Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0168%/8h= +18.4% APRpaid last 24h +0.023%

Price spread now: Kalshi against dYdX−0.017%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$360.356% of the position

Long on dYdX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$14 on $10k

Price spread, last 7 days+0.012%+$1 · spread now −0.017%, 7d avg +0.001%

Together, before fees+0.147%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,452.6	0	get 0.0000% / 1h	52m 33s	$16.8M	$21.3M	50x
Short	Kalshi KXBTCPERP	85,438	0.0168	get 0.0168% / 8h	6h 52m	$11.4M	$750.6M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against dYdX. 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 dYdXbpFee KalshibpOrdersPrice spread, now −0.017%Rate

Funding earned: $35.3
Price spread: −0.017% → +0.001%: −$1.78
Slippage, 4 orders: −$15.55
Fee dYdX: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$2.04
Costs to cover: 0.356%
Break-even: 7.4 days

Slippage from dYdX: live order book, 2 min ago; Kalshi: live order book, 2 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 dYdX live order book, 2 min ago	4.45 bp	15.4 bp −$15	17.7 bp −$177	21.9 bp −$2,188	52.6 bp −$26.3K
Sell Kalshi live order book, 2 min ago	0.06 bp	5.2 bp −$5	6.8 bp −$68	7.7 bp −$769	12.8 bp −$6,396

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	−0.0111%	1h	85,404	−0.057%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,450	−0.003%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,430.1	−0.026%	$921.2M	$760.5M	125x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,446.7	−0.007%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,429.1	−0.028%	$421.0M	$676.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,441.9	−0.013%	$514.1M	$1.10B	200x	as long as short
dYdX BTC-USDlong	0.0000%	1h	85,452.6	long leg	$16.8M	$21.3M	50x
Perpl BTC	0.0000%	43m	85,382.2	−0.082%	$535K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,419.4	−0.039%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0016%	1h	85,441.9	−0.013%	$24.7M	$223.6M	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	85,449	−0.004%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,440.6	−0.014%	$187.6M	$955.1M	100x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,445.9	−0.008%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0068%	1h	85,409.5	−0.050%	$204K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,432	−0.024%	$149.4M	$499.9M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,446.8	−0.007%	$2.96B	$5.14B	150x	as long as short
SoDEX BTC-USD	+0.0086%	1h	85,420	−0.038%	$59.9M	$335.8M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,420.8	−0.037%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,444.1	−0.010%	$5.08B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,445.4	−0.008%	$9.44B	$24.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,450.7	−0.002%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,454.5	+0.002%	$23.9M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,446	−0.008%	$8.4M	$55.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,457.1	+0.005%	$117.5M	$5.29B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,415	−0.044%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,493.5	+0.048%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,523	+0.082%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,473.5	+0.024%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,443.9	−0.010%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,450	−0.003%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,417	−0.042%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,451.7	−0.001%	$4.7M	$99.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,447.8	−0.006%	$5.54B	$10.78B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,422.1	−0.036%	$36.5M	$175.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,385.5	−0.079%	$154.2M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,359.3	−0.109%	$279.1M	$937.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,462	+0.011%	$214.7M	$168.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,445.3	−0.009%	$139.7M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,389	−0.074%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,454	+0.002%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,413	−0.046%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,396.2	−0.066%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,463.1	+0.012%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395.7	−0.067%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,376.1	−0.090%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,418.6	−0.040%	$2.26B	$951.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	−0.028%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,417.6	−0.041%	$45.8M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,411.1	−0.049%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0108%	1h	85,413.6	−0.046%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,461.3	+0.010%	$872.2M	$1.60B	50x	as long as short
Kalshi KXBTCPERPshort	+0.0168%	8h	85,438	−0.017%	$11.4M	$750.6M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.9	−0.032%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,395.9	−0.066%	$694K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0252%	1h	85,438.2	−0.017%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,478	+0.030%	$8.8M	$43.1M	25x	as long as short