Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0119%/8h= +13.0% APRpaid last 24h +0.012%

Price spread now: Kalshi against Injective+0.271%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs+$14as in the Price arb table

costs, in and out, $10k−$150.150% of the position

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.222%−$22 · spread now +0.271%, 7d avg −0.019%

Together, before fees−0.211%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kalshi is 0.290% dearer against Injective than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	85,247	0.0057	pay 0.0007% / 1h	6m 24s	$338K	$26.8M	52x
Short	Kalshi KXBTCPERP	85,478	0.0176	get 0.0176% / 8h	5h 06m	$11.9M	$739.4M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now +0.271%Rate

Funding earned: $24.98
Price spread: +0.271% → −0.019%: $28.97
Slippage, 4 orders: −$4.98
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $38.95
Costs to cover: 0.150%
Break-even: from the start

Slippage from Injective: live order book, 3 min ago; Kalshi: live order book, 3 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 Injective live order book, 3 min ago	2.11 bp	2.2 bp −$2	12.0 bp −$120	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.18 bp	5.3 bp −$5	6.6 bp −$66	7.6 bp −$760	11.8 bp −$5,888

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	−0.0082%	1h	85,478	+0.271%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	+0.245%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,464.4	+0.255%	$929.4M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,468.2	+0.259%	$421.1M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,451.5	+0.240%	$512.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,478.2	+0.271%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	+0.226%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,475.9	+0.268%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,469.8	+0.261%	$36.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0031%	1h	85,493.5	+0.289%	$853.8M	$1.64B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0045%	1h	85,463.2	+0.254%	$24.1M	$219.9M	50x	as long as short
Injective BTC/USDC PERPlong	+0.0057%	1h	85,247	long leg	$338K	$26.8M	52x
BingX BTC-USDC	+0.0073%	8h	85,439.7	+0.226%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,474.8	+0.267%	$186.1M	$952.4M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,455.1	+0.244%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0093%	8h	85,451.8	+0.240%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,474.1	+0.266%	$169.8M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,481.4	+0.275%	$23.6M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,467	+0.258%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,448.7	+0.237%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,457	+0.246%	$59.8M	$336.6M	40x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,466.9	+0.258%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,461.8	+0.252%	$9.43B	$24.86B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,448	+0.236%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,528.5	+0.330%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,544	+0.348%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,497.4	+0.294%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,450	+0.238%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,460	+0.250%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,459.7	+0.250%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,464.5	+0.255%	$5.56B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,458.7	+0.248%	$37.3M	$181.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	+0.161%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	+0.187%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	+0.226%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	+0.226%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,428.5	+0.213%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,513	+0.312%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,468	+0.259%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,458	+0.248%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,457.3	+0.247%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,476.4	+0.269%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	+0.240%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,462.5	+0.253%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.6	+0.227%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,464.5	+0.255%	$156.7M	$512.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.195%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,417.2	+0.200%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,481.6	+0.275%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,493	+0.289%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,452.5	+0.241%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,475.6	+0.268%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0176%	8h	85,478	+0.271%	$11.9M	$739.4M	6.4x
RISEx BTC/USDC	+0.0193%	1h	85,494.9	+0.291%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,442	+0.229%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,471.2	+0.263%	$79K	$242K	20x	as long as short