Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h +0.032%

Price spread now: Aftermath Perps against Kalshi+0.089%7-day average +0.025% · 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−$23as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Kalshi Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.087%+$9 on $10k

Price spread, last 3 days (all we have)−0.128%−$13 · spread now +0.089%, 7d avg +0.025%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aftermath Perps is 0.064% dearer against Kalshi than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.025%): +$6 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 16 hours. Mind the row above: over the last 3 days funding on this pair paid +0.087%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.087% in total (about 10.2% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,522	0.0195	pay 0.0195% / 8h	5h 33m	$9.6M	$728.9M	6.4x
Short	Aftermath Perps BTCUSD	86,599	−0.0120	pay 0.0015% / 1h	33m 31s	$83K	$216K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps 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 Aftermath PerpsbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$66.07
Price spread: +0.089% → +0.025%: $6.41
Slippage, 4 orders: −$10.25
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$88.91
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Aftermath Perps: live order book, 51 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, 6 min ago	0.06 bp	5.2 bp −$5	6.8 bp −$68	7.5 bp −$746	11.6 bp −$5,800
Sell Aftermath Perps live order book, 51 min ago	1.77 bp	6.3 bp −$6	15.9 bp −$159	doesn't fit	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
Bluefin BTC-PERP	−0.0612%	1h	86,511.6	−0.012%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,627	+0.121%	$2.2M	$11.8M	40x	as long as short
Aftermath Perps BTCUSDshort	−0.0120%	1h	86,599	+0.089%	$83K	$216K	20x
Hotstuff BTC-PERP	−0.0080%	1h	86,509	−0.015%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,501.2	−0.024%	$504.8M	$1.15B	200x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	+0.010%	$17.1M	$20.7M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,531.3	+0.011%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,513.2	−0.010%	$851.2M	$708.6M	125x	as long as short
Perpl BTC	0.0000%	43m	86,522.6	+0.001%	$419K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,532.3	+0.012%	$923.2M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,513.7	−0.010%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,521.1	−0.001%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,444.9	−0.089%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.043%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,494.8	−0.031%	$149.9M	$475.7M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,519.2	−0.003%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,518.6	−0.004%	$2.95B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0048%	1h	86,562.5	+0.047%	$729K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,517.7	−0.005%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,515.4	−0.008%	$9.42B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,482	−0.046%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,516.7	−0.006%	$5.85B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,509.9	−0.014%	$5.27B	$9.71B	150x	as long as short
SoDEX BTC-USD	+0.0095%	1h	86,495	−0.031%	$60.5M	$337.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,524.7	+0.003%	$171.5M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,531.8	+0.011%	$24.1M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,519	−0.003%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,503	−0.022%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,550.6	+0.033%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,495.2	−0.031%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,601	+0.091%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,547.5	+0.029%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,507.9	−0.016%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,514	−0.009%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,587.8	+0.076%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.209%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,491	−0.036%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.022%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,509.2	−0.015%	$279.5M	$944.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,543.9	+0.025%	$217.3M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,543.1	+0.024%	$141.5M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,563.2	+0.048%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,530.5	+0.010%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,467	−0.064%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,463.4	−0.068%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,497.6	−0.028%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,490.6	−0.036%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,510.7	−0.013%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,474.5	−0.055%	$2.30B	$965.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,501.9	−0.023%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,526.2	+0.005%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,543	+0.024%	$131.7M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,531.7	+0.011%	$191.2M	$937.6M	100x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,533.4	+0.013%	$414.3M	$651.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0216%	1h	86,505	−0.020%	$15.4M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0195%	8h	86,522	long leg	$9.6M	$728.9M	6.4x