Funding arb · Price arb /

BCH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Kalshi against Hyperliquid+0.077%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days−0.006%−$1 · spread now +0.077%, 7d avg −0.017%

Together, before fees−0.125%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.094% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of −0.017%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BCH	267.66	0.0100	pay 0.0013% / 1h	38m 33s	$6.0M	$4.1M	10x
Short	Kalshi KXBCHPERP	267.87	0	get 0.0000% / 8h	6h 38m	$1.1M	$11.4M	2.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpFee KalshibpOrdersPrice spread, now +0.077%Rate

Funding earned: −$21
Price spread: +0.077% → −0.017%: $9.39
Slippage, 4 orders: −$23.87
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$54.48
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Kalshi: live order book, 5 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 Hyperliquid live order book, 3 min ago	0.93 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	6.35 bp	11.4 bp −$11	17.2 bp −$172	doesn't fit	doesn't fit

BCH on 32 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
Deribit BCH_USDC-PERPETUAL	−0.0475%	1h	267.34	−0.120%	$437K	$247K	25x	as long as short
Injective BCH/USDC PERP	−0.0304%	1h	267.23	−0.162%	$713	$80K	12x	as long as short
Phemex BCHUSDT	−0.0203%	8h	267.24	−0.158%	$4.9M	$6.2M	50x	as long as short
SoDEX BCH-USD	−0.0200%	1h	267.19	−0.177%	$2K	$6K	10x	as long as short
Extended BCH-USD	−0.0120%	1h	267.39	−0.103%	$105K	$643K	25x	as long as short
MEXC BCH_USDT	−0.0119%	8h	267.93	+0.099%	$70.9M	$6.3M	200x	as long as short
Binance BCHUSDT	−0.0119%	8h	267.47	−0.073%	$73.8M	$229.0M	75x	as long as short
Variational Omni BCH	−0.0086%	8h	267.45	−0.079%	$85K	$291K	—	as long as short
Bybit BCHUSDT	−0.0078%	8h	267.40	−0.099%	$39.4M	$32.0M	75x	as long as short
GRVT BCH_USDT_Perp	−0.0057%	8h	267.55	−0.044%	$390K	$17K	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BCHUSDT	−0.0053%	8h	267.43	−0.087%	$20.0M	$28.7M	75x	as long as short
Gate BCH_USDT	−0.0036%	8h	267.46	−0.076%	$8.4M	$14.4M	75x	as long as short
Coinbase International BCH-PERP-INTX	−0.0024%	1h	267.87	+0.077%	$255K	$2.0M	50x	as long as short
BingX BCH-USDT	−0.0012%	8h	267.45	−0.080%	—	$32.1M	—	as long as short
OKX BCH-USDT-SWAP	−0.0007%	8h	267.50	−0.061%	$26.2M	$75.6M	50x	as long as short
dYdX BCH-USD	0.0000%	1h	267.42	−0.092%	$5K	$248	10x	as long as short
Kalshi KXBCHPERPshort	0.0000%	8h	267.87	+0.077%	$1.1M	$11.4M	2.7x
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	267.47	−0.071%	$4K	—	150x	as long as short
BloFin BCH-USDT	+0.0001%	8h	267.26	−0.151%	$4.0M	$4.1M	50x	as long as short
Orderly PERP_BCH_USDC	+0.0029%	8h	267.26	−0.151%	$2K	$176	10x	as long as short
Kraken Futures PF_BCHUSD	+0.0074%	1h	267.47	−0.073%	$802K	$3.2M	50x	as long as short
KuCoin BCHUSDTM	+0.0082%	8h	267.36	−0.114%	$8.8M	$8.0M	75x	as long as short
Nado BCH-PERP	+0.0087%	1h	267.44	−0.083%	$438K	$424K	10x	as long as short
Lighter BCH	+0.0096%	1h	267.38	−0.108%	$375K	$580K	10x	as long as short
Hyperliquid BCHlong	+0.0100%	1h	267.66	long leg	$6.0M	$4.1M	10x
Aster BCHUSDT	+0.0100%	8h	267.45	−0.080%	$234K	$660K	75x	as long as short
Pacifica BCH	+0.0100%	1h	267.43	−0.088%	$169K	$460K	10x	as long as short
edgeX BCHUSDC	+0.0100%	4h	267.47	−0.073%	$19K	$288K	20x	as long as short
ApeX Omni BCHUSDT	+0.0100%	1h	267.67	+0.002%	$73K	$214K	50x	as long as short
SunX BCH-USDT	+0.0100%	8h	267.13	−0.200%	$2K	$2.0M	30x	as long as short
HTX BCH-USDT	+0.0100%	8h	267.28	−0.143%	$769K	$1.6M	75x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0365% / S −0.0554%	1h	267.45	−0.081%	$25K	—	100x	as long as short