Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h +0.018%

Price spread now: Bullet against Kalshi−0.029%48s7-day average +0.010% · 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—prices read too far apart to compare

costs, in and out, $10k−$200.198% of the position

Long on Kalshi Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.049%+$5 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.029%, 7d avg +0.010%

Together, before fees+0.065%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bullet 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 +0.010%). Swap the legs. The two prices were read 48 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	86,434	0.0195	pay 0.0195% / 8h	5h 27m	$9.7M	$731.0M	6.4x
Short	Bullet BTC-USD	86,408.9	0.0100	get 0.0013% / 1h	27m 25s	$191K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$19.97
Price spread: −0.029% → +0.010%: −$3.93
Slippage, 4 orders: −$1.78
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$43.68
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Bullet: live order book, 2 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	0.12 bp	5.1 bp −$5	6.6 bp −$66	7.4 bp −$738	11.5 bp −$5,772
Sell Bullet live order book, 2 min ago	0.23 bp	4.6 bp −$5	8.2 bp −$82	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	−0.0381%	1h	86,426.2	−0.009%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	−0.053%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,377	−0.066%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0058%	1h	86,468	+0.039%	$82K	$216K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,401.1	−0.038%	$504.3M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,410.9	−0.027%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,391.7	−0.049%	$851.4M	$710.9M	125x	as long as short
Perpl BTC	0.0000%	43m	86,386.6	−0.055%	$423K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,437.6	+0.004%	$921.3M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,369.9	−0.074%	$16.9M	$21.1M	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	86,426.7	−0.008%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,385.4	−0.056%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,397.3	−0.042%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.145%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,367.1	−0.077%	$149.1M	$476.1M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,392.8	−0.048%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,418.3	−0.018%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,407.1	−0.031%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,409.2	−0.029%	$9.41B	$24.38B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,436	+0.002%	$716K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,408	−0.030%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,407.4	−0.031%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,408.3	−0.030%	$5.25B	$9.75B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,389.5	−0.051%	$170.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,400.2	−0.039%	$24.0M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	−0.039%	$8.5M	$52.3M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,402	−0.037%	$60.4M	$337.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,367	−0.078%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,422.9	−0.013%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.8	−0.063%	$22.0M	$234.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,472	+0.044%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,411.9	−0.026%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,413.1	−0.024%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,387	−0.054%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,451.2	+0.020%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.104%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,359.8	−0.086%	$37.9M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.002%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	−0.073%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	−0.040%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	−0.040%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,375.7	−0.067%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	−0.001%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,400	−0.039%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,408.9	−0.029%	$191K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,424	−0.012%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,410.3	−0.027%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.5	−0.045%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,365.5	−0.079%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,399.3	−0.040%	$45.7M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,396.6	−0.043%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,450.8	+0.019%	$132.2M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,434.5	+0.001%	$191.4M	$943.1M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,415	−0.022%	$414.6M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,416.6	−0.020%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERPlong	+0.0195%	8h	86,434	long leg	$9.7M	$731.0M	6.4x