Settings8H · net · $10k
FundingCostsSizeExchangesMy alerts
Funding arb · Price arb /

BTC

all BTC markets
SwapBacktest
Alert: funding
Measured
My alerts

Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
My alerts

Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 01:00 UTC+0.0205%/8h= +22.5% APRpaid last 24h +0.009%
Price spread now: Kalshi against gTrade (Gains Network)+0.060%7-day average −0.015% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$190.186% of the position
Long on gTrade (Gains Network)Short on Kalshi
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.031%+$3 on $10k
Price spread, last 3 days (all we have)−0.065%−$7 · spread now +0.060%, 7d avg −0.015%
Together, before fees−0.034%−$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 0.075% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.015%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.031% in total (about 3.6% 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
LonggTrade (Gains Network) BTC/USD86,331.1L +0.0005% / S −0.0004%pay 0.0001% / 1h32m 37s$36.9M—200x
ShortKalshi KXBTCPERP86,3830.0210get 0.0210% / 8h3h 32m$10.2M$763.3M6.4x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kalshi against gTrade (Gains Network). 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
$43.08
Price spread: +0.060% → −0.015%
$7.54
Slippage, 4 orders
−$1.62
Fee gTrade (Gains Network): 3.5 bp × 2 orders
−$7
Fee Kalshi: 5 bp × 2 orders
−$10
Net
$31.99
Costs to cover
0.186%
Break-even
1.8 days
Slippage from gTrade (Gains Network): virtual book (oracle venue), 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
LegHalf-spread$10k$100k$1M$5M
Buy gTrade (Gains Network) virtual book (oracle venue), 2 min ago0.51 bp4.0 bp −$44.1 bp −$414.5 bp −$4476.4 bp −$3,183
Sell Kalshi live order book, 2 min ago0.06 bp5.2 bp −$56.7 bp −$677.6 bp −$76512.2 bp −$6,091

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
Bluefin BTC-PERP−0.0544%1h86,340.1+0.010%$144K$666K40xas long as short
Phoenix BTC−0.0129%1h86,337+0.007%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,397+0.076%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,349.5+0.021%$360K$2.4M50xas long as short
Perpl BTC0.0000%43m86,355.9+0.029%$483K$21.6M6.7xas long as short
gTrade (Gains Network) BTC/USDlongL +0.0005% / S −0.0004%1h86,331.1long leg$36.9M—200x
Aster BTCUSDT+0.0020%8h86,316.5−0.017%$500.6M$1.14B200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,358+0.031%$343K$26.9M52xas long as short
dYdX BTC-USD+0.0026%1h86,331.50.000%$16.9M$20.5M50xas long as short
KuCoin XBTUSDTM+0.0039%8h86,321.3−0.011%$830.1M$720.7M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0044%1h86,332.3+0.001%$6.7M$145.7M40xas long as short
BingX BTC-USDT+0.0050%8h86,304.1−0.031%—$1.57B—as long as short
RISEx BTC/USDC+0.0052%1h86,312.9−0.021%$8.3M$42.5M25xas long as short
Bitget BTCUSDT+0.0062%8h86,300−0.036%$2.97B$5.04B150xas long as short
Phemex BTCUSDT+0.0074%8h86,311.3−0.023%$154.0M$473.9M150xas long as short
HTX BTC-USDT+0.0074%8h86,300−0.036%$2.29B$965.0M200xas long as short
Binance BTCUSDT+0.0077%8h86,315.1−0.019%$9.40B$24.30B150xas long as short
MEXC BTC_USDT+0.0077%8h86,314.4−0.019%$5.12B$5.69B500xas long as short
Aevo BTC-PERP+0.0080%1h86,292.4−0.045%$2.5M$1.7M20xas long as short
Deribit BTC-PERPETUAL+0.0093%1h86,352.4+0.025%$902.8M$1.51B50xas long as short
SoDEX BTC-USD+0.0096%1h86,311−0.023%$60.4M$338.2M40xas long as short
Lighter BTC+0.0096%1h86,329.1−0.002%$170.4M$985.5M50xas long as short
Lighter RH BTC+0.0096%1h86,334.3+0.004%$23.7M$149.2M50xas long as short
Popdex BTCUSDT+0.0096%1h86,340+0.010%$8.4M$51.9M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,279−0.060%$202K$7.2M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,336.3+0.006%$4.2M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,353.6+0.026%$22.0M$228.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,391.8+0.070%$3.79B$5.00B40xas long as short
Pacifica BTC+0.0100%1h86,351.2+0.023%$40.7M$551.7M50xas long as short
Bybit BTCUSDT+0.0100%8h86,322.9−0.010%$5.25B$9.67B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,321.9−0.011%$2.56B$12.48B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,312−0.022%$3.9M$17.9M25xas long as short
Arcus BTC-USD+0.0100%1h86,331.20.000%$7.2M$94.9M40xas long as short
Bulk BTC-USD+0.0100%1h86,348+0.020%$573.1M$19.8M40xas long as short
Gate BTC_USDT+0.0100%8h86,306.6−0.028%$5.80B$10.53B200xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,312.3−0.022%$37.5M$156.4M75xas long as short
Variational Omni BTC+0.0100%8h86,400.1+0.080%$158.2M$561.5M—as long as short
edgeX BTCUSDC+0.0100%4h86,352.6+0.025%$278.9M$950.7M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,334.3+0.004%$216.8M$165.6M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,397.4+0.077%$141.7M$321.3M100xas long as short
StandX BTC-USD+0.0100%1h86,338+0.008%$30.6M$209.1M40xas long as short
Vest BTC-PERP+0.0100%1h86,390.1+0.068%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,340+0.010%$11.1M$14.1M50xas long as short
Bullet BTC-USD+0.0100%1h86,311−0.023%$192K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,307.9−0.027%$2.4M$8.9M100xas long as short
Derive BTC-PERP+0.0100%1h86,339.3+0.009%$30.5M$58.9M15xas long as short
SunX BTC-USDT+0.0100%8h86,326.9−0.005%$3.4M$5.2M100xas long as short
Extended BTC-USD+0.0104%1h86,283.4−0.055%$45.9M$222.2M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,356.1+0.029%—$98.7M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,360.9+0.035%$132.0M$5.41B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,339.6+0.010%$192.3M$942.4M100xas long as short
Aftermath Perps BTCUSD+0.0165%1h86,398.1+0.078%$77K$217K20xas long as short
Hibachi BTC/USDT-P+0.0168%1h86,382.3+0.059%$710K$8.0M30xas long as short
BloFin BTC-USDT+0.0197%8h86,325.8−0.006%$415.7M$645.9M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0204% / S −0.0218%1h86,328.5−0.003%$14.5M—200xas long as short
Kalshi KXBTCPERPshort+0.0210%8h86,383+0.060%$10.2M$763.3M6.4x