Funding arb · Price arb /

BCH

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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: Deribit against Kalshi+0.157%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

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

Long on Kalshi Short on Deribit

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−0.258%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.130% dearer against Kalshi than usual: you sell high and buy low (spread +0.157% now, against its 7-day average of +0.028%): +$13 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 7 days (−0.101% in total) that is about 9.0 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	Kalshi KXBCHPERP	265.93	0	get 0.0000% / 8h	2h 25m	$1.1M	$10.7M	2.7x
Short	Deribit BCH_USDC-PERPETUAL	266.35	−0.0305	pay 0.0038% / 1h	25m 29s	$450K	$255K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Kalshi. 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 KalshibpFee DeribitbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$64.12
Price spread: +0.157% → +0.028%: $12.96
Slippage, 4 orders: −$25.14
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$93.3
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Deribit: live order book, 43 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 Kalshi live order book, 3 min ago	7.34 bp	12.3 bp −$12	19.9 bp −$199	doesn't fit	doesn't fit
Sell Deribit live order book, 43 min ago	4.47 bp	9.0 bp −$9	15.6 bp −$156	doesn't fit	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	−0.011%	$1K	$1.9M	30x	as long as short
SoDEX BCH-USD	−0.0503%	1h	266.18	+0.094%	$2K	$6K	10x	as long as short
Phemex BCHUSDT	−0.0449%	8h	266.14	+0.079%	$4.9M	$6.6M	50x	as long as short
Deribit BCH_USDC-PERPETUALshort	−0.0305%	1h	266.35	+0.157%	$450K	$255K	25x
Kraken Futures PF_BCHUSD	−0.0298%	1h	266.44	+0.193%	$854K	$3.1M	50x	as long as short
HTX BCH-USDT	−0.0287%	8h	265.63	−0.113%	$779K	$1.6M	75x	as long as short
GRVT BCH_USDT_Perp	−0.0183%	8h	265.53	−0.151%	$387K	$17K	10x	as long as short
ApeX Omni BCHUSDT	−0.0175%	1h	265.37	−0.211%	$97K	$227K	50x	as long as short
Variational Omni BCH	−0.0117%	8h	266.11	+0.066%	$82K	$253K	—	as long as short
Coinbase International BCH-PERP-INTX	−0.0112%	1h	265.07	−0.323%	$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	−0.0109%	8h	266.03	+0.038%	$8.4M	$13.5M	75x	as long as short
Extended BCH-USD	−0.0096%	1h	265.88	−0.020%	$112K	$962K	25x	as long as short
Binance BCHUSDT	−0.0096%	8h	265.95	+0.008%	$72.0M	$230.9M	75x	as long as short
MEXC BCH_USDT	−0.0095%	8h	266.38	+0.169%	$70.2M	$7.0M	200x	as long as short
Bybit BCHUSDT	−0.0057%	8h	265.97	+0.015%	$39.3M	$33.1M	75x	as long as short
OKX BCH-USDT-SWAP	−0.0045%	8h	265.90	−0.011%	$25.3M	$78.4M	50x	as long as short
Bitget BCHUSDT	−0.0041%	8h	266.02	+0.034%	$19.1M	$29.2M	75x	as long as short
Nado BCH-PERP	−0.0032%	1h	265.75	−0.068%	$421K	$381K	10x	as long as short
BingX BCH-USDT	−0.0031%	8h	265.98	+0.019%	—	$32.3M	—	as long as short
dYdX BCH-USD	0.0000%	1h	266.25	+0.122%	$5K	$248	10x	as long as short
Kalshi KXBCHPERPlong	0.0000%	8h	265.93	long leg	$1.1M	$10.7M	2.7x
gTrade (Gains Network) BCH/USD	L 0.0000% / S +0.0007%	1h	266.42	+0.182%	$4K	—	150x	as long as short
Orderly PERP_BCH_USDC	+0.0032%	8h	266.13	+0.075%	$2K	$176	10x	as long as short
KuCoin BCHUSDTM	+0.0033%	8h	266.06	+0.049%	$8.6M	$7.5M	75x	as long as short
Injective BCH/USDC PERP	+0.0033%	1h	270.20	+1.606%	$721	$130K	12x	as long as short
Pacifica BCH	+0.0040%	1h	265.93	0.000%	$162K	$404K	10x	as long as short
Lighter BCH	+0.0096%	1h	265.98	+0.017%	$366K	$478K	10x	as long as short
Hyperliquid BCH	+0.0100%	1h	266.25	+0.120%	$5.8M	$5.1M	10x	as long as short
Aster BCHUSDT	+0.0100%	8h	266.07	+0.051%	$168K	$697K	75x	as long as short
edgeX BCHUSDC	+0.0100%	4h	265.36	−0.215%	$19K	$291K	20x	as long as short
GMX BCH/USD [WBTC.b-USDC]	L +0.0333% / S −0.0451%	1h	266.37	+0.167%	$25K	—	100x	as long as short