Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h −0.017%

Price spread now: Kalshi against Coinbase International−0.027%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.027%, 7d avg −0.043%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,501.7	0.0112	pay 0.0014% / 1h	52m 52s	$111.4M	$5.47B	50x
Short	Kalshi KXBTCPERP	85,479	0.0181	get 0.0181% / 8h	3h 52m	$10.8M	$740.2M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.027%Rate

Funding earned: $14.51
Price spread: −0.027% → −0.043%: $1.64
Slippage, 4 orders: −$1.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$4.87
Costs to cover: 0.210%
Break-even: 9.4 days

Slippage from Coinbase International: 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 Coinbase International live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$522	9.9 bp −$4,943
Sell Kalshi live order book, 1 min ago	0.23 bp	5.4 bp −$5	6.8 bp −$68	7.6 bp −$759	11.9 bp −$5,933

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
Hotstuff BTC-PERP	−0.0080%	1h	85,442	−0.070%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,451.6	−0.059%	$423.5M	$684.7M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,482	−0.023%	$307K	$23.1M	52x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,425.6	−0.089%	$502.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,446.2	−0.065%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,447.4	−0.064%	$930.5M	$776.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.4	−0.073%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0026%	1h	85,464.7	−0.043%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,468.1	−0.039%	$186.4M	$953.8M	100x	as long as short
Phoenix BTC	+0.0075%	1h	85,441	−0.071%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0080%	8h	85,420.2	−0.095%	—	$1.58B	—	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,487.1	−0.017%	$830.1M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,470.9	−0.036%	$170.5M	$939.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.9	−0.042%	$23.6M	$133.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	−0.070%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,451.8	−0.058%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,410	−0.107%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,472.9	−0.034%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,444.6	−0.067%	$24.2M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.2	−0.068%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,420.7	−0.095%	$9.41B	$25.18B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,407.5	−0.110%	$5.08B	$10.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,404	−0.114%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,439	−0.073%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,449.4	−0.061%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.140%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,420.7	−0.095%	$5.46B	$9.84B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,422.5	−0.093%	$5.03B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,397.8	−0.122%	$2.98B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,443.3	−0.068%	$37.7M	$194.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,356	−0.170%	$155.8M	$547.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,324.2	−0.208%	$283.0M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,382.2	−0.140%	$214.4M	$157.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,354.3	−0.172%	$138.1M	$312.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,441.7	−0.070%	$30.1M	$217.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.9	+0.015%	—	$9.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,278	−0.262%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,456	−0.053%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,452.6	−0.057%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,500.4	−0.002%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,419.4	−0.096%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,452	−0.058%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,445.8	−0.065%	$2.26B	$974.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,454.2	−0.056%	$160.2M	$517.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,404.2	−0.114%	$45.7M	$242.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,441.4	−0.071%	—	$107.6M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	85,501.7	long leg	$111.4M	$5.47B	50x
Reya BTCRUSDPERP	+0.0146%	1h	85,440	−0.072%	$6.6M	$140.1M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	−0.016%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,451.1	−0.059%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0181%	8h	85,479	−0.027%	$10.8M	$740.2M	6.4x
RISEx BTC/USDC	+0.0194%	1h	85,457.5	−0.052%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0274%	1h	85,494	−0.009%	$3.83B	$5.12B	40x	as long as short
Aftermath Perps BTCUSD	+0.0295%	1h	85,406.9	−0.111%	$81K	$247K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,404.5	−0.114%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,448.3	−0.062%	$469K	$18.4M	6.7x	as long as short