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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC+0.0184%/8h= +20.1% APRpaid last 24h −0.046%
Price spread now: Kalshi against Deribit−0.001%7-day average −0.052% · you buy dearer than you sell
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$180.178% of the position
Long on DeribitShort on Kalshi
What this pair did over the last
the charts below follow
Funding, last 7 days−0.018%−$2 on $10k
Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.001%, 7d avg −0.052%
Together, before fees−0.026%−$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kalshi is 0.051% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.052%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.018% in total (about -0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit BTC-PERPETUAL86,391.30.0027pay 0.0003% / 1h38m 18s$903.5M$1.51B50x
ShortKalshi KXBTCPERP86,3900.0210get 0.0210% / 8h3h 38m$10.0M$762.4M6.4x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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

Funding earned
$38.54
Price spread: −0.001% → −0.052%
$5.09
Slippage, 4 orders
−$0.79
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee Kalshi: 5 bp × 2 orders
−$10
Net
$25.83
Costs to cover
0.178%
Break-even
2.3 days
Slippage from Deribit: live order book, 1 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
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 1 min ago0.03 bp3.5 bp −$43.5 bp −$356.5 bp −$64511.1 bp −$5,547
Sell Kalshi live order book, 6 min ago0.29 bp5.4 bp −$56.2 bp −$627.4 bp −$73812.0 bp −$6,004

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0129%1h86,448+0.066%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,388−0.004%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,357.4−0.039%$361K$2.4M50xas long as short
Perpl BTC0.0000%43m86,391.10.000%$498K$21.8M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,373.9−0.020%$36.9M—200xas long as short
dYdX BTC-USD+0.0020%1h86,402.9+0.013%$16.9M$20.5M50xas long as short
Aster BTCUSDT+0.0021%8h86,359.4−0.037%$500.8M$1.14B200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,616+0.260%$333K$26.9M52xas long as short
Deribit BTC-PERPETUALlong+0.0027%1h86,391.3long leg$903.5M$1.51B50x
KuCoin XBTUSDTM+0.0037%8h86,360.5−0.036%$830.7M$722.2M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex BTCUSDT+0.0039%8h86,358.9−0.037%$153.6M$475.2M150xas long as short
Reya BTCRUSDPERP+0.0043%1h86,355.6−0.041%$6.7M$145.7M40xas long as short
BingX BTC-USDT+0.0049%8h86,379.4−0.014%—$1.58B—as long as short
RISEx BTC/USDC+0.0052%1h86,365.9−0.029%$8.3M$42.5M25xas long as short
Bitget BTCUSDT+0.0062%8h86,369.9−0.025%$2.97B$5.05B150xas long as short
MEXC BTC_USDT+0.0078%8h86,353.6−0.044%$5.13B$5.68B500xas long as short
Binance BTCUSDT+0.0078%8h86,370.6−0.024%$9.40B$24.35B150xas long as short
Aevo BTC-PERP+0.0080%1h86,333.4−0.067%$2.5M$1.7M20xas long as short
Lighter BTC+0.0096%1h86,368.6−0.026%$170.4M$984.8M50xas long as short
Lighter RH BTC+0.0096%1h86,384.3−0.008%$23.7M$149.0M50xas long as short
Popdex BTCUSDT+0.0096%1h86,355−0.042%$8.4M$52.1M100xas long as short
SoDEX BTC-USD+0.0098%1h86,354−0.043%$60.4M$338.2M40xas long as short
Katana Perps BTC-USD+0.0100%8h86,333−0.067%$202K$7.2M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,378.2−0.015%$4.5M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,364.6−0.031%$21.9M$229.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,427+0.041%$3.79B$4.99B40xas long as short
Pacifica BTC+0.0100%1h86,389.6−0.002%$40.7M$551.7M50xas long as short
Bybit BTCUSDT+0.0100%8h86,377.1−0.016%$5.25B$9.70B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,386.3−0.006%$2.56B$12.52B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,360−0.036%$3.9M$17.9M25xas long as short
Arcus BTC-USD+0.0100%1h86,386.7−0.005%$7.2M$95.1M40xas long as short
Bulk BTC-USD+0.0100%1h86,348−0.050%$573.1M$19.8M40xas long as short
Gate BTC_USDT+0.0100%8h86,362.2−0.034%$5.81B$10.52B200xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,365.8−0.029%$37.5M$155.5M75xas long as short
Variational Omni BTC+0.0100%8h86,351.7−0.046%$158.4M$564.0M—as long as short
edgeX BTCUSDC+0.0100%4h86,362.3−0.034%$278.9M$950.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,468.6+0.090%$217.0M$165.5M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,361.6−0.034%$141.6M$322.4M100xas long as short
StandX BTC-USD+0.0100%1h86,384.9−0.007%$30.7M$208.9M40xas long as short
Vest BTC-PERP+0.0100%1h86,405.4+0.016%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,355−0.042%$11.1M$14.1M50xas long as short
Bullet BTC-USD+0.0100%1h86,355.9−0.041%$192K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,354.2−0.043%$2.5M$8.9M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,388.2−0.004%$144K$667K40xas long as short
Derive BTC-PERP+0.0100%1h86,386.6−0.005%$30.5M$58.9M15xas long as short
SunX BTC-USDT+0.0100%8h86,362.2−0.034%$3.4M$5.2M100xas long as short
HTX BTC-USDT+0.0100%8h86,339.1−0.060%$2.29B$963.2M200xas long as short
Extended BTC-USD+0.0104%1h86,342.4−0.057%$45.9M$222.4M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,373.9−0.020%—$98.9M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,395.4+0.005%$132.0M$5.45B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,385.2−0.007%$192.1M$942.1M100xas long as short
Hibachi BTC/USDT-P+0.0160%1h86,428.6+0.043%$711K$8.0M30xas long as short
Aftermath Perps BTCUSD+0.0165%1h86,410.6+0.022%$77K$217K20xas long as short
BloFin BTC-USDT+0.0198%8h86,346.7−0.052%$415.9M$648.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0203% / S −0.0217%1h86,368.9−0.026%$14.5M—200xas long as short
Kalshi KXBTCPERPshort+0.0210%8h86,390−0.001%$10.0M$762.4M6.4x