Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.028%

Price spread now: GMX against Kalshi−0.023%7-day average +0.041% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kalshi Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.104%+$10 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.023%, 7d avg +0.041%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and GMX is 0.064% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.041%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.104%, 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	85,601	0.0203	pay 0.0203% / 8h	7h 30m	$11.7M	$754.9M	6.4x
Short	GMX BTC/USD [WBTC.b-USDC]	85,580.9	L +0.0176% / S −0.0153%	get 0.0019% / 1h	30m 01s	$13.1M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$10.58
Price spread: −0.023% → +0.041%: −$6.4
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$38.98
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 4 min ago; GMX: no order-book sample. Net counts fees only.

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, 4 min ago	0.17 bp	5.3 bp −$5	6.0 bp −$60	7.3 bp −$725	11.9 bp −$5,958
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Phoenix BTC	−0.0140%	1h	85,533	−0.079%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,600	−0.001%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,559.5	−0.048%	$919.3M	$756.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,579.1	−0.026%	$419.6M	$675.6M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,567.6	−0.039%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	+0.0003%	8h	85,531.9	−0.081%	$515.1M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0004%	1h	85,545	−0.065%	$24.7M	$223.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,580.2	−0.024%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0029%	1h	85,574.9	−0.031%	$16.8M	$21.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,574	−0.032%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0065%	8h	85,547.9	−0.062%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0069%	8h	85,559.3	−0.049%	$148.3M	$495.0M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,543	−0.068%	$2.95B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0082%	1h	85,565	−0.042%	$60.0M	$335.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,568.3	−0.038%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,571.5	−0.034%	$24.0M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,565	−0.042%	$8.4M	$55.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,561.4	−0.046%	$2.5M	$1.7M	20x	as long as short
Reya BTCRUSDPERP	+0.0099%	1h	85,569.6	−0.037%	$6.6M	$147.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,547	−0.063%	$205K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,567.3	−0.039%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,630	+0.034%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,584.2	−0.020%	$40.3M	$584.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,539.8	−0.072%	$9.42B	$24.40B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,527.7	−0.086%	$5.19B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,536	−0.076%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,543	−0.068%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,551.4	−0.058%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,517.4	−0.098%	$680.3M	$725.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,551.6	−0.058%	$5.54B	$10.80B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,546.5	−0.064%	$5.08B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,537.3	−0.074%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	−0.019%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,489.2	−0.131%	$279.3M	$927.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,522	−0.092%	$214.9M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,519.9	−0.095%	$139.8M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	−0.061%	$30.2M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,627.4	+0.031%	—	$11.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,574	−0.032%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,572.5	−0.033%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,568.5	−0.038%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,612.4	+0.013%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,561.8	−0.046%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,552.4	−0.057%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,550	−0.060%	$2.27B	$948.7M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0101%	1h	85,612.8	+0.014%	$884.6M	$1.59B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,545.9	−0.064%	$44.9M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,598.6	−0.003%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,595.6	−0.006%	$117.3M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,583.6	−0.020%	$187.8M	$954.8M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,588.4	−0.015%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]short	L +0.0176% / S −0.0153%	1h	85,580.9	−0.023%	$13.1M	—	200x
Kalshi KXBTCPERPlong	+0.0203%	8h	85,601	long leg	$11.7M	$754.9M	6.4x
Aftermath Perps BTCUSD	+0.0239%	1h	85,568.3	−0.038%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568.4	−0.038%	$697K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,554.3	−0.055%	$503K	$18.8M	6.7x	as long as short