920	−0.101%	$606K	$674K	75x	as long as short
Variational Omni LINK	+0.0090%	8h	12.938	+0.037%	$3.4M	$1.8M	—	as long as short
Lighter LINK	+0.0096%	1h	12.942	+0.065%	$1.9M	$2.3M	10x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex LINK-USD-PERP	+0.0100%	8h	12.941	+0.062%	$31K	$600	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.944	+0.086%	$348K	$278K	10x	as long as short
Hyperliquid LINK	+0.0100%	1h	12.950	+0.128%	$81.5M	$25.2M	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.947	+0.104%	$1.4M	$2.5M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.947	+0.102%	$275K	$152K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.944	+0.082%	$120.1M	$267.1M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.942	+0.067%	$83.7M	$66.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.946	+0.098%	$27.3M	$73.6M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.954	+0.159%	$183K	$83K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.938	+0.036%	$133.7M	$17.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.940	+0.051%	$36.1M	$54.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.944	+0.082%	$22.9M	$11.7M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.945	+0.090%	$54.2M	$26.3M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.938	+0.036%	—	$23.8M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.955	+0.167%	$335K	$351K	15x	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.941	+0.057%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.943	+0.073%	$583K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.951	+0.136%	$132K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.943	+0.074%	$82K	$64K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.954	+0.159%	$33K	$1.2M	30x	as long as short
Extended LINK-USD	+0.0104%	1h	12.935	+0.010%	$628K	$1.9M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.940	+0.049%	$543K	$2K	3x	as long as short
Kraken Futures PF_LINKUSD	+0.0173%	1h	12.945	+0.087%	$6.5M	$7.4M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0190%	1h	12.948	+0.115%	$893K	$361K	50x	as long as short
Coinbase International LINK-PERP-INTX	+0.0200%	1h	12.944	+0.082%	$973K	$3.2M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.937	+0.028%	$5.4M	$15.2M	75x	as long as short
Reya LINKRUSDPERPlong	+0.0408%	1h	12.933	long leg	$4K	—	20x
dYdX LINK-USD	+0.0408%	1h	12.936	+0.021%	$348K	$34K	10x	as long as short
Phemex LINKUSDT	+0.0441%	8h	12.958	+0.190%	$20.0M	$10.2M	50x	as long as short