Funding you earn now, next payment 05:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h −0.031%
Price spread now: Kalshi against Derive+0.002%7-day average −0.001% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.018%+$2 on $10k
+Price spread, last 4 days (all we have)+0.125%+$12 · spread now +0.002%, 7d avg −0.001%
=The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 85,668.1 | 0.0100 | pay 0.0013% / 1h | 55m 07s | $30.0M | $50.1M | 15x |
| Short | Kalshi KXBTCPERP | 85,670 | 0.0209 | get 0.0209% / 8h | 7h 55m | $12.0M | $757.1M | 6.4x |
Derive BTC-PERP
Kalshi KXBTCPERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kalshi against Derive. 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
- $22.82
- Price spread: +0.002% → −0.001%
- $0.35
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Net
- $7.17
- Costs to cover
- 0.160%
- Break-even
- 4.8 days
Slippage unknown: Derive: no order-book sample; Kalshi: live order book, 4 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Kalshi live order book, 4 min ago | 0.06 bp | 5.1 bp −$5 | 6.5 bp −$65 | 7.3 bp −$726 | 11.6 bp −$5,801 |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 85,646 | −0.026% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,653 | −0.018% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0037% | 8h | 85,656.1 | −0.014% | $923.7M | $754.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,677.2 | +0.011% | $417.5M | $676.0M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,652.9 | −0.018% | $366K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,635.6 | −0.038% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,688.6 | +0.024% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0013% | 8h | 85,675.5 | +0.009% | $516.2M | $1.10B | 200x | as long as short |
| Nado BTC-PERP | +0.0016% | 1h | 85,631 | −0.043% | $24.9M | $222.6M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.026% | $340K | $26.9M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Nado BTC-PERP
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0063% | 8h | 85,677 | +0.010% | — | $17.1M | — | as long as short |
| Phemex BTCUSDT | +0.0067% | 8h | 85,674.7 | +0.008% | $148.7M | $489.4M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,692.3 | +0.028% | $2.96B | $5.10B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0090% | 1h | 85,661.7 | −0.007% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,683.4 | +0.018% | $172.3M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,688.4 | +0.024% | $23.9M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,640 | −0.033% | $8.7M | $54.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,662.8 | −0.006% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,611 | −0.067% | $202K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,696.1 | +0.033% | $5.3M | $9.2M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,678.2 | +0.012% | $40.5M | $582.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,696.9 | +0.034% | $9.39B | $24.28B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,690 | +0.026% | $5.20B | $9.82B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,700 | +0.037% | $2.59B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,633 | −0.041% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,635.8 | −0.038% | $4.4M | $98.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,487.5 | −0.211% | $672.1M | $698.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,684.1 | +0.019% | $5.52B | $10.72B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,693.2 | +0.029% | $5.07B | $5.63B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,676.5 | +0.010% | $35.7M | $176.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,637.7 | −0.036% | $153.8M | $564.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,615.1 | −0.062% | $279.7M | $922.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,633.8 | −0.040% | $214.9M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,629.8 | −0.045% | $140.0M | $315.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,614 | −0.063% | $30.2M | $208.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,698.4 | +0.035% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,660 | −0.009% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,675 | +0.008% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,672.3 | +0.005% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,717.5 | +0.058% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 85,668.1 | long leg | $30.0M | $50.1M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,623.2 | −0.052% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,682 | +0.016% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,670.2 | +0.002% | $2.27B | $946.3M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,646.3 | −0.025% | $44.8M | $231.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,671.8 | +0.004% | — | $107.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,717.9 | +0.058% | $117.4M | $5.22B | 50x | as long as short |
| Hyperliquid BTC | +0.0110% | 1h | 85,777 | +0.127% | $3.79B | $5.01B | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0111% | 1h | 85,716.4 | +0.056% | $885.7M | $1.58B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,706.7 | +0.045% | $187.8M | $956.2M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,668.3 | 0.000% | $8.9M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,682.1 | +0.016% | $13.2M | — | 200x | as long as short |
| Kalshi KXBTCPERPshort | +0.0209% | 8h | 85,670 | +0.002% | $12.0M | $757.1M | 6.4x | |
| Aftermath Perps BTCUSD | +0.0224% | 1h | 85,644.5 | −0.027% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,652.3 | −0.018% | $703K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,626.2 | −0.049% | $498K | $18.8M | 6.7x | as long as short |
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hyperliquid BTC
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC