Funding you earn now, next payment 04:00 UTC+0.0118%/8h= +12.9% APRpaid last 24h −0.016%
Price spread now: Kalshi against Backpack+0.158%7-day average −0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$4as in the Price arb table
costs, in and out, $10k−$210.205% of the position
Funding, last 7 days+0.115%+$11 on $10k
+Price spread, last 7 days+0.220%+$22 · spread now +0.158%, 7d avg −0.004%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.162% dearer against Backpack than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.004%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BTC_USDC_PERP | 85,405.8 | 0.0100 | pay 0.0013% / 1h | 27m 47s | $35.6M | $176.3M | 75x |
| Short | Kalshi KXBTCPERP | 85,541 | 0.0218 | get 0.0218% / 8h | 27m 47s | $10.4M | $757.0M | 6.4x |
Backpack BTC_USDC_PERP
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $24.81
- Price spread: +0.158% → −0.004%
- $16.22
- Slippage, 4 orders
- −$0.5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $20.52
- Costs to cover
- 0.205%
- Break-even
- 1.2 days
Slippage from Backpack: live order book, 1 min ago; Kalshi: live order book, 1 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 Backpack live order book, 1 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.8 bp −$582 | 25.1 bp −$12.6K |
| Sell Kalshi live order book, 1 min ago | 0.06 bp | 5.2 bp −$5 | 6.8 bp −$68 | 7.6 bp −$759 | 12.0 bp −$6,018 |
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 | −0.0179% | 1h | 85,566 | +0.188% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,578 | +0.202% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,510.4 | +0.122% | $365K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,567.7 | +0.190% | $416.6M | $668.2M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0016% | 8h | 85,412.7 | +0.008% | $919.8M | $750.7M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,448.2 | +0.050% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0015% | 8h | 85,428.3 | +0.026% | $514.8M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0017% | 1h | 85,548.6 | +0.167% | $16.7M | $21.3M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,490.3 | +0.099% | $4.9M | $98.5M | 40x | as long as short |
| Nado BTC-PERP | +0.0030% | 1h | 85,504.2 | +0.115% | $25.2M | $221.9M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Arcus BTC-USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0061% | 8h | 85,427.4 | +0.025% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0077% | 8h | 85,469.7 | +0.075% | $2.94B | $5.07B | 150x | as long as short |
| Phemex BTCUSDT | +0.0081% | 8h | 85,408.3 | +0.003% | $147.3M | $487.1M | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0081% | 1h | 85,510.9 | +0.123% | $6.7M | $146.7M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,415.4 | +0.011% | $172.6M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,421.6 | +0.018% | $23.8M | $149.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,509 | +0.121% | $8.4M | $52.9M | 100x | as long as short |
| MEXC BTC_USDT | +0.0096% | 8h | 85,448.8 | +0.050% | $5.05B | $5.63B | 500x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,395.2 | −0.012% | $2.4M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,448.7 | +0.050% | $9.35B | $24.14B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,482 | +0.089% | $212K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,596.7 | +0.224% | $4.7M | $8.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,527 | +0.142% | $3.74B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,550.4 | +0.169% | $40.7M | $580.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,441.9 | +0.042% | $5.21B | $9.80B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,467.8 | +0.073% | $2.58B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,506 | +0.117% | $3.9M | $18.2M | 25x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,449.5 | +0.051% | $5.50B | $10.70B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,405.8 | long leg | $35.6M | $176.3M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,543.7 | +0.161% | $153.8M | $564.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,549.1 | +0.168% | $279.5M | $920.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,566.3 | +0.188% | $214.8M | $169.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,483.1 | +0.091% | $139.8M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,563 | +0.184% | $30.2M | $208.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,577.4 | +0.201% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,508 | +0.120% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,477 | +0.083% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,404.9 | −0.001% | $2.4M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,442.3 | +0.043% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,398 | −0.009% | $29.9M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,514.9 | +0.128% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,404 | −0.002% | $59.8M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,425 | +0.022% | $2.26B | $942.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,369.3 | −0.043% | $653.8M | $618.7M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,426.2 | +0.024% | $44.5M | $229.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,525.6 | +0.140% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,451 | +0.053% | $116.9M | $5.17B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0114% | 1h | 85,450.4 | +0.052% | $884.1M | $1.56B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,539 | +0.156% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,422.9 | +0.020% | $187.5M | $955.3M | 100x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,532.5 | +0.148% | $8.2M | $42.5M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0177% | 1h | 85,455.5 | +0.058% | $13.4M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0203% | 1h | 85,517.1 | +0.130% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0208% | 1h | 85,602.9 | +0.231% | $700K | $7.9M | 30x | as long as short |
| Kalshi KXBTCPERPshort | +0.0218% | 8h | 85,541 | +0.158% | $10.4M | $757.0M | 6.4x | |
| Perpl BTC | +0.0447% | 43m | 85,548.7 | +0.167% | $501K | $18.8M | 6.7x | as long as short |
BingX BTC-USDC
Bitget BTCUSDT
Phemex BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC