Funding arb · Price arb /

BCH

all BCH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0305%/8h= +33.4% APRpaid last 24h +0.070%

Price spread now: Kalshi against Deribit−0.157%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 3 days (all we have)+0.156%+$16 · spread now −0.157%, 7d avg −0.028%

Together, before fees+0.257%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.129% cheaper against Deribit than usual: you would sell low and buy high (spread −0.157% now, against its 7-day average of −0.028%). If the spread goes back, that is −$13 on $10k: about 34 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.101% in total) that is about 8.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.101% in total (about 5.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BCH_USDC-PERPETUAL	266.35	−0.0305	get 0.0038% / 1h	26m 16s	$450K	$255K	25x
Short	Kalshi KXBCHPERP	265.93	0	get 0.0000% / 8h	2h 26m	$1.1M	$10.7M	2.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.157%Rate

Funding earned: $64.12
Price spread: −0.157% → −0.028%: −$12.93
Slippage, 4 orders: −$25.14
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $9.06
Costs to cover: 0.421%
Break-even: 6.0 days

Slippage from Deribit: live order book, 42 min ago; Kalshi: 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 Deribit live order book, 42 min ago	4.47 bp	8.4 bp −$8	15.6 bp −$156	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	7.34 bp	12.3 bp −$12	20.0 bp −$200	34.0 bp −$3,396	doesn't fit

BCH on 31 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
SunX BCH-USDT	−0.0790%	8h	265.90	−0.168%	$1K	$1.9M	30x	as long as short
SoDEX BCH-USD	−0.0503%	1h	266.18	−0.063%	$2K	$6K	10x	as long as short
Phemex BCHUSDT	−0.0449%	8h	266.14	−0.078%	$4.9M	$6.6M	50x	as long as short
Deribit BCH_USDC-PERPETUALlong	−0.0305%	1h	266.35	long leg	$450K	$255K	25x
Kraken Futures PF_BCHUSD	−0.0298%	1h	266.44	+0.036%	$854K	$3.1M	50x	as long as short
HTX BCH-USDT	−0.0287%	8h	265.63	−0.270%	$779K	$1.6M	75x	as long as short
GRVT BCH_USDT_Perp	−0.0177%	8h	265.28	−0.401%	$387K	$17K	10x	as long as short
ApeX Omni BCHUSDT	−0.0175%	1h	265.37	−0.367%	$97K	$227K	50x	as long as short
Variational Omni BCH	−0.0117%	8h	266.11	−0.091%	$82K	$253K	—	as long as short
Coinbase International BCH-PERP-INTX	−0.0112%	1h	265.07	−0.480%	$231K	$2.0M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BCH_USDT	−0.0110%	8h	266.24	−0.041%	$8.4M	$13.5M	75x	as long as short
Extended BCH-USD	−0.0096%	1h	266.09	−0.098%	$112K	$962K	25x	as long as short
Binance BCHUSDT	−0.0096%	8h	266.23	−0.042%	$72.1M	$231.2M	75x	as long as short
MEXC BCH_USDT	−0.0094%	8h	266.45	+0.038%	$70.3M	$7.0M	200x	as long as short
Bybit BCHUSDT	−0.0061%	8h	266.11	−0.089%	$39.3M	$33.1M	75x	as long as short
OKX BCH-USDT-SWAP	−0.0044%	8h	266.00	−0.131%	$25.3M	$78.7M	50x	as long as short
Bitget BCHUSDT	−0.0040%	8h	266.17	−0.067%	$19.1M	$29.3M	75x	as long as short
BingX BCH-USDC	−0.0031%	8h	266.19	−0.059%	—	$6.5M	—	as long as short
Nado BCH-PERP	−0.0030%	1h	265.99	−0.133%	$422K	$382K	10x	as long as short
dYdX BCH-USD	0.0000%	1h	265.93	−0.155%	$5K	$248	10x	as long as short
Kalshi KXBCHPERPshort	0.0000%	8h	265.93	−0.157%	$1.1M	$10.7M	2.7x
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	266.42	+0.025%	$4K	—	150x	as long as short
Orderly PERP_BCH_USDC	+0.0032%	8h	266.13	−0.082%	$2K	$176	10x	as long as short
Injective BCH/USDC PERP	+0.0033%	1h	270.20	+1.446%	$721	$130K	12x	as long as short
KuCoin BCHUSDTM	+0.0034%	8h	266.32	−0.011%	$8.6M	$7.5M	75x	as long as short
Pacifica BCH	+0.0040%	1h	265.84	−0.191%	$162K	$404K	10x	as long as short
Lighter BCH	+0.0096%	1h	266.24	−0.040%	$366K	$478K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	266.30	−0.018%	$5.8M	$5.1M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	266.15	−0.075%	$168K	$697K	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	265.19	−0.435%	$19K	$290K	20x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0333% / S −0.0451%	1h	266.37	+0.010%	$25K	—	100x	as long as short