Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0133%/8h= −14.6% APRpaid last 24h +0.011%

Price spread now: Aevo against Kalshi−0.038%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Kalshi Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.038%, 7d avg −0.013%

Together, before fees−0.008%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Aevo is 0.025% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,546	0.0205	pay 0.0205% / 8h	4h 49m	$9.8M	$740.8M	6.4x
Short	Aevo BTC-PERP	86,513.1	0.0072	get 0.0009% / 1h	49m 04s	$2.4M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Kalshi. 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 KalshibpFee AevobpOrdersPrice spread, now −0.038%Rate

Funding earned: −$27.95
Price spread: −0.038% → −0.013%: −$2.48
Slippage, 4 orders: −$5.67
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$62.1
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Aevo: live order book, 5 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 Kalshi live order book, 5 min ago	0.23 bp	5.3 bp −$5	6.6 bp −$66	7.4 bp −$743	11.7 bp −$5,868
Sell Aevo live order book, 5 min ago	1.09 bp	10.6 bp −$11	11.7 bp −$117	19.5 bp −$1,946	doesn't fit

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	−0.0118%	1h	86,505	−0.047%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,514	−0.037%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.064%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,523.5	−0.026%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,526.3	−0.023%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,548.4	+0.003%	$502.4M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,546.7	+0.001%	$916.5M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,537	−0.010%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,514.9	−0.036%	$850.0M	$714.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0025%	1h	86,510.6	−0.041%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0037%	1h	86,542.1	−0.004%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDC	+0.0041%	8h	86,505.1	−0.047%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,523.6	−0.026%	$149.8M	$479.6M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,517.9	−0.032%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,519.1	−0.031%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,522.1	−0.028%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERPshort	+0.0072%	1h	86,513.1	−0.038%	$2.4M	$1.3M	20x
Gate BTC_USDT	+0.0082%	8h	86,525.3	−0.024%	$5.88B	$10.72B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,528.1	−0.021%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,538.1	−0.009%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,510	−0.042%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,492	−0.062%	$205K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,540	−0.007%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,510.1	−0.042%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,592	+0.053%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,552.9	+0.008%	$40.8M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,577.3	+0.036%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,579.7	+0.039%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,526	−0.023%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,548.6	+0.003%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	+0.017%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,514	−0.037%	$38.0M	$155.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,524.8	−0.024%	$155.3M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,541.9	−0.005%	$279.6M	$945.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,542.5	−0.004%	$217.3M	$172.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,541.7	−0.005%	$141.4M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,538.5	−0.009%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,566.4	+0.024%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,513	−0.038%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	−0.036%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,500.7	−0.052%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,523.4	−0.026%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,541.1	−0.006%	$30.6M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,501.6	−0.051%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,513	−0.038%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,498.4	−0.055%	$2.30B	$969.6M	200x	as long as short
Aftermath Perps BTCUSD	+0.0103%	1h	86,546.4	0.000%	$79K	$220K	20x	as long as short
Extended BTC-USD	+0.0104%	1h	86,490.8	−0.064%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,537.6	−0.010%	—	$99.1M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,554.1	+0.009%	$193.5M	$951.0M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,540.8	−0.006%	$416K	$23.3M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,570.9	+0.029%	$132.6M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,578.4	+0.037%	$722K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0214%	1h	86,533.8	−0.014%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,519.3	−0.031%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERPlong	+0.0205%	8h	86,546	long leg	$9.8M	$740.8M	6.4x