BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0089%/8h= −9.8% APRnext payment −$0.89 per $10,000 · paid last 24h +0.001%

Price spread now: Binance against Kalshi+0.106%51s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.211% of the position

Long on Kalshi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.106%, 7d avg +0.004%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.101% dearer against Kalshi than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.004%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 7 days (−0.009% in total) that is about 3 months. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,064	0.0189	pay 0.0189% / 8h	3h 12m	$11.1M	$727.4M	6.4x
Short	Binance BTCUSDT	86,155.1	0.0100	get 0.0100% / 8h	7h 12m	$9.44B	$23.05B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.106%Rate

Funding earned: −$18.72
Price spread: +0.106% → +0.004%: $10.15
Slippage, 4 orders: −$1.14
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$29.72
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Binance: live order book, 17 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, 2 min ago	0.41 bp	5.6 bp −$6	6.6 bp −$66	8.4 bp −$841	14.4 bp −$7,179
Sell Binance live order book, 17 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$566	6.9 bp −$3,466

BTC on 55 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	−0.0427%	1h	86,201.9	+0.160%	$196K	$673K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,038	−0.030%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,007.6	−0.066%	$420.7M	$624.0M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,107.6	+0.051%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,136	+0.084%	$298K	$27.3M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,162.8	+0.115%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	86,126.4	+0.073%	$943.8M	$676.0M	125x	as long as short
dYdX BTC-USD	+0.0041%	1h	86,030.7	−0.039%	$16.8M	$18.6M	50x	as long as short
Aster BTCUSDT	+0.0044%	8h	86,157.4	+0.109%	$503.6M	$987.2M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,170.9	+0.124%	$189.1M	$872.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	86,095	+0.036%	$2.3M	$10.4M	40x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,171.4	+0.125%	$5.10B	$9.05B	150x	as long as short
BingX BTC-USDC	+0.0080%	8h	86,130.1	+0.077%	—	$16.6M	—	as long as short
Nado BTC-PERP	+0.0092%	1h	86,100.1	+0.042%	$22.1M	$209.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,089.8	+0.030%	$173.0M	$963.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,093.8	+0.035%	$23.2M	$137.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,110	+0.053%	$8.5M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,157.3	+0.108%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,073	+0.010%	$219K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,136.7	+0.084%	$6.0M	$8.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,113.5	+0.057%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDTshort	+0.0100%	8h	86,155.1	+0.106%	$9.44B	$23.05B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,149.8	+0.100%	$2.61B	$10.83B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,096	+0.037%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,111	+0.055%	$4.7M	$94.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,143.9	+0.093%	$5.51B	$10.17B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,130.4	+0.077%	$5.09B	$5.86B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,161.2	+0.113%	$2.98B	$4.58B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,028.7	−0.041%	$37.5M	$187.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	−0.021%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,007	−0.066%	$289.3M	$980.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,992.6	−0.083%	$216.0M	$149.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,996.3	−0.079%	$137.0M	$302.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,107.5	+0.051%	$30.3M	$213.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,180	+0.135%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,132	+0.079%	$11.0M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,148.5	+0.098%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,171.5	+0.125%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,136.8	+0.085%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,155	+0.106%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,007.5	−0.066%	$2.27B	$912.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,030.5	−0.039%	$167.4M	$499.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.226%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,134.3	+0.082%	$46.4M	$221.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,131.5	+0.078%	—	$94.3M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	86,196.4	+0.154%	$830.0M	$1.61B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,042	−0.026%	$112.6M	$5.31B	50x	as long as short
Hyperliquid BTC	+0.0152%	1h	86,212	+0.172%	$3.87B	$4.82B	40x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,977.5	−0.100%	$6.7M	$134.0M	40x	as long as short
Kalshi KXBTCPERPlong	+0.0189%	8h	86,064	long leg	$11.1M	$727.4M	6.4x
RISEx BTC/USDC	+0.0194%	1h	86,121.3	+0.067%	$9.0M	$40.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0178%	1h	86,156	+0.107%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	86,147.7	+0.097%	$693K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0377%	1h	85,997.6	−0.077%	$82K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,040.5	−0.027%	$495K	$16.7M	6.7x	as long as short