Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.021%

Price spread now: gTrade (Gains Network) against Kalshi+0.035%71s7-day average −0.002% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.192% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.053%−$5 on $10k

Price spread, last 7 days−0.049%−$5 · spread now +0.035%, 7d avg −0.002%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.037% dearer against Kalshi than usual: you sell high and buy low (spread +0.035% now, against its 7-day average of −0.002%): +$4 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 4 days (−0.053% in total) that is about 2.5 days. The two prices were read 71 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	86,177	0.0184	pay 0.0184% / 8h	2h 58m	$11.0M	$726.8M	6.4x
Short	gTrade (Gains Network) BTC/USD	86,207.1	L +0.0004% / S −0.0004%	get 0.0001% / 1h	58m 27s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 gTrade (Gains Network)bpOrdersPrice spread, now +0.035%Rate

Funding earned: −$37.82
Price spread: +0.035% → −0.002%: $3.69
Slippage, 4 orders: −$2.19
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$53.32
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from Kalshi: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 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	0.41 bp	5.5 bp −$6	6.6 bp −$66	7.5 bp −$745	12.3 bp −$6,145
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.50 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,182

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
Hotstuff BTC-PERP	−0.0080%	1h	86,180	+0.003%	$8K	$2K	50x	as long as short
Injective BTC/USDC PERP	−0.0065%	1h	86,198	+0.024%	$301K	$25.0M	52x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	86,060.1	−0.136%	$358K	$2.1M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,080	−0.113%	$422.6M	$624.5M	150x	as long as short
SoDEX BTC-USD	−0.0017%	1h	86,081	−0.111%	$60.2M	$257.8M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,105.7	−0.083%	$16.9M	$17.6M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	86,207.1	+0.035%	$36.9M	—	200x
KuCoin XBTUSDTM	+0.0035%	8h	86,042.7	−0.156%	$936.2M	$666.4M	125x	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,033.2	−0.167%	$5.11B	$9.03B	150x	as long as short
BingX BTC-USDC	+0.0045%	8h	86,023.6	−0.178%	—	$16.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0048%	8h	86,046.8	−0.151%	$503.7M	$971.1M	200x	as long as short
Phemex BTCUSDT	+0.0070%	8h	86,082.8	−0.109%	$167.6M	$497.3M	150x	as long as short
Phoenix BTC	+0.0075%	1h	86,213	+0.042%	$2.3M	$8.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,076.3	−0.117%	$173.3M	$865.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,083.8	−0.108%	$23.4M	$120.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,047	−0.151%	$8.7M	$52.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,077.1	−0.116%	$2.4M	$6.7M	20x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,106.1	−0.082%	$6.1M	$8.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,044	−0.154%	$230K	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,056.8	−0.140%	$21.5M	$210.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,127	−0.058%	$3.86B	$4.75B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,098.9	−0.091%	$40.7M	$587.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,039.6	−0.159%	$9.47B	$23.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,032.6	−0.168%	$2.61B	$10.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,055	−0.142%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,100.1	−0.089%	$4.7M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	0.000%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,047.2	−0.151%	$5.47B	$9.01B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,048.7	−0.149%	$5.11B	$5.25B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,033.5	−0.167%	$2.98B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,078.4	−0.114%	$37.1M	$188.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,123.1	−0.063%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,177.4	+0.001%	$290.1M	$989.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,189.5	+0.015%	$216.5M	$141.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,191.9	+0.017%	$137.2M	$302.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,171	−0.007%	$30.3M	$212.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,141.4	−0.041%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,054	−0.143%	$11.0M	$13.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,052	−0.145%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,036.5	−0.163%	$2.6M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,129.4	−0.055%	$195K	$660K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,126	−0.059%	$3.2M	$7.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,080.1	−0.112%	$2.27B	$911.0M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0102%	1h	86,098.9	−0.091%	$188.6M	$866.3M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,036.1	−0.164%	$46.4M	$219.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,104	−0.085%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,121.1	−0.065%	$112.6M	$5.24B	50x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,102.6	−0.086%	$6.6M	$131.8M	40x	as long as short
Kalshi KXBTCPERPlong	+0.0184%	8h	86,177	long leg	$11.0M	$726.8M	6.4x
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,193.4	+0.019%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0204%	1h	86,095.1	−0.095%	$8.9M	$40.2M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0263%	1h	86,146.4	−0.036%	$840.2M	$1.61B	50x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,226.6	+0.058%	$697K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0420%	1h	86,180.4	+0.004%	$80K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,072	−0.122%	$494K	$16.3M	6.7x	as long as short