Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0023%/8h= −2.6% APRpaid last 24h −0.014%

Price spread now: Kalshi against Aftermath Perps−0.079%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Aftermath Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.081%−$8 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.079%, 7d avg −0.022%

Together, before fees+0.025%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Kalshi is 0.058% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,473.7	0.0233	pay 0.0029% / 1h	58m 27s	$79K	$229K	20x
Short	Kalshi KXBTCPERP	85,406	0.0209	get 0.0209% / 8h	5h 58m	$11.5M	$743.6M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Aftermath Perps. 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 Aftermath PerpsbpFee KalshibpOrdersPrice spread, now −0.079%Rate

Funding earned: −$4.93
Price spread: −0.079% → −0.022%: −$5.76
Slippage, 4 orders: −$11.58
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$41.27
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 51 min ago; Kalshi: live order book, 6 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 Aftermath Perps live order book, 51 min ago	0.58 bp	9.5 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Kalshi live order book, 6 min ago	0.06 bp	5.2 bp −$5	6.7 bp −$67	7.5 bp −$751	11.8 bp −$5,878

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	−0.0111%	1h	85,504	+0.035%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	−0.043%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0049%	8h	85,423.7	−0.058%	$928.1M	$772.3M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,375.6	−0.115%	$419.9M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,434.5	−0.046%	$513.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,447.4	−0.031%	$354K	$2.4M	50x	as long as short
Nado BTC-PERP	−0.0003%	1h	85,430.5	−0.051%	$24.5M	$222.7M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,435.2	−0.045%	$16.7M	$21.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,437.2	−0.043%	$528K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,388	−0.100%	$36.5M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0027%	1h	85,409.7	−0.075%	$868.6M	$1.62B	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	−0.080%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,441.8	−0.037%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,421.6	−0.061%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,391.9	−0.096%	$188.1M	$955.8M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,390.1	−0.098%	$149.0M	$507.4M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,442.7	−0.036%	$170.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,445.2	−0.033%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,444	−0.035%	$8.4M	$55.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,438.7	−0.041%	$5.02B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,371.1	−0.120%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,443.8	−0.035%	$9.45B	$24.98B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,416	−0.067%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,484.2	+0.012%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,516	+0.049%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,460	−0.016%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,433	−0.048%	$5.15B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,434.6	−0.046%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,426	−0.056%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,443.9	−0.035%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,440.2	−0.039%	$5.51B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,375	−0.115%	$36.7M	$179.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,449.7	−0.028%	$155.0M	$560.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469	−0.005%	$280.0M	$954.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,473.2	−0.001%	$214.6M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.9	−0.004%	$139.7M	$314.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,423.7	−0.058%	$30.1M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,485.8	+0.014%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,432	−0.049%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,423.1	−0.059%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,383.5	−0.106%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,412.6	−0.071%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,360.5	−0.132%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,359.3	−0.134%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,376	−0.114%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,376.3	−0.114%	$2.26B	$942.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.004%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,412.2	−0.072%	$44.5M	$240.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,385.7	−0.103%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,418.9	−0.064%	$117.6M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0121%	1h	85,418.4	−0.065%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,389.5	−0.099%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,465	−0.010%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERPshort	+0.0209%	8h	85,406	−0.079%	$11.5M	$743.6M	6.4x
Aftermath Perps BTCUSDlong	+0.0233%	1h	85,473.7	long leg	$79K	$229K	20x
Hibachi BTC/USDT-P	+0.0240%	1h	85,422.4	−0.060%	$691K	$8.0M	30x	as long as short