Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0133%/8h= +14.6% APRpaid last 24h −0.011%

Price spread now: Kalshi against Aevo+0.038%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$440.445% of the position

Long on Aevo Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now +0.038%, 7d avg +0.013%

Together, before fees+0.008%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.025% dearer against Aevo than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BTC-PERP	86,513.1	0.0072	pay 0.0009% / 1h	48m 49s	$2.4M	$1.3M	20x
Short	Kalshi KXBTCPERP	86,546	0.0205	get 0.0205% / 8h	4h 48m	$9.8M	$740.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aevo. 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 AevobpFee KalshibpOrdersPrice spread, now +0.038%Rate

Funding earned: $27.95
Price spread: +0.038% → +0.013%: $2.48
Slippage, 4 orders: −$18.45
Fee Aevo: 8 bp × 2 orders: −$16
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.03
Costs to cover: 0.445%
Break-even: 10.5 days

Slippage from Aevo: live order book, just now; 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 Aevo live order book, just now	7.79 bp	15.8 bp −$16	16.2 bp −$162	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	0.23 bp	5.4 bp −$5	6.9 bp −$69	7.5 bp −$754	12.1 bp −$6,037

BTC on 56 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
Phoenix BTC	−0.0118%	1h	86,505	−0.009%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	+0.001%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.102%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,523.5	+0.012%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,526.3	+0.015%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,578	+0.075%	$502.6M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,546.7	+0.039%	$916.5M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,537	+0.028%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,564.4	+0.059%	$850.5M	$714.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0025%	1h	86,510.6	−0.003%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0037%	1h	86,542.1	+0.034%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDC	+0.0041%	8h	86,578.5	+0.076%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,523.6	+0.012%	$149.8M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,570.8	+0.067%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,571.2	+0.067%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,589.7	+0.089%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERPlong	+0.0072%	1h	86,513.1	long leg	$2.4M	$1.3M	20x
Gate BTC_USDT	+0.0082%	8h	86,592.9	+0.092%	$5.88B	$10.72B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,528.1	+0.017%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,538.1	+0.029%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,510	−0.004%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,492	−0.024%	$205K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,540	+0.031%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,510.1	−0.003%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,592	+0.091%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,552.9	+0.046%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,592.7	+0.092%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,596.2	+0.096%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,526	+0.015%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,548.6	+0.041%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	+0.055%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,514	+0.001%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	+0.014%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	+0.033%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	+0.034%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	+0.033%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,538.5	+0.029%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,566.4	+0.062%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,513	0.000%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	+0.002%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,500.7	−0.014%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,523.4	+0.012%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,541.1	+0.032%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,501.6	−0.013%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,513	0.000%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,498.4	−0.017%	$2.30B	$969.6M	200x	as long as short
Aftermath Perps BTCUSD	+0.0103%	1h	86,546.4	+0.039%	$79K	$220K	20x	as long as short
Extended BTC-USD	+0.0104%	1h	86,555.6	+0.049%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,537.6	+0.028%	—	$99.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,554.1	+0.047%	$193.5M	$951.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,540.8	+0.032%	$416K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,570.9	+0.067%	$132.6M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,578.4	+0.076%	$722K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,533.8	+0.024%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,519.3	+0.007%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERPshort	+0.0205%	8h	86,546	+0.038%	$9.8M	$740.8M	6.4x