Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h +0.015%

Price spread now: Bulk against Kalshi−0.054%7-day average +0.004% · you buy dearer than you sell

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−$180.176% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.059%+$6 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.054%, 7d avg +0.004%

Together, before fees+0.085%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bulk is 0.059% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.004%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.059%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBTCPERP	86,625	0.0124	pay 0.0124% / 8h	6h 28m	$9.0M	$723.8M	6.4x
Short	Bulk BTC-USD	86,577.9	0.0100	get 0.0013% / 1h	28m 35s	$571.8M	$22.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$5.09
Price spread: −0.054% → +0.004%: −$5.86
Slippage, 4 orders: −$0.62
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$28.57
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; Bulk: live order book, 1 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	0.12 bp	5.3 bp −$5	7.1 bp −$71	8.0 bp −$796	13.4 bp −$6,693
Sell Bulk live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.2 bp −$2,083

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
Aftermath Perps BTCUSD	−0.0235%	1h	86,602.7	−0.026%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,617.3	−0.009%	$428K	$24.8M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,583	−0.048%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,628	+0.003%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0080%	1h	86,626.4	+0.002%	$17.6M	$20.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,655.1	+0.035%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,648.8	+0.027%	$935.2M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0003%	8h	86,631.4	+0.007%	$844.1M	$704.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,619.4	−0.006%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0007%	8h	86,624.2	−0.001%	$505.9M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,593.9	−0.036%	$6.7M	$144.4M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,642.6	+0.020%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,613.5	−0.013%	$149.7M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0032%	8h	86,631.7	+0.008%	$2.95B	$5.07B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.016%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,638	+0.015%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	86,640.6	+0.018%	$9.44B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,613.8	−0.013%	$2.4M	$1.3M	20x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,649.7	+0.029%	$9.1M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,640.2	+0.018%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0076%	8h	86,655.9	+0.036%	$2.56B	$12.71B	100x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,637.8	+0.015%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.012%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,655	+0.035%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,658.4	+0.039%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,639	+0.016%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,632	+0.008%	$193K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,690.7	+0.076%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,596.6	−0.033%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,715	+0.104%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,670.7	+0.053%	$40.9M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,647	+0.025%	$3.9M	$18.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,710.7	+0.099%	$7.5M	$93.7M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,577.9	−0.054%	$571.8M	$22.4M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,617.9	−0.008%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587	−0.044%	$279.7M	$950.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,622.1	−0.003%	$217.5M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,626.6	+0.002%	$141.4M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.5	−0.021%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.4	+0.036%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,597	−0.032%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,599.8	−0.029%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,630.8	+0.007%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,641.5	+0.019%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,620.4	−0.005%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	−0.014%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,614	−0.013%	$60.5M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,598.6	−0.030%	$2.30B	$956.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,628.2	+0.004%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,616.1	−0.010%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,656.1	+0.036%	$188.8M	$930.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,661.3	+0.042%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERPlong	+0.0124%	8h	86,625	long leg	$9.0M	$723.8M	6.4x
BloFin BTC-USDT	+0.0174%	8h	86,596.5	−0.033%	$417.0M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,611.9	−0.015%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,641.4	+0.019%	$614K	$7.1M	30x	as long as short