Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0081%/8h= +8.9% APRpaid last 24h −0.009%

Price spread now: Kalshi against Jupiter Perps+0.025%7-day average −0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Jupiter Perps Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.025%, 7d avg −0.010%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.035% dearer against Jupiter Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps WBTC-PERP	85,245.5	L +0.0104% / S +0.0048%	pay 0.0013% / 1h	34m 08s	—	$107.0M	500x
Short	Kalshi KXBTCPERP	85,267	0.0185	get 0.0185% / 8h	5h 34m	$11.7M	$741.3M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Jupiter Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpFee KalshibpOrdersPrice spread, now +0.025%Rate

Funding earned: $17.01
Price spread: +0.025% → −0.010%: $3.5
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$1.49
Costs to cover: 0.220%
Break-even: 7.6 days

Slippage unknown: Jupiter Perps: no order-book sample; Kalshi: live order book, 5 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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.23 bp	5.4 bp −$5	6.8 bp −$68	7.5 bp −$751	11.8 bp −$5,921

Jupiter Perps: 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	−0.0082%	1h	85,242	−0.004%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,248	+0.003%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,226.6	−0.022%	$927.3M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,224.2	−0.025%	$421.0M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,240.1	−0.006%	$512.2M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,233.1	−0.015%	$16.7M	$21.4M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,245.3	0.000%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,254.6	+0.011%	$495K	$18.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,246.4	+0.001%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,231.4	−0.017%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0055%	1h	85,263.5	+0.021%	$139.4M	$314.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	+0.002%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,254.2	+0.010%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,240.8	−0.006%	$2.96B	$5.18B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,226.8	−0.022%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,245.7	0.000%	$186.0M	$957.6M	100x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,249.6	+0.005%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,249.6	+0.005%	$9.42B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,262.2	+0.020%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,262	+0.019%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,232	−0.016%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,210	−0.042%	$237K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,295.3	+0.058%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,329.6	+0.099%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,265	+0.023%	$40.2M	$604.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,246.1	+0.001%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,242.8	−0.003%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,226	−0.023%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,235.2	−0.012%	$5.2M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	+0.039%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,260.7	+0.018%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,242.2	−0.004%	$36.9M	$179.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.044%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,237.8	−0.009%	$279.3M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,263.3	+0.021%	$214.1M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,220.6	−0.029%	$30.0M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,295.2	+0.058%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,234	−0.014%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,238	−0.009%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,236.2	−0.011%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,270.2	+0.029%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.036%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,217.6	−0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,231	−0.017%	$59.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,230.2	−0.018%	$2.25B	$968.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,245.9	0.000%	$151.1M	$509.3M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,211.3	−0.040%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0048%	1h	85,245.5	long leg	—	$107.0M	500x
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,275.4	+0.035%	$116.8M	$5.45B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,276.1	+0.036%	$862.3M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0127%	1h	85,222.7	−0.027%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,243.6	−0.002%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERPshort	+0.0185%	8h	85,267	+0.025%	$11.7M	$741.3M	6.4x
RISEx BTC/USDC	+0.0193%	1h	85,259.9	+0.017%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,268.6	+0.027%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0268%	1h	85,279.2	+0.040%	$79K	$229K	20x	as long as short