Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0079%/8h= +8.7% APRpaid last 24h +0.158%

Price spread now: Kalshi against Bluefin+0.049%53s7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.229% of the position

Long on Bluefin Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.049%, 7d avg +0.016%

Together, before fees+0.282%+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.033% dearer against Bluefin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.016%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,176	0.0100	pay 0.0013% / 1h	31m 23s	$217K	$749K	40x
Short	Kalshi KXBTCPERP	85,218	0.0179	get 0.0179% / 8h	6h 31m	$11.3M	$744.8M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bluefin. 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 BluefinbpFee KalshibpOrdersPrice spread, now +0.049%Rate

Funding earned: $16.6
Price spread: +0.049% → +0.016%: $3.33
Slippage, 4 orders: −$5.92
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$2.99
Costs to cover: 0.229%
Break-even: 8.3 days

Slippage from Bluefin: live order book, 18 min ago; Kalshi: live order book, 3 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 Bluefin live order book, 18 min ago	1.33 bp	6.5 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.35 bp	5.6 bp −$6	7.0 bp −$70	7.6 bp −$761	12.3 bp −$6,172

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
Perpl BTC	−0.0112%	43m	85,171.5	−0.005%	$525K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	+0.001%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,161	−0.018%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,119.4	−0.066%	$921.4M	$763.3M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,168.2	−0.009%	$420.7M	$679.1M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,162.7	−0.016%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,124.6	−0.060%	$511.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	0.000%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,143.9	−0.038%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,152	−0.028%	$24.7M	$222.9M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.058%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,149.9	−0.031%	$186.9M	$955.2M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,109.6	−0.078%	—	$17.4M	—	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,127.8	−0.057%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,143.9	−0.038%	$148.6M	$504.3M	150x	as long as short
Bullet BTC-USD	+0.0082%	1h	85,132.8	−0.051%	$207K	$3.3M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,136.5	−0.046%	$5.04B	$5.70B	500x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,128.7	−0.056%	$2.95B	$5.18B	150x	as long as short
SoDEX BTC-USD	+0.0084%	1h	85,132	−0.052%	$59.6M	$335.8M	40x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,134.4	−0.049%	$9.40B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,160.1	−0.019%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,162.8	−0.015%	$23.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,150	−0.031%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,172	−0.005%	$116.8M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,133	−0.050%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,209.4	+0.039%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,217	+0.048%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,184	+0.009%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,130.5	−0.053%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,137.2	−0.046%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,152	−0.028%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,157.7	−0.021%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.009%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,133.2	−0.050%	$5.49B	$10.92B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,163.2	−0.015%	$36.0M	$174.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,263.5	+0.103%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.050%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,147	−0.034%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.059%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,149.5	−0.031%	$30.0M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,215.7	+0.047%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,140	−0.042%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,136.2	−0.047%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,176	long leg	$217K	$749K	40x
Derive BTC-PERP	+0.0100%	1h	85,110.1	−0.077%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,147.9	−0.033%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,126	−0.059%	$2.25B	$947.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,105.9	−0.082%	$45.5M	$238.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,145.1	−0.036%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,133.8	−0.050%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0131%	1h	85,168.3	−0.009%	$872.3M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,139.1	−0.043%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0179%	8h	85,218	+0.049%	$11.3M	$744.8M	6.4x
Aftermath Perps BTCUSD	+0.0212%	1h	85,242.8	+0.078%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.6	+0.061%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,177.7	+0.002%	$8.6M	$43.1M	25x	as long as short