BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0217%/8h= −23.8% APRnext payment −$2.17 per $10,000 · paid last 24h −0.011%

Price spread now: BloFin against Kalshi−0.046%7-day average −0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.225% of the position

Long on Kalshi Short on BloFin

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.046%, 7d avg −0.007%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BloFin is 0.039% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.17 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,063	0.0157	pay 0.0157% / 8h	9m 05s	$13.1M	$731.3M	6.4x
Short	BloFin BTC-USDT	86,023.4	−0.0059	pay 0.0059% / 8h	4h 09m	$421.4M	$552.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$45.56
Price spread: −0.046% → −0.007%: −$3.9
Slippage, 4 orders: −$0.5
Fee Kalshi: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$71.96
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; BloFin: 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 Kalshi live order book, 3 min ago	0.06 bp	5.3 bp −$5	6.6 bp −$66	7.3 bp −$730	12.0 bp −$6,013
Sell BloFin live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.1 bp −$612	6.7 bp −$3,361

BTC on 56 exchanges

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
Perpl BTC	−0.0223%	43m	86,057.9	−0.006%	$471K	$13.2M	6.7x	as long as short
Phoenix BTC	−0.0150%	1h	86,031	−0.037%	$2.1M	$7.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,871	−0.223%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0059%	8h	86,023.4	−0.046%	$421.4M	$552.0M	150x
SoDEX BTC-USD	−0.0034%	1h	85,999	−0.074%	$65.9M	$186.3M	40x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,053	−0.012%	$363K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	86,034.5	−0.033%	$16.9M	$13.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	86,061	−0.002%	$311K	$32.6M	52x	as long as short
Aster BTCUSDT	+0.0002%	8h	85,993.9	−0.080%	$510.3M	$814.6M	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,047	−0.019%	$37.0M	—	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	86,040.4	−0.026%	$193.8M	$723.8M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	86,031	−0.037%	$8.6M	$46.1M	100x	as long as short
Phemex BTCUSDT	+0.0035%	8h	86,025	−0.044%	$173.6M	$468.9M	150x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	86,008.8	−0.063%	$952.9M	$625.7M	125x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,000.3	−0.073%	$9.41B	$19.84B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,025.2	−0.044%	$5.19B	$4.77B	500x	as long as short
Bybit BTCUSDT	+0.0062%	8h	86,000.1	−0.073%	$5.16B	$7.93B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,016	−0.055%	$2.4M	$6.8M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,013.5	−0.058%	$5.52B	$8.86B	200x	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,993.4	−0.081%	$3.00B	$3.80B	150x	as long as short
Bullet BTC-USD	+0.0079%	1h	86,032.7	−0.035%	$221K	$3.2M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	86,026.2	−0.043%	$2.27B	$736.5M	200x	as long as short
Nado BTC-PERP	+0.0089%	1h	86,031.5	−0.037%	$22.9M	$188.9M	50x	as long as short
Variational Omni BTC	+0.0092%	8h	85,989.7	−0.085%	$157.6M	$474.7M	—	as long as short
Lighter BTC	+0.0096%	1h	86,040.2	−0.026%	$174.1M	$855.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,044.2	−0.022%	$23.8M	$118.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	86,008.7	−0.063%	$216.1M	$133.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,013	−0.058%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,090.9	+0.032%	$5.7M	$7.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,083.8	+0.024%	$40.1M	$565.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,991.8	−0.083%	$2.64B	$9.00B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,031	−0.037%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,049.9	−0.015%	$4.6M	$90.7M	40x	as long as short
BingX BTC-USDC	+0.0100%	8h	85,979.1	−0.097%	—	$16.1M	—	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,996.8	−0.077%	$39.3M	$200.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,036.2	−0.031%	$289.8M	$715.7M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,006.1	−0.066%	$137.8M	$284.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,014	−0.057%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,120.7	+0.067%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,032	−0.036%	$11.0M	$11.8M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,019.6	−0.050%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,059.6	−0.004%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,084.4	+0.025%	$29.1M	$44.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,028.3	−0.040%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,063.9	+0.001%	$717.2M	$65.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,961.1	−0.118%	$47.4M	$181.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,042.2	−0.024%	—	$76.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,056.8	−0.007%	$112.9M	$4.96B	50x	as long as short
Hyperliquid BTC	+0.0153%	1h	86,119	+0.065%	$3.98B	$4.13B	40x	as long as short
Kalshi KXBTCPERPlong	+0.0157%	8h	86,063	long leg	$13.1M	$731.3M	6.4x
Deribit BTC-PERPETUAL	+0.0164%	1h	86,077.4	+0.017%	$818.5M	$1.47B	50x	as long as short
RISEx BTC/USDC	+0.0165%	1h	86,071	+0.009%	$9.0M	$35.3M	25x	as long as short
Reya BTCRUSDPERP	+0.0178%	1h	86,014.8	−0.056%	$6.6M	$121.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0245%	1h	86,042.9	−0.023%	$15.8M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0263%	1h	86,064.1	+0.001%	$80K	$216K	20x	as long as short
Hibachi BTC/USDT-P	+0.0288%	1h	86,056.6	−0.007%	$690K	$6.8M	30x	as long as short